Serbinski Accounting Firms

Thanks. Can I use the average exchange rate for the year or must I look up the rate for each receipt?

I renounced US citizenship last June 20 and am now doing my final return. I was a US citizen for 170 days, 46.6% of the year. Do I claim 46.6% of the standard deduction and personal exemption? Thanks

Thanks victoriaguy. Much appreciated

Victoriaguy, thanks for your replies. I'm fully compliant with 2014-55. My concern is the extent to which the IRS will tax my accrued RRSP earnings if I renounce. I'm not clear on whether: -- No tax will be due, or -- Tax will be due on the full value of accrued earnings, or -- Tax will be due only ...

I am considering renouncing my US citizenship. Tthe Serbinski article at https://serbinski.com/taxation-abroad/tax-treatment-persons-giving-us-citizenship-avoid-taxation lists the tests for being declared a "covered expatriate." One states: [i]You expatriated before 2015 and have deferred ...

A US citizen resident in Canada has consistently used 8891 to defer US tax on his RRSP's earnings. He dies. Canadian tax law allows his entire RRSP to be transferred to his wife on a tax-sheltered basis. The wife is a Canadian citizen with no US status. Will the US tax the plan's accrued earnings as...

I'm a dual citizen (US & Canada) and am considering renouncing my US citizenship. Tax return filings are up to date and net worth is below $2 million. My biggest asset is my RRSP. If I renounce, would I have to pay Uncle Sam lump sum tax on the accrued gain (current value less book value)? Thanks

[quote="nelsona"]I find the notion of a Cdn resident renouncing US citizenship so foolish, that I won't even entertain any questions on it. Free country right? It's like the kid who gets beat up every day at school for his lunch money standing up and announcing that he is boycotting the ca...

I am a dual US-Canadian citizen living in Canada. US tax filings are up to date. Have always claimed treaty protection for my RRSP tax deferral.

When and how would the US tax my RRSP if I renounce my US citizenship?

Thanks