Search found 3 matches

by zilla
Tue Apr 08, 2014 12:07 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 definition of financial interest
Replies: 6
Views: 2507

According to the IRS the amount of tax liability of joint holders of an account is determined by local law. The accounts are in Canada and according to the CRA the tax liability of joint owners over interest from an account is proportional to the amount each owner contributed. In my case I contribut...
by zilla
Mon Apr 07, 2014 3:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 definition of financial interest
Replies: 6
Views: 2507

Form 8938 definition of financial interest

Hi I was almost ready to submit my first 1040 when I reread the instructions for form 8938. With regards to defining financial interest it states "You have an interest in a specified foreign financial asset if any income, gains, losses, deductions, credits, gross proceeds, or distributions from...
by zilla
Wed Apr 02, 2014 1:09 am
Forum: Canada / United States Tax & Accounting
Topic: tax liability for/reporting of Canadian accounts
Replies: 0
Views: 907

tax liability for/reporting of Canadian accounts

Hello I am a first-time US tax filer (arrived Jan 2013, California resident). I have some questions about tax liability for and reporting of my Canadian accounts. My parents made me joint owner (years ago) of one of their savings and one of their investment accounts (which contains GICs). In Canada ...