Serbinski Accounting Firms

I have had mutual funds long before I became a US resident. Suppose I had mutual fund A in 2010 and then came to US to work in 2016 and then sold that mutual fund in Jan 2, 2017. How to calculate the gain of the profit? what is the basis for that mutual fund cost? Is it the original price in 2010? O...

If all foreign mutual funds held values totaling < 25K, one needs no disclose 8621. 1. If don’t file 8621, it means I don’t need to pay any tax now with respect to those foreign mutual funds. Is it correct? 2. But, if those funds give dividends in some years. Then, one need to file 8621 on those...

thank you all for your genereous answers.
again thanks you so much

Really apology for that. But, I do ask those questions based on my own situation that look similar to the thread. (if you combine my all other questions, that reeally point out my situation, and I also believe others will have similar degrees) I thought it will add variations to the given problem th...

Nelsona,
Are these opinions correct?:
1. the best time to cease from US resident is after August?
2. from Aug - Dec, then one can distribute 401K?
3. Sell all profitting stocks?
Because, all profit will not be taxed in US and the new resident say Canada?

thanks

Nelsona, What is the advantages of having Green Card in US? My company offered me H1B visa from TN, but I refused it. What I know that, GC will last for 10 years! So, even if I move to a cheaper country e.g. singapore, I will still need to pay tax to US for that 10 years although I live in singapore...

Nelsona,
I left my president choice account opened although i live in cali now (using canadian addr of course to keep it open).
But, I left it around 20k CAD.
Would it be a problem?

I will of course report the interest in US tax.

Suppose, (wife + children) stays in Canada.
Give to them, will I need to pay tax?
what is the definition of family here? e.g. parents?

http://bsaefiling.fincen.treas.gov/main.html

if i file 1040NR in the US (came to US in Nov 2016), do I need to file that?

thanks

1. how do i know if it is a distributionn?
2. Can a fund generate a loss distribution?

N.B
The transaction history says "gain/losses". Furthermore, when there is no buy/sell transaction, it can generate a "loss".

thanks

if i have a job (doing programming online for a company overseas), and it is only 1 time job. What category shall i put it? (i received a payment)

1. is it a wage?
2. or a business income?
(i dont' intend to claim any business expense or anything)

thanks

Even there is no transaction (buy / sell), the transaction summary shows : 1. gain. some times there is loss (negative) value. 2. saving bonus Questions: 1. In this case, is the gain considered unrealized or realized? 2. if it is unrealized, it means i don't need to include it in the tax? (to califo...

thanks Nelsona, For spouse yes, clearly mentioned on the form itself. But, for dependant (qualifying child), it refers to pub 519. One of them is to live with you > 6months. But, we came to US since Nov. 1. that 6 months, is it defined in US location? 2. if I claim, and rejected, will it trigger an ...

hi Jayamit,
I search in this forum: it looks like 3520. But, also you need to fill FBAR + FATCA.
Regarding the details, I suggest that you read on this forum.
I know there are lots of them.
And, also don't ask a general question try to be more specific so that your question gets answered.

1. can i claim basic exemption on my spouse? for 1040NR? assuming we're all arrived in US since Nov 2016? (all of us were canadian residents) 2. does it need to be prorated? based on the number of days in US? 2. what about my son? it looks like can't as it doesn't fulfill the requirement of stay 6 m...