Search found 92 matches
- Sat Apr 11, 2020 7:55 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign Tax Credit - Canadian vs. US Recognition of Income
- Replies: 7
- Views: 3719
Re: Foreign Tax Credit - Canadian vs. US Recognition of Income
nelsona wrote: > It is very complicated to change methods, which needs to be approved by IRS. If you use the cash method to account for foreign tax credits, you can change to the accrual method by simply checking the accrual box on Form 1116. Once you choose to use the accrual method, you cannot cha...
- Sat Feb 10, 2018 4:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question about distribution on Part III of 3520
- Replies: 3
- Views: 2538
- Thu Jan 25, 2018 11:12 am
- Forum: Canada / United States Tax & Accounting
- Topic: Capital gain reporting
- Replies: 16
- Views: 8647
I agree that the individual could not file a 1040NR for the entire year if they spend more than 30 in the U.S. during the year and they lived in the U.S. for prior years. I also agree that if the individual were a dual status alien for the year that capital gains recognized prior to terminating U.S....
- Wed Jan 24, 2018 9:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Capital gain reporting
- Replies: 16
- Views: 8647
- Wed Jan 24, 2018 8:32 am
- Forum: Canada / United States Tax & Accounting
- Topic: Capital gain reporting
- Replies: 16
- Views: 8647
- Tue Mar 21, 2017 2:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC QEF statement question
- Replies: 7
- Views: 4545
- Mon Mar 06, 2017 10:35 am
- Forum: Canada / United States Tax & Accounting
- Topic: Is this considered foreign source or US source income?
- Replies: 5
- Views: 2447
- Mon Mar 06, 2017 10:33 am
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC as QEF on form 8261 - where to put the numbers
- Replies: 8
- Views: 4517
You have two options regarding the QEF election: (1) just make a QEF election or (2) make a QEF election and a purging election. See elections A and D in Part II of Form 8621. Under Option 1 (unpedigreed QEF), there is no gain recognized now on the PFIC but future gains on the sale of the QEF will b...
- Sun Mar 05, 2017 8:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC as QEF on form 8261 - where to put the numbers
- Replies: 8
- Views: 4517
- Tue Jan 10, 2017 4:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Necessary to file 8621s?
- Replies: 9
- Views: 5441
- Mon Jan 09, 2017 8:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Necessary to file 8621s?
- Replies: 9
- Views: 5441
- Sun Jan 08, 2017 4:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 1040 for whole year (otherwise dual-status), Article XXV?
- Replies: 20
- Views: 8170
- Sat Jan 07, 2017 9:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 1040 for whole year (otherwise dual-status), Article XXV?
- Replies: 20
- Views: 8170
- Sat Jan 07, 2017 2:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 1040 for whole year (otherwise dual-status), Article XXV?
- Replies: 20
- Views: 8170
- Sat Jan 07, 2017 1:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 1040 for whole year (otherwise dual-status), Article XXV?
- Replies: 20
- Views: 8170