Serbinski Accounting Firms

Found that I can actually claim the loss under Market-to-Market election on line 14

I need rephrase my question: Which is the simplest way to claim the loss? can I select"Election to recognize gain on deemed sale of PFIC" in 2019? xiaoice wrote: > I selected Market-to-market for 8621 for the previous years (2017 and > 2018). There is no gain, but losses (however, I did no...

I selected Market-to-market for 8621 for the previous years (2017 and 2018). There is no gain, but losses (however, I did not claim the loss in 1040 - because I thought the TFSA account was not closed yet) For 2019, the account was closed. I can elect to "Election To Recognize Gain on Deemed Sa...

I purchased a life insurance in Canada, then moved to USA. The tax reporting I found later is very complicated in USA... even thought I was told my agent that everything is tax-free. But after reading tons of form instructions, I decided to give the insurance policy up. - it is a waste of money. and...

In 2015, I purchased the TFSA while I was in Canada. In 2017, I removed to USA, and become non-resident in Canada. In 2019, the TFSA account was closed, and I loss 70% of my investment. Since 2017, I have been reporting this TFSA on 3520. For the final year (2019) tax, can I report the loss as capit...

Thanks, Nelson!

i received two NR4 from Sunlife for two mutual fund I hold. The funds were sold before I left Canada, but instead of T3/T5, I received NR4 (no withheld tax). Should I call Sunlife to correct this? or just simply report this income in my tax return to CRA? same for the bank interest. I received both ...

How about the interest T5 that I earned after moved to USA? There is no withheld tax yet. How should I report it to CRA and get the 25% withheld tax deducted?

just found this: So PFIC not required for dual resident.
https://www.law.cornell.edu/cfr/text/26/1.1298-1

(iii)Dual resident taxpayer filing as resident alien at end of taxable year. If a shareholder to whom this paragraph (c)(5) applies computes his or her U.S. income tax liability as a resident alien on the last day of the taxable year and complies with the filing requirements of § 1.6012-1(b)(2)(ii)(a) and, in particular such shareholder timely files with the Internal Revenue Service Form 1040, “U.S. Individual Income Tax Return,â€￾ or Form 1040EZ, “Income Tax Return for Single and Joint Filers With No Dependents,â€￾ as applicable, and attaches a properly completed Form 8833 to the schedule required by § 1.6012-1(b)(2)(ii)(a), such shareholder will not be required under section 1298(f) and these regulations to file Form 8621 (or successor form) with respect to the portion of the taxable year reflected on the schedule to such Form 1040 or Form 1040EZ required by § 1.6012-1(b)(2)(ii)(a).

Appreciate your help, Nelson.

you are right... I got too much accounts. I choose “dual statusâ€￾ trying to make things simple...

Can you give me more details on "special declaration" on my 1040? I have indicated this is a "dual status return" on top of 1040 form. I will report 80 CAD as other income. But what declaration should I make?

[quote="nelsona"]I'll leave that for others.[/quote]

Do I need to file PFIC on this since I transferred it (>25K) out to checking before the end of year? My end of year investment in total (besides RSP) is < 10K. [quote="xiaoice"]Thanks Nelsona. I am filing "dual-status return". Would that make any difference? I don't quite underst...

Thanks Nelsona. I am filing "dual-status return". Would that make any difference? I don't quite understand how to make special declaration. 80 CAD is for the total year. I prepared one PFIC for just this PHN money market using the "market-to-market" election. basically market val...

I forgot to mension, 25% withhold tax is on the "gross income" 80 CAD dollars, not the book value of the PHN money market... If it is pension, then I would be subjected to 25% of the whole money I transferred out, not 80 CAD, right? [quote="xiaoice"]income code is 11 (Estate and ...

income code is 11 (Estate and trust income) [quote="nelsona"]Well, it was treated like a pension plan, otherwise 25% would not have been withheld. pension plans can have contribution from both employer and employee, like this one. What was the code on the NR4? Since it was a pension plan, ...