Serbinski Accounting Firms

Hi all,

I've done some bad planning on my 401k. I am changing jobs and contributing $6000 was enough to get maximum employer match ($3000) from my current employer, but I contributed $15,000, close to the cap.

I am now starting a new job that will contribute 50% for $8000 of my 401k contributions ...

Nelsona,

The USD cash was purchased and invested in a GIC... we discussed it a few months back and you actually said yourself it would trigger a capital loss:

Me: "I will keep my USD till I move to the US some time in 2006, at which time it will be "deemed" disposed of, and I can use the ...

Thanks Nelsona, very helpful and insightful as always.

I think I'm just beginning to understand the implications of declaring oneself a full time resident on the US side.

You said non-discrimination excludes pre-arrival Canadian wages, I assume from this post that the ESPP discount resulting on ...

Is my question too specific? Irrelevant? Something I should get a consultation for? People, advise please!

Hi,

I'm moving from Canada to the US and I'm enrolled in our company's employee stock purchase plan with the period ending on June 30th. I expect around $4500 in ordinary income, considered earned as of that exact date. I usually hold on to the stock for 2 weeks (or is it 1 week?) to avoid IRS ...

I was just going through the tax guide on the IRS site and came across the following:

If you are a dual-status alien, you can choose to be treated as a U.S. resident for the entire year if all of the following apply.

* You were a nonresident alien at the beginning of the year.
* You are a ...

Right, I thought that may have something to do with it! You are absolutely correct about the GC dillema, that's my #1 reason for moving today. But I'm curious, when you say you would not move at this time... when would you move? Cause the issue seems to be my destination state, not the time...

In ...

Thanks for the reply.

Everyone always says that you make more money in the uS and pay less taxes. I too have always taken it for granted that it's the case, but have so far been proven wrong on both counts!

I work for a tech company here and will move to California, either staying with the same ...

But what about the brackets? Correct me if I'm wrong, but I think brackets have an even higher impact, at least with an income of 100+k, since I'd be subjected to the brackets for income of 50 in both countries, right?

When I elect to be a resident for the whole year, does my pre-entry income get ...

Hi,

I received my Green Card in April but will actually move from Canada to the US in June or July. Following the tiebreaker rules in the treaty, it's my understanding that I will remain a Canadian tax resident till the date I actually move, does that make sense?

Regardless of that, how is one ...

I don't know how or why I missed the italic part the first time I read your reply! I understand your point, the interest off the term deposit was not supposed to make money, appreciation of the USD was... The exchange rate was very low then, though it's even lower now.

Are you saying that I risk an ...

Thanks Nelsona, you helped tremendously!

Thanks Nelsona, could you just confirm that I got it right?

So my savings interest will be 2005 "ordinary" income and has to be reported as such. The interest I paid for the investment is expense and can be deducted from it. What if the interest paid is more than the one realized by the investment ...

Hi everyone,

I have a US dollar term deposit that has yielded some interest over the past year. However, the value of the US dollar has decreases considerably during this period of time resulting in a net loss as opposed to a gain. Additionally, I have borrowed money for this investment and paid ...

Thanks for the response, it clarifies things for me. Some of the postings on usenet are scary, they lead you to believe that you could easily be considered a resident of both countries, but I took a look at the treaty and you confirm that the stronger ties determine one or the other as residency ...