Serbinski Accounting Firms

Thanks for this info. You have certainly given me much to consider.

As a US Citizen living in Canada, I have noticed that over the years, I have built up a substantial amount of unused foreign tax credits.

Does anyone have any ideas how I can put them to good use? I hate to leave "money on the table"

I suppose so. I do expect to return to the US one day and maintaining financial ties is important to me. I do report all income. dividends, interest, etc. on both tax returns. This is not an attempt to dodge taxes. All of my transactions are conducted on-line. This also allows me to maintain US base...

I keep a P.O. Box in the US. I travel there frequently and check on it.

As to your question, Chanda is my bad typing for Canada -sorry.

One more question

Is there a problem with having a US Brokerage account? I have had it for more than 20 years while I have lived in Chanda. As a general rule, US held mutual finds outperform Canadian funds b/c the MER's are much lower.

You may have missed my question about "Income resourced by treaty"

I swear, this is my last question today


Thanks ever so much for your help

The software is also telling me there is an error in form 1116 It is asking me to complete form 1116 Part III line 12 manually. I am not sure if I should ignore this.

I am a long time resident of canada, and a US citizen. I still have a US brokerage account that is held in the US and received a large capital gain last year.

Do I report this on 1116 as "passive income" or "income resourced by treaty".

I think I am getting there.

Do you know of a good guide to form 1116 that is written in layman language?

Is any of the available taxsoftware better at this than others? I struggle with this all the time

Thanks 1116 has to be the most confusing form Ih ave even encountered. I use turbotax. I have both employment and self employment income in canada. When it computes my gross income for form 1116, it uses my gross wages from my employment and gross revenue from Schedule C. How do I adjust this for my...

I appreciate the answer.

but..do I sned a copy of my Canadian tax returns with my US return?

Thanks

Its great to see that this boad is still up and running. I have one additional 1116 question and one general question My Canadian taxes are paid on all income, interest, capital gains combined. How do I allocate taxes paid for the different categories of 1116 I am filing. Do I allocate percentages o...

Wow! you are fast. Thanks

I wanted to send you a personal thank you and ask a more private question. At the risk of sounding bold, is it possible to get your e-mail address?

You are truly wonderful, thanks for the help. I have one additional question it may be a bit off-topic, but never hurts to ask- Is there anyway in all this dual filing to obtain Medicare credits. I want to go back to the US after retirement and receive Medicare benefits. My wife already has enough c...

Thanks for the prompt response. I have two follow-up questions: I guess my first question is: As a Canadian permanent resident and US Citizen, who has first right of taxation on my US based interest, dividends and capital gains. I have always assumed that I pay Canada first and claim a credit from t...