Serbinski Accounting Firms

[quote="nelsona"] (snip) Capital gains are not taxable in US if you reside in canada, regardless that the stocks are held in a US brokerage. So, you do not need to report these in US. (snip) [/quote] I was reading through this thread and I wanted to verify the above in the IRS documentatio...

At the risk of being redundant, I'd like to say "thank you" to nelsona.

You've definitely helped me with my tax situation and I've recommended this forum to other canucks who are doing cross-border taxes.

Sorry, I only gleamed the instructions for form 2555 before posting my last reply. After putting in some rough numbers it makes sense how the pro-rating fits into the bigger picture. With respect to form 1040, I gather that I should be adding my Canadian income to my wages and salary section. What d...

Can you elaborate on the pro-rated exemption? I thought that since I'm filing a full-year 1040 along with the 2555 that I qualify for the full exemption.

Which two tax years would the exemption be pro-rated against?

Tax year 1: Jan05 - Dec05
Tax year 2: ???

Your best option is to file a full-year 1004 and to use 2555, but this is not a foreign tax credit, it is an exclusion of your Cdn wages. This is how the vast majority of US citizens living in Canada file (unless they have kids). You have to wait until you have left an entire year to file this way ...

It's coming close to the tax deadlines but hopefully someone can shed some light on dual status filing. I've read a lot about dual status filing but I still have some questions. I'm a Canadian citizen that use to work for a US firm in WA state as resident alien. I moved back to Canada in (July) 2005...

Can someone shed some light on the tax implications of importing a car from the US (WA state) to Canada (Ontatio)? I've read many documents and I'm getting lost in the legal wording. Specifically, the following memo: http://www.cbsa.gc.ca/E/pub/cm/d9-1-11/README.html indicates that the importation o...