Serbinski Accounting Firms

Hello .. US Citizen living in Canada is selling residence in USA used as secondary residence. Someone is interested in said house but would like for me to owner finance. What would be the tax implications of owner financing versus outright sale. As a US citizen in Canada could I even do that? Income...

I am not certain why you are saying Form 1135 would need to be filed? The form info mentions .. Foreign Investment Property that must be included on Form 1135 includes ... blah, blah which is not applicable .. but then mentions real estate situated outside Canada (unless mainly held for personal use...

Thanks for the reply. The house was not a rental, we used it as a base when visiting his mother and relatives and when making improvements. She has now passed so we will be selling it. I just assumed that since it was personal use property no reporting was necessary?

He is a dual citizen.

My husband moved to Canada in 2005. He has a house in US that was not sold at the time, didn't realize it could be an issue. He wants to sell in 2017 and I am now reading that the house should have been addressed long ago - with CRA. The only thing to show Fair Market Value when he moved was the tax...

They are deducting US Federal Income Tax from his pension. 2013 was the first year he started collecting his pension ... the taxes he paid I took as a foreign tax credit on the Canadian return and we ended up paying nothing to Canada. This didn't make sense to me and I called Revenue Canada and they...

Hello: Husband is in Canada with me and started to file 1040.s last year in the USA. Because I got lost in the paperwork we opted to file him MFS because time was running out. Now that I have time I think I will amend and change to MFJ to get some of the money back plus it will be to our advantage t...