Serbinski Accounting Firms

If you live in Canada, it works out even better as Canada has no inheritance or gift tax at all.

In the USA, there is an exemptions on inheritances ($6 Million or so) but some states have a local tax on what you inherit.

AFAIK, the biggest risk is that something unforeseen happens and you get ...

[quote="vanwa"]What is the best way to set this up to avoid complications of inheritance? I'm not sure whether I will still live in the US or be in Canada at that point. Are there advantages to setting this up so I own more/less % on the title of the property?[/quote]

Are you an only child? And do ...

[quote="nelsona"]Nope.[/quote]
Really?

I'm pretty sure that when the 8891 reporting requirement went away, the 8938 did not. Sure - there are thresholds but you need to be aware of it.

Also there is the FBAR stuff ... also quite sure you need to worry about that. Worry about it a lot actually.

I'm not so much worried about getting the money out as in what to tell the IRS. Form 3520-A asks for all kinds of information that I don't have and don't know how to get. I can't imagine the TD Canada Trust mutual fund I used providing that kind of data. I'm guessing that's part of why they produced ...

While the topic of Canadian <b>RRSP</b>'s is well covered here, I cannot seem to find a definitive answer on how to report <b>RESP</b>'s to the IRS. I understand that capital gains in the account must be reported as income each year. And that you need to identify the accounts with your TD F 90-22.1 ...