Serbinski Accounting Firms

Mgeorge..yes thanks I do take my US into account when reconciling. Took longer than I planned to get to this. When using my real numbers and reconciling to line 18 on 1116 I realized that I had ignored $146 of MTM (other) losses which I would also have to deduct on line 5 whether I go the $1500 loss ...

Thank you both for your help. I'll run my real numbers through in the morning (have to babysit grandchildren now). Do have about $1000 of US dividends which are included in line 3e....also do have pension income - general limiitation, also losses allow me to write off shortterm gains.. I'll try the ...

00ps our notes must have crossed in the mail will read yours and respond. thanks

Hi Mgeorge. Sorry your right it doesn't add up. Net long term loss after carryforward would be 27,200. thats what i get for using round instead of actual numbers. As per nelsona's suggestion I read instructions for the 10th time. I guess I misthought that with the adjustment exception I didn' t use ...

Thank you. This is how I have been treating it for years on the 1040 and on the 1116. I started doubting myself this year in respect to line 1a of the 1116 when it came to my attention through using the software that for lines 3d and 3e I was to include gross gains without offsetting the losses - "i ...

My Canadian passive income is as follows:

I have Cdn interest income of 2000 Cdn dividend income of 6000.

On my Schedule D (all Cdn as dual citizen resident in Canada) I have net short term gains of 200, net long term losses of 3000 and 30000 long term net loss carryforward for a net long term ...

I still am not confident on how to reflect capital gains and losses on form 1116-Passive. I qualify for the "adjustment exception" so I am not required to adjust for qualified dividends and capital gains.

I understand that the gross income on lines 3d and 3e includes gross capital gains without ...

I have finally got to the point that all my pfics are on a mtm basis for 2014. I just want to confirm I am handling the capital gains distributions (and dividends correctly) as I am not excited about the outcome.

Each year I set the opening adjusted cost to the market value at the previous ...

oops I meant NOT have to file 8959.

Instructions for 8959 indicate US citizens living abroad (Canada) are required to pay the additional medicare tax on medicare wages and self employment income. Am I correct in thinking that a USC who is resident in Canada and working for a Canadian employer and whose wages are not subject to ...

Have avoided joint accounts to avoid the fbar reporting on Cdn spouses assets. He sees what I go through with US reporting requirements and wants nothing to do with them. Also most of our assets are in registered accounts and a couple of insurance policies which can't be joint...although we do name ...

Agree. Wanted a PofA for property that only took effect if I became mentally incapacitated. I Assume this would not require fbar reporting unless it came into effect.

However, the lawyer prepared a "continuing" power of attorney. I explained this was not what I had expected. However, this (and a ...

Re: the power of attorney issue. I am a dual US Cdn citizen my husband only Cdn we are resident in Canada. Our lawyer had us name each other P of A for each others accounts. Should I remove myself from his accounts. Is there any problem if he has PofA over my accounts. Really no one else to name. J

Apologies.....I didn't mean to cause this grief....I meant to say ETFs !!!!!!!!!

I just read that RBC Global Asset Management will start making PFIC annual information statements available to US clients to permit QEF reporting on 70 mutual funds. Can others be far behind? Not sure who else is doing this. Also is anyone aware of any Canadian domiciled mutual funds that do this or ...