Serbinski Accounting Firms

Because it was my principal residence, the entire gain was tax free. From the IRS' point of view, the asset only came into service in January 2013, correct? So could that mean that I cannot claim depreciation because it was less than a year? If not, can I assume that the capital gain would be calcul...

oops, meant to add:

The IRS informs us that "Certain property cannot be depreciated, including property placed in service and disposed of in the same year."

Since I only became a US resident in 2013, and I sold the property the same year, could that apply to this situation?

I'm electing to file as a US resident for all of 2013. (Got married in Jan 2013, green card in May 2013, moved belongings in Sept-Dec 2013, and became non-resident of Canada for tax purposes in Dec 2013) But, I have rental income from my principal residence in Canada for part of 2013, plus from an a...

Yes, thanks from me, too, for posting. An interesting development, for sure. If nothing else, it should reduce the amounts of paperwork!

Just in case anyone is in my position, i.e., 2013 was first year of residency in the US AND have filed for an extension to submit tax return by October 15, 2014: "This revenue procedure obsoletes Form 8891 as of December 31, 2014. Beneficiaries who have a valid extension in effect under section...

"remember that very little if any of your RRSP withdrawl would be considered taxable in US, only the growth since jan 01, 2013." But......., the IRS tells me "SECTION 6. DISTRIBUTIONS FROM CANADIAN RETIREMENT PLANS Distributions received by any beneficiary or annuitant from a Canadian...

You're hired!

Thanks.

Thanks for the quick reply. And thanks for pointing out the deemed vs. determined semantics. I had significant residential ties through December 2013 - first the house I owned, and then one I rented while I cleaned up my financial dealings in Canada and got the rest of my move organized. The CRA det...

I'm a Canadian citizen, living in the US. Married a US citizen in January 2013 while in the US as a tourist. I spent over 9 months in the US in 2013, but only received a green card in May 2013. Canada has deemed me a non-resident for tax purposes starting in mid-December 2013. Am (only) now preparin...