Serbinski Accounting Firms

The turbotax interview made me do it!

It looks like I wipe out all my taxes with just the 1116..so I'm going to undo all the 2555 references.

Thanks Nelson! You were a big help to me last year when I moved back to Canada.

I just finished up my Turbo Tax and after a full year in Canada, enjoyed the relative simplicity of my American filing (US/Canada dual citizen living in Canada). So I use 2555 to exclude my first $80k, then 1116 to get credit for my Cdn taxes paid. I sort of figured it would work out to $0 and I wou...

I was only in Canada for ~90 days last year, so I fall well short of the 330. However I'll be using the 2555 forever more (since I don't intend to move back to the US for at least another 15 years). The 1166 did a good job of wiping out US taxes on my Canadian taxes. So I was able to get my "us...

I'm dual US/Canada - so this year was an 1166 year for me. So I was going to be on the hook for worldwide income regardless, so it made sense to deduct the moving expenses. All in all it helped bring me to my "usual" US refund (my wife is the nervous sort who wants to make sure we never ow...

It appears that it didn't up making much of a difference on my Canadian taxes afterall. I'm keeping the deduction on my US taxes - because I was terminated from my US employer and hired by my Canadian employer...so if that's not moving for a new job, I don't know what is. Sure they both report up to...

So I moved from the US to Canada in 2004 - during this move I paid over 6k in moving expenses..plus my land transfer tax in Ontario. Can I deduct all of my moving expenses on both returns? Or do I need to pick one...or split the expenses? Also - when claiming moving expenses, the revenue Canada lang...

Both Putnam Investments (my 401k) and Fidelity Investments (my wife's IRA) both switched our addresses over to Canada without any problem. We had to phone them to make the address change, rather than doing it online, but that's it for how difficult it was.

Like the original poster..I moved back to Canada at the end of September. So I'm only going to get taxed on the part of the year I was in Canada? Wow - I would have thought it would be worldwide income for the whole year like it is with the IRS> Does it matter that I'm a citizen returning vs. a new ...

Final reply - my IRS droid was a friendly/knowledgable one. Sadly the answer I got was not to my liking regarding stamp/land transfer taxes: page 3 of publication 530 states: You cannot deduct transfer taxes and similar taxes and charges on the sales of a personal home (there goes Mass stamp tax). I...

With respect to my income, I have my pay stubbs - so picking the closing price on the exchange rate on each day yieled a whopping $200 difference vs. taking an average rate. So since I've got the data, I'll just include my spreadsheet with my form. However the home sale is an interesting question. I...

Wow - if I knew it was going to be this big a pain in the neck, I would have moved January 1st. I'm a dual US/Canada citizen, I lived in Massachusetts Jan to Sep the Oct to Dec in Canada. So here are my questions 1) Canadian income on US return..I'm working my way through the 1166 booklet. Do you ju...