Serbinski Accounting Firms

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Thanks, Nelson, that's what I thought, good to get it confirmed.

I thought I saw an answer to this once but have been searching for it and am unable to turn it up.

When I do my baseline US return (same scenario as above with multiple US income sources), if I am planning to use Form 2555, do I include that in the baseline run or not?

Found my problem. TaxAct automatically applies past losses to current gains or income, and I assumed TurboTax did the same. It doesn't. What a dumbass.

Thanks for putting up with my questions, Nelson.

Right, I should stop calling them that, I'm only confusing myself.

TurboTax has some so-called "T slips" for foreign income, and I was entering the cap gains there. That's probably where I'm going wrong. Sounds like I should just be treating them as capital gains. Period.

And yes, I should not ...

Thanks, Nelson. Yes, I do have losses on the US side as well from the same source. The amount is smaller now because I have been using it in allowable annual amounts of $3000 to offset income, but there is still enough remaining to wipe out this gain.

Someone from TT told me that "You can not use ...

The original losses were from sale of US real estate many years ago. The current gains are from investments in a US-based investment account; all assets are US-based.

I am dual US-Canadian citizen living in Canada. I incurred CAN$11,141 in capital gains on investments in the US; 50% of this is taxable on my Canadian return, or CAN$5570.

I have over $50,000 in capital loss carryover from previous years, yet on the TurboTax Loss Worksheet, it shows $5750 as "2016 ...

Thanks, Nelson. I have no doubt at all that your method is correct, this is just in case I ever have to justify my use of it it to the CRA.

Thanks, Nelson. It is very confusing, I'm glad you're able and willing to clear things up.

One last question: Is the procedure that you outline documented anywhere on a CRA and/or IRS site? I'm not doubting you at all, just wondering if there's comething I can cite if either of them ever were to ...

Nelson, I try to do my taxes based on your recommended procedure, but as usual the devil is in the details. I wonder if I have the details correct. I have tried to research this thoroughly in the forum but still get confused at times.

Each return is done with all income from both countries without ...

I have other US income - company pensions, IRA distributions, and dividends/interest - and I never seem to be able to wipe out the US taxes completely.

I am a dual US. Canadian citizen living full time in Canada. My wife is Canadian only but has an ITIN (more on this later).

If I understand other posts correctly, I can file as Married Filing Separately, and claim my wife as a dependent, as long as she has no US source income, correct? (and she ...

Yes, we know that now. At the time (2002) we simply thought the firm's system was not set up for Canadian addresses and used my sister's address as a workaround. None of us were aware of the regulatory situation at the time.

You're welcome, Nelson. The process is not 100% complete, but all looks OK so far. I'll let you know how I make out.

I've also discovered another possible avenue. Anyone who is a member of American Citizens Abroad can open an account with the State Department Federal Credit Union. This gives you a ...