Serbinski Accounting Firms

wait, a loophole ... in my favour? Almost makes up for years of 8621 filing. Almost.

Thanks nelsona.

With respect to the deemed disposition, where/how do I declare the cap gain from the disposition? Does that go on the Canada return for 2017?

I assume I don't just get to increase my basis for free.

My spouse and I are both Canadian citizens. We moved back to Canada in August 2017 and sold our US house. We never got GC.

Based on https://forums.serbinski.com/viewtopic.php?t=7475, it sounds like the most advantageous IRS approach is to file full year 1040 as residents (we met the SPT), and ...

You can't 'ignore' gains. But it sounds like you mean that your cousin Bob has 78k USD, and you have 100k CAD, and you swap it (i.e., equivalent means "according to the daily posted exchange rate"). Then there are no gains either way.

If you really mean cousin Bob has 100k USD and you swap it at ...