Search found 73 matches

by adeboloj
Sun May 17, 2020 11:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed Disposition of property by Emigrant of Canada
Replies: 7
Views: 1702

Re: Deemed Disposition of property by Emigrant of Canada

Thank you creaks41 for the clarification. I decided not to deem disposed the principal property at departure as advised by an accountant- this can be taken care of when the property is sold. Instead, i listed it as property by EMIGRANT of Canada. And file 216 return for the income from the property....
by adeboloj
Mon May 04, 2020 10:16 pm
Forum: Canada / United States Tax & Accounting
Topic: CAPITAL LOSS on Rental Property
Replies: 6
Views: 1399

Re: CAPITAL LOSS on Rental Property

Found answers on IRS website for anyone in similar situation: Question What forms do we file to report a loss on the sale of a rental property? Answer Rental property is income-producing property and, if you're in the trade or business of renting real property, report the loss on the sale of rental ...
by adeboloj
Mon May 04, 2020 7:53 pm
Forum: Canada / United States Tax & Accounting
Topic: CAPITAL LOSS on Rental Property
Replies: 6
Views: 1399

Re: CAPITAL LOSS on Rental Property

Sorry, I forgot to add the following: When i use form 4797, loss from rental property is deducted from taxable income as such I get huge refund which is weird. But when I tried reporting it as investment loss rather than business loss on form 8949. The entire capital loss was recorded on schedule D ...
by adeboloj
Mon May 04, 2020 7:10 pm
Forum: Canada / United States Tax & Accounting
Topic: CAPITAL LOSS on Rental Property
Replies: 6
Views: 1399

Re: CAPITAL LOSS on Rental Property

Am i doing this right? When I file out 4797 (Part II) to record the property loss on line 4 schedule 1. The entire loss is been removed from my taxable income therefore creating a high refund. I dont think the huge loss from the property sale is deductible ? Just wondering if 4797 is the right form ...
by adeboloj
Mon May 04, 2020 12:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Allocating Canadian Taxes on Form 1116
Replies: 7
Views: 1528

Re: Allocating Canadian Taxes on Form 1116

Regardless of income category or say any income received, you put in the values of your gross income or taxes in US$ on the software. For example, Taxact ask you this question for both currencies i.e. the foreign currency and the US currency on 1116 form. So you need to make use of the annual exchan...
by adeboloj
Sun Apr 26, 2020 8:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed Disposition of property by Emigrant of Canada
Replies: 7
Views: 1702

Re: Deemed Disposition of property by Emigrant of Canada

Nelsona, Please is there any tax advise here? As I mentioned, I didn't do any appraisal of the primary residence upon leaving Canada but happened much later when the house was refinanced. Not having an evaluation at the exact departure month and also since its a property in Canada. Do i really need ...
by adeboloj
Sun Apr 26, 2020 8:13 pm
Forum: Canada / United States Tax & Accounting
Topic: CAPITAL LOSS on Rental Property
Replies: 6
Views: 1399

Re: CAPITAL LOSS on Rental Property

I guess as much.
Thank you Nelsona!
by adeboloj
Fri Apr 24, 2020 3:33 am
Forum: Canada / United States Tax & Accounting
Topic: CAPITAL LOSS on Rental Property
Replies: 6
Views: 1399

CAPITAL LOSS on Rental Property

Rental property sold at a loss in Canada and reported on T1 (resident of Canada) before departure date. When completing 1040, seems to me there is no reason to include this on the return except additional paperwork - form 4797. I am wondering if there is any benefit in reporting a capital loss on 10...
by adeboloj
Tue Apr 21, 2020 5:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Can we avoid to file Canadian taxes
Replies: 1
Views: 948

Re: Can we avoid to file Canadian taxes

If I may ask, what happened to your 2018 taxes? You should have file departure tax in Canada and do your US taxes. Appears to me, you havent file tax in Canada since you left for US in 2018 based on your comment " if possible as my understanding is that I will have to pay more taxes in Canada" Its n...
by adeboloj
Sun Apr 19, 2020 3:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed Disposition of property by Emigrant of Canada
Replies: 7
Views: 1702

Re: Deemed Disposition of property by Emigrant of Canada

Thank you Nelsona, Unfortunately, I did not compete the evaluation at the time of departure- sometime in last year September! But since i tried to sell the house, I have FMV conducted by real estate agents, also I have the city assessment? Not sure if all these is acceptable. But I finally did the e...
by adeboloj
Sat Apr 18, 2020 10:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed Disposition of property by Emigrant of Canada
Replies: 7
Views: 1702

Deemed Disposition of property by Emigrant of Canada

As a resident of Canada who lived in a house for couple of years, then became a non resident of Canada. The house changed from primary resident to investment/rental purpose. Since the real estate in Canada is way down for sometime now (true for my departure year). I am wondering if someone could gui...
by adeboloj
Sun Apr 12, 2020 5:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax Questions on 1040
Replies: 1
Views: 905

Tax Questions on 1040

Since US persons has to declare rental income in Canada / home sale for tax purpose on 1040 form. My question is, can one then claim mortgage interest paid on a house one lived during the departure year? I asked because a US citizen/ resident can claim mortgage interest on their house so if a new re...
by adeboloj
Sat Mar 21, 2020 1:44 am
Forum: Canada / United States Tax & Accounting
Topic: Unemployment benefits for TN visa Job loss
Replies: 8
Views: 1411

Re: Unemployment benefits for TN visa Job loss

@NewCanadian, a TN status is a temporary resident in the US, so if you are no longer working in the US then you should move back to Canada! That is the rule of the TN visa, and as advised its the first step to take, once you are in your home province in Canada- you can then file for unemployment ben...
by adeboloj
Sun Mar 15, 2020 2:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!
Replies: 13
Views: 2671

Re: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!

@Nelsona, I am going through threads on T1243 form and came across your response to CadCad here: What would be applicable in this situation. is there any advantage electing to include rental under deemed disposition and file T2061A if there is no cap gains, I have a loss upon departure. Adjusted cos...
by adeboloj
Thu Mar 12, 2020 2:25 pm
Forum: Canada / United States Tax & Accounting
Topic: CCA Question on rental property
Replies: 0
Views: 1605

CCA Question on rental property

Please I will appreciate any hint on this: I have a rental property which was sold during departure year, I talked to my CPA and he mentioned that since property was sold i cannot take depreciation the year I sold it. In Canada, CCA is optional but IRS ask that one depreciate a rental property. And ...