Search found 30 matches

by rohitkn@gmail.com
Sun Apr 13, 2014 11:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Life insurance needs to be reported in 8938?
Replies: 1
Views: 949

from my interpretation and mine alone of the 8938 form instructions, if it has a cash surrender value, then yes. if it's term life, the no.
by rohitkn@gmail.com
Tue Apr 08, 2014 8:54 pm
Forum: Canada / United States Tax & Accounting
Topic: 8938 and $200,000 amount for joint accounts / joint fiing
Replies: 3
Views: 1378

Hi Chromium, Please see the instructions section (separate document on the IRS website) for any form. http://www.irs.gov/pub/irs-pdf/i8938.pdf "If you are married and you and your spouse file a joint income tax return, you satisfy the reporting threshold only if the total value of your specifie...
by rohitkn@gmail.com
Tue Apr 08, 2014 12:43 pm
Forum: Canada / United States Tax & Accounting
Topic: "quiet disclosure" - what if I filed FBAR?
Replies: 66
Views: 18679

@chromium Thanks for the link. nelsona covers this. According to nelsona, this is only for Canadian residents, not US residents. I do have a feeling, though i am not sure as this isn't legal/tax advice, that within 1-2 years of living in the US and after doing what your link says, you might just be ...
by rohitkn@gmail.com
Mon Apr 07, 2014 9:01 pm
Forum: Canada / United States Tax & Accounting
Topic: "quiet disclosure" - what if I filed FBAR?
Replies: 66
Views: 18679

@ChromiumDioxide You're not hijacking. I know how you're feeling. You're in a very very tough situation as am I. I know that i paid taxes on all of my interest income in canada because I combined it with my canadian income and reported it to the CRA. I am desperately hoping to get foreign tax credit...
by rohitkn@gmail.com
Mon Apr 07, 2014 4:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 definition of financial interest
Replies: 6
Views: 2503

From my understanding and this isn't legal or tax filing advice, you just said you are "joint owner" The key here is owner. I would say it means that you have interest. Even if you have contributed nothing to the principal, any income generated from the asset if you are the 'owner' would '...
by rohitkn@gmail.com
Mon Apr 07, 2014 3:39 pm
Forum: Canada / United States Tax & Accounting
Topic: "quiet disclosure" - what if I filed FBAR?
Replies: 66
Views: 18679

I know. It's going to be costly. I was budgeting $2000 - $3000 for amendments. And god knows how much more for 2013. But if it brings you into 'compliance' because that's the purpose of life - fill out obscure forms or it's a bullet between the eyes, then just think of it like a blown engine replace...
by rohitkn@gmail.com
Mon Apr 07, 2014 2:57 pm
Forum: Canada / United States Tax & Accounting
Topic: "quiet disclosure" - what if I filed FBAR?
Replies: 66
Views: 18679

Here's what my CPA in Canada who files with the IRS told me - if it's a TFSA that isn't some specific financial instrument held by the ING direct bank, it *is* a foreign trust. What the bank tells you is their (perhaps legal) opinion based off of reading the Canadian tax code. You should not rely on...
by rohitkn@gmail.com
Mon Apr 07, 2014 2:39 pm
Forum: Canada / United States Tax & Accounting
Topic: "quiet disclosure" - what if I filed FBAR?
Replies: 66
Views: 18679

I know how to file 3520. I just want to be certain. For 2013 and 2014 I will do them with my US accountant who's not nearly as expensive. Then I'll close my TFSA some time this year and won't have to do anything for 2015 that is provided I don't just leave in disgust. I will be paying $400 for my 35...
by rohitkn@gmail.com
Mon Apr 07, 2014 12:22 pm
Forum: Canada / United States Tax & Accounting
Topic: "quiet disclosure" - what if I filed FBAR?
Replies: 66
Views: 18679

Even my RRSP gain in 2012 was $380 but the 7k I paid in Canada more than makes up for my $12,000 in under reported income. I'll leave the US if it gets me in trouble. Talking to my employer about it. Not worth it. I can't believe other work permit holders and immigrants aren't in the same situation ...
by rohitkn@gmail.com
Mon Apr 07, 2014 12:19 pm
Forum: Canada / United States Tax & Accounting
Topic: "quiet disclosure" - what if I filed FBAR?
Replies: 66
Views: 18679

@gpancio I did talk to someone in Toronto. He'll write a letter in substitute for 3520-a. Here's my situation. I filed taxes in the US for 2012 on all US income. I was a US resident - married joint. I filed taxes in Canada on worldwide income by Canadian tax code for 2012. I paid 7k in taxes to cana...
by rohitkn@gmail.com
Thu Apr 03, 2014 11:09 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP
Replies: 13
Views: 6157

what nelsona is saying is that: for 10 years you did not make an election to defer income in your RRSPs. if your RRSPs grew, those gains were subject to taxes. Even if they grew just a little bit and the gains were tiny, you were still liable to have made an election. Then there's a BS of fbar. You ...
by rohitkn@gmail.com
Thu Apr 03, 2014 7:09 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP and form 8891
Replies: 12
Views: 6744

@nelsona: "That is good news. Of course, I ALWAYS suggested bypassing PLR's up until Jan 2013, when IRS made it mandatory, but IRS has quickly come to their senses. " So is PLR required for late election or not? I just saw an accountant who charges a *lot* and says this is all he does - Cr...
by rohitkn@gmail.com
Thu Apr 03, 2014 6:32 pm
Forum: Canada / United States Tax & Accounting
Topic: confirm receipt of 8893
Replies: 3
Views: 1362

You can check your account online. If they received your 1040, rest assured everything else would be in it. I have talked to many accountants and they say that penalties are rarely levied against people who're coming forth and trying their best (and have also paid them big $$). The odd penalty when ...
by rohitkn@gmail.com
Wed Apr 02, 2014 7:46 pm
Forum: Canada / United States Tax & Accounting
Topic: "quiet disclosure" - what if I filed FBAR?
Replies: 66
Views: 18679

I made a mistake in the above comment. You can't report RRSP losses especially even if you have not elected to defer. So that puts me in a bind.
by rohitkn@gmail.com
Wed Apr 02, 2014 6:56 pm
Forum: Canada / United States Tax & Accounting
Topic: "quiet disclosure" - what if I filed FBAR?
Replies: 66
Views: 18679

Well I have decided to show 2012 RRSP losses on backfiled 8891s. I might change that. But I don't know yet. I also don't know if I should file 8621 for mutual funds in one TFSA and one RRSP. But with the losses in RRSPs and TFSA income and wife's interest income for 2012 all added in, I overreported...