Search found 63 matches

by Russ
Fri Aug 23, 2019 3:07 pm
Forum: Canada / United States Tax & Accounting
Topic: This is about Nelsona ..
Replies: 5
Views: 1310

Re: This is about Nelsona ..

Ditto - used his advice for many situations.
by Russ
Fri Aug 23, 2019 3:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Withdraw funds from IRA to pay CDN capital gains on rental
Replies: 3
Views: 736

Re: Withdraw funds from IRA to pay CDN capital gains on rental

Still hoping for an answer for this question. I realize that there's a way to take out money from a US IRA that one has, pay the tax in US, then apply that tax already paid in Canada for current year's income. However, I haven't be able to find out info on this site where the money made in Canada fo...
by Russ
Wed Jun 19, 2019 5:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Withdraw funds from IRA to pay CDN capital gains on rental
Replies: 3
Views: 736

Withdraw funds from IRA to pay CDN capital gains on rental

I am a CDN citizen / resident. Moved back from US last year, from many years working in the US as TN. I have a large-ish IRA in US. Once I'm past 59 1/2, If I wanted to 'move' money from my US IRA to my CDN RRSP, but with using capital gain on a rental property would this be okay? For example, if I ...
by Russ
Mon Sep 10, 2018 2:50 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA periodic withdrawals and how it works in Canada
Replies: 1
Views: 503

IRA periodic withdrawals and how it works in Canada

I'm a Canadian citizen / US resident. This is a question for once I return to Canada and become a CDN resident / US non-resident. I understand that withdrawals from an IRA, after aged 59 1/2 would not be penalized 10% for early withdrawal I also understand that the institution could withhold 15% or ...
by Russ
Tue Aug 28, 2018 2:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Convert part of IRA to Roth-IRA before returning to Canada
Replies: 1
Views: 515

Convert part of IRA to Roth-IRA before returning to Canada

As a Canadian / US resident, I've researched what to do with my IRA before returning to Canada and becoming US non-resident on this forum. One option mentioned is to convert some of your IRA to a Roth-IRA first, then become NR of US and go from there. However, if I look at the rules when creating a ...
by Russ
Sun Apr 10, 2016 7:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Can I reuse car I bought from my LLC in business?
Replies: 1
Views: 932

Can I reuse car I bought from my LLC in business?

At the end of 2014, since I had depreciated my car in my LLC over 5 years, and had no depreciation left, I bought the car myself for the FMV. In 2015, I used this same car for business and pleasure use. The 2015 tax forms have to show the car I'm using to write off the expenses on it (but no depreci...
by Russ
Wed Oct 03, 2007 3:52 pm
Forum: Canada / United States Tax & Accounting
Topic: US Resident - US credit for Can gov't rental withholding
Replies: 2
Views: 2285

thx again.
by Russ
Sun Sep 30, 2007 1:09 pm
Forum: Canada / United States Tax & Accounting
Topic: US Resident - US credit for Can gov't rental withholding
Replies: 2
Views: 2285

US Resident - US credit for Can gov't rental withholding

Hey there - US Resident / Can citizen. In 2006 my property manager for rentals props I have in Canada merged with another. So new prop manager company withheld 25% for some of the months of rental - as needed a new filing and this took a few months. Anyway, the totoal withheld and remitted to gov't ...
by Russ
Mon Oct 09, 2006 10:20 am
Forum: Canada / United States Tax & Accounting
Topic: Where to send late 8891 form?
Replies: 7
Views: 4288

And I simply send it in to Philadelphia with nothing else?

Thx.
by Russ
Wed Oct 04, 2006 9:38 pm
Forum: Canada / United States Tax & Accounting
Topic: Where to send late 8891 form?
Replies: 7
Views: 4288

Well I hate the 3520 form as it seems so convaluted. However, I thought I understood from this forum that as I'm filing for something in the past - and I never claimed the money as a RRSP but will be a brokerage account - that the RP23 wouldn't do.
by Russ
Wed Oct 04, 2006 10:10 am
Forum: Canada / United States Tax & Accounting
Topic: Where to send late 8891 form?
Replies: 7
Views: 4288

Thanks again Nelson.

Additionally, I was also going to just send in my 2003 3520 form to the Philadelphia IRS address by itself in the next couple of days.

Do I also have to send in a 1040-X for the 2003 3520 form?

Thanks again.
by Russ
Tue Oct 03, 2006 10:47 pm
Forum: Canada / United States Tax & Accounting
Topic: Where to send late 8891 form?
Replies: 7
Views: 4288

Where to send late 8891 form?

I have to send in my 2004 and 2005 8891 forms. My 2005 taxes will be filed in a couple of days and I know I attach the 2005 8891 form with the 1040, but I don't know where to send the 2004 8891.

Can anyone help with this?

Thanks in advance.
by Russ
Thu Aug 17, 2006 1:01 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520 (2003) form ... again ...
Replies: 0
Views: 1442

3520 (2003) form ... again ...

Well I thought my accountant had put in the form, but they haven't yet as there's 2 things that's giving them grief. 1. They want me to fill in trivial answers in Part 1 (I had left them blank) such as 6a/b/c, 11a - no, 13 - no. I had not filled in those answers as I see in the instructions that Par...
by Russ
Mon Jun 26, 2006 3:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Investment suggestions for IRA once back in Canada
Replies: 20
Views: 9756

I have seen this advice given on forums before and thought the reason was because an IRA is an agreed upon retirement plan in the US that Canada recognizes whereas a 401K is not.