Search found 30 matches
- 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: 3451
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 ...
- 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: 3451
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 ...
- 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: 3451
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...
- 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: 3451
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...
- 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: 3451
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...
- 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: 5955
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...
- Mon Mar 28, 2016 2:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Quiet Disclosure, Voluntary Disclosure or ?
- Replies: 0
- Views: 2559
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...
- Mon Mar 09, 2015 9:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Real Estate Purchase Date
- Replies: 0
- Views: 1458
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 ...
- Sat Feb 14, 2015 1:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Does Treasury Department Confirm Receipt of FBARs?
- Replies: 14
- Views: 8707
- Thu Feb 12, 2015 6:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Does Treasury Department Confirm Receipt of FBARs?
- Replies: 14
- Views: 8707
- Thu Feb 12, 2015 6:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Does Treasury Department Confirm Receipt of FBARs?
- Replies: 14
- Views: 8707
- Thu Feb 12, 2015 6:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Does Treasury Department Confirm Receipt of FBARs?
- Replies: 14
- Views: 8707
- Thu Feb 12, 2015 6:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Does Treasury Department Confirm Receipt of FBARs?
- Replies: 14
- Views: 8707
- Wed Feb 11, 2015 6:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Does Treasury Department Confirm Receipt of FBARs?
- Replies: 14
- Views: 8707
- Wed Feb 11, 2015 2:34 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Does Treasury Department Confirm Receipt of FBARs?
- Replies: 14
- Views: 8707
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 ...