Search found 30 matches

by beaconhill
Sat Jun 16, 2018 12:33 am
Forum: Canada / United States Tax & Accounting
Topic: Calculating Capital Gain on PR Change of Use
Replies: 9
Views: 611

Re: Calculating Capital Gain on PR Change of Use

nelsona wrote: > It may seem reasonable to you, but the price you pay to use the 4 year > election is that the entire history is used to determine the gain. THAT > seems reasonable to me. It avoids trying to "stack" all the gains > into the years when it could be considered your PR, which is essenti...
by beaconhill
Fri Jun 15, 2018 1:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating Capital Gain on PR Change of Use
Replies: 9
Views: 611

Re: Calculating Capital Gain on PR Change of Use

Also, doesn't scenario 2 seem more reasonable because a change of use is a deemed disposition? It's like the house sells and is re-purchased each change of use. And the clock should re-set. In this case there has been a use, a change of use, another change of use in 2017, and there will be at least ...
by beaconhill
Fri Jun 15, 2018 12:47 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating Capital Gain on PR Change of Use
Replies: 9
Views: 611

Re: Calculating Capital Gain on PR Change of Use

nelsona wrote: > and if you did make the election in 205, remember that you cannot have used > the PRE for 2005-09 on any other home. Thanks very much. I did not make the election in 2005, but am in the (long) process of making the case to CRA that I be allowed to file a late election. Yes, I unders...
by beaconhill
Thu Jun 14, 2018 5:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating Capital Gain on PR Change of Use
Replies: 9
Views: 611

Re: Calculating Capital Gain on PR Change of Use

nelsona wrote: > This is a forum for cross-border taxes. There are plenty of Cdn tax sites > that can help you. Sorry, I left that out of my post. I'm a US citizen living in Canada. So the way I calculate the capital gain taxes is different in both countries. But for the US side, I think I understan...
by beaconhill
Thu Jun 14, 2018 2:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating Capital Gain on PR Change of Use
Replies: 9
Views: 611

Calculating Capital Gain on PR Change of Use

2004 - Built house and moved in (no land costs, as property was subdivided). 2005 - Moved out and changed use to rental property. 2009 - Final year of designating house as a principal residence (because house was eligible to be declared a PR for 4 years after change of use). 2017 - Moved back in. Fo...
by beaconhill
Thu Jun 14, 2018 1:36 pm
Forum: Canada / United States Tax & Accounting
Topic: Best way to transfer Money from Canada to the USA?
Replies: 11
Views: 1485

Re: Best way to transfer Money from Canada to the USA?

I use Norbert's Gambit: Purchase a non-volatile, conservative stock that trades on both major Canadian and US stock exchanges (I use TD Bank). Immediately journal the shares to hold them in the currency you want to end up with. Then immediately sell them. You've effectively exchanged money commissio...
by beaconhill
Mon Mar 28, 2016 2:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Quiet Disclosure, Voluntary Disclosure or ?
Replies: 0
Views: 845

Quiet Disclosure, Voluntary Disclosure or ?

I was born in the US but moved to Canada at age three. I've been filing FBARs for a few years, but have not filed income tax returns. I've bought and sold properties in the US, and have paid taxes on the income or capital gain in Canada, and not the US (apparently that is incorrect). I spend too muc...
by beaconhill
Mon Mar 09, 2015 9:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Real Estate Purchase Date
Replies: 0
Views: 592

Real Estate Purchase Date

I bought a share in an LLC that was formed in order to purchase 20 fee simple units in a condo building. I redeemed my share in the form of a condo unit. Was my real estate purchased the day I purchased a share in the LLC (100% was paid at this time), or the day the share was redeemed and title was ...
by beaconhill
Sat Feb 14, 2015 1:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Does Treasury Department Confirm Receipt of FBARs?
Replies: 14
Views: 3774

[quote="nelsona"]I've submitted FBARS for 15 years and only got one nete for a missing value one time, otherwise silence.[/quote]
Thanks - that's good to know.
by beaconhill
Thu Feb 12, 2015 6:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Does Treasury Department Confirm Receipt of FBARs?
Replies: 14
Views: 3774

[quote="nelsona"]As I said, if they want money from you, they will certainly let you know.[/quote]
Thank you - good point. Can you tell me if there is a statue of limitations for them assessing penalties on the FBARS I submitted.
by beaconhill
Thu Feb 12, 2015 6:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Does Treasury Department Confirm Receipt of FBARs?
Replies: 14
Views: 3774

[quote="exPenn"]I did the same thing several years ago. Sent in 7 years back tax returns and 7 years FBARs to become compliant. I sent both packages by registered mail, so I would get a singed and dated receipt as proof that they received them. I once tried the 1-800 phone number to request an FBAR ...
by beaconhill
Thu Feb 12, 2015 6:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Does Treasury Department Confirm Receipt of FBARs?
Replies: 14
Views: 3774

[quote="K104XYZ"]beaconhill, Similar to you, I sent in 7 years’ worth of paper FBARs to the IRS Detroit Computing Center P.O. Box address for FBAR submissions, in April 2011 (for 2004-2009 retro years, plus the then current year 2010), with a covering letter explaining why I was filing late. I did...
by beaconhill
Thu Feb 12, 2015 6:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Does Treasury Department Confirm Receipt of FBARs?
Replies: 14
Views: 3774

[quote="rafa02"]Unfortunately I cannot offer much help, but I can tell you that a few years ago, Treasury provided a phone number that we could call and receive confirmation of our FBAR filing (for current and previous years). I have not tried phoning since I started E-filling and getting confirmati...
by beaconhill
Wed Feb 11, 2015 6:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Does Treasury Department Confirm Receipt of FBARs?
Replies: 14
Views: 3774

[quote="nelsona"]Not unless there is an error. Now of course, the FinCEN process sends an e-knowledgement. When they want money they will tell you.[/quote] I understand the need to become compliant. I guess the bigger question for me is how do you know if they have accepted a submission? When I firs...
by beaconhill
Wed Feb 11, 2015 2:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Does Treasury Department Confirm Receipt of FBARs?
Replies: 14
Views: 3774

Does Treasury Department Confirm Receipt of FBARs?

I am a US citizen who moved to Canada when I was three years old. In the summer of 2011 I learned I was obligated to file US tax returns and FBARs. I completed and sent in the past eight years of delinquent FBARs (2003 to 2010). I then kept current by submitting FBARs for 2011 and 2012. But I never ...