Serbinski Accounting Firms

My son's grandparents, who live in Canada, are generously offering him a private mortgage to replace what would otherwise be a second mortgage on a house purchase in Colorado. If my son wishes to be able to deduct the interest on this private mortgage on his taxes, do his grandparents just generate ...

hmmm, I'm not even sure if Univ Scholarships of Canada told me what the annual balance was vs. there being a pool of money that is now being paid out as X$/unit contracted. I'll have to check.

thanks for all the help Nelson,
bruce

this is the first year that he's received a payout.
Are you saying we should have been paying taxes as the money was accruing? That doesn't seem right.

thanks,
bruce

thanks Nelson. This is the first year of payout so I haven't been filing anything other than a report of foreign account to date. So, on my son's tax return next year do we report this as income but take a credit for the canadian tax already withheld? Or do we have to file a Canadian return to recla...

Hello, It was nine years ago that this board and Mark helped with our move to the US from Canada and I'm glad to see it is still going strong. We enrolled our kids in an education savings plan with University Scholarships of Canada when we lived in Canada. My son just received the first payment to h...