Search found 23 matches

by redbeer
Thu Mar 28, 2024 9:23 am
Forum: Canada / United States Tax & Accounting
Topic: Claiming medical, disability by NR Canadian Selling Rental Property
Replies: 0
Views: 6

Claiming medical, disability by NR Canadian Selling Rental Property

Hi all, Can a NR Canadian living in U.S. claim any of medical expenses, disability, infirmity or caregiver amounts on a T1-NR or Section 216 return when reporting sale of rental property? These do appear to be selectable in the Ufile software but entered amounts do not seem to take any effect. Many ...
by redbeer
Thu Mar 21, 2024 9:31 pm
Forum: Canada / United States Tax & Accounting
Topic: T1-NR for a Canadian selling Rental Property
Replies: 4
Views: 75

T1-NR for a Canadian selling Rental Property

Hi all, From 2 other posts my understanding is that when NR sells a rental property in Canada, in addition to T2062, T2062A, and a Section 216 return, NR should also file T1 as an NR to report capital gains/loss on the property (Section 116 return?). Is my understanding correct? Can anyone clarify: ...
by redbeer
Sun Apr 13, 2014 5:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting TFSA income in the US - reportable loss or not?
Replies: 19
Views: 7622

Sorry, I didn't mean to drag this out.
by redbeer
Sat Apr 12, 2014 10:30 am
Forum: Canada / United States Tax & Accounting
Topic: Reporting TFSA income in the US - reportable loss or not?
Replies: 19
Views: 7622

The shares were bought in the initial offering, now it is hard to find a buyer. What a headache for so little value. This is what my wife says, this is my wife's account and I can't blame her for taking this approach. She wants to be a NR for 2013 in the US, if possible. She figured that as she went...
by redbeer
Fri Apr 11, 2014 5:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting TFSA income in the US - reportable loss or not?
Replies: 19
Views: 7622

Thanks a lot for the options. This TFSA "trustee" is actually willing to open an RRSP account and put the shares in, they do have value, some $1400 currently. There is enough contribution room.
by redbeer
Fri Apr 11, 2014 5:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting TFSA income in the US - reportable loss or not?
Replies: 19
Views: 7622

Sure, this investment is shares in a private oil company, not traded in public markets. Shares lost a lot of value, so noone is willing to buy.
by redbeer
Fri Apr 11, 2014 3:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting TFSA income in the US - reportable loss or not?
Replies: 19
Views: 7622

I called them and tried to get a definition from them, the only thing I got is that they interpret it as "not a trust" but they cannot claim it in terms of IRS definition. They said it is possible to do withdrawal-in-kind and then a contribution-in-kind into an RRSP account, and then close...
by redbeer
Fri Apr 11, 2014 1:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating dual-status exemption for a non-resident spouse
Replies: 155
Views: 52400

I may be wrong in figuring form 2555. I am using TaxACT for 1040 and it is asking to enter number of qualifying days for my wife's wages exclusion, is this number of days in Canada in 2013 when she earned those? If I enter 166 as number of days it appears not to exclude all income, so it looks like ...
by redbeer
Fri Apr 11, 2014 12:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting TFSA income in the US - reportable loss or not?
Replies: 19
Views: 7622

Oh, is every TFSA a "foreign trust"? Is that determined by the investments in the account, e.g. cash and common shares of a private company.
by redbeer
Fri Apr 11, 2014 10:25 am
Forum: Canada / United States Tax & Accounting
Topic: Dual-status
Replies: 12
Views: 5278

Thank you for a detailed explanation, especially, the distinction between what is a right and what is forced by regs.

One clarification though, did you mean Cdn "deemed resident" when you still have a spouse and house in Canada?
by redbeer
Fri Apr 11, 2014 10:16 am
Forum: Canada / United States Tax & Accounting
Topic: Calculating dual-status exemption for a non-resident spouse
Replies: 155
Views: 52400

I appreciate your concern really. I will redo my federal MFJ/full-year resident to check for AMT. Just to confirm for this case, election to file full-year resident allows foreign income exclusion for my wife (for income she earned in Canada as Cdn resident)? Also, with your suggestion to file part-...
by redbeer
Fri Apr 11, 2014 9:40 am
Forum: Canada / United States Tax & Accounting
Topic: Dual-status
Replies: 12
Views: 5278

I thought that from the treaty, even if you do not meet SPT, you can still file dual-status, by moving permanent home. I understand from other posts that dual-status is not generally beneficial though.