Search found 45 matches

by maricami
Tue May 02, 2006 1:03 am
Forum: Canada / United States Tax & Accounting
Topic: FIRPTA
Replies: 1
Views: 1858

FIRPTA

Friends of mine is moving back to Canada this year and they are selling their house in the US. They have been residents of California for several years. Their real estate agent wants to withhold 10% of thier gain according to the FIRPTA rule. That the first time I hear about this rule and it looks t...
by maricami
Fri Jan 20, 2006 5:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Selling rental property in Canada
Replies: 5
Views: 3444

You do realize that it is not simple to keep a GC when living outside US. I know, I read about it on this forum. Since we are not planning to keep a house here, I don't think we'll try to keep the green card. If we drop the GC before the end of the year, do we still have to file a full 1040 for 200...
by maricami
Fri Jan 20, 2006 8:06 am
Forum: Canada / United States Tax & Accounting
Topic: Selling rental property in Canada
Replies: 5
Views: 3444

nelsona wrote: If your sale has to be reported on 1040 (which it definitely would be if you sold before leaving US, OR of you elect to file a full-year 1040 in the year you sold it OR if you have become a US citizen)
We received our green card last year, will we have to file for a full-year 1040 for 2006 ?
by maricami
Fri Jan 20, 2006 7:13 am
Forum: Canada / United States Tax & Accounting
Topic: Selling rental property in Canada
Replies: 5
Views: 3444

Selling rental property in Canada

We have been in the US for several years now (9) and we are planning to move back to Canada this year in July. We want to sell this rental property we have in Canada, but when ? Is there a different tax treatment on the gain if we sell one week after our return or after three months, or a year ? Is ...
by maricami
Tue Nov 22, 2005 1:41 pm
Forum: Canada / United States Tax & Accounting
Topic: AMT credit
Replies: 5
Views: 3995

"I'm assuming that the same income conditions you have in 2005 that allow you to eat back some of the AMT from 2004 would still exist in 2006. You will be filing a return in 2006." That's correct. We are planning to move back to Canada at the end of June, beginning of July. Since this is a...
by maricami
Tue Nov 22, 2005 1:01 pm
Forum: Canada / United States Tax & Accounting
Topic: AMT credit
Replies: 5
Views: 3995

"Your best bet at recouping this AMT is if proposed AMT abolishment would take place in 2006, and you could use it then, on income from before your move to canada." You mean this would be retroactive (if it happens !) ? I could redo my 2004 taxes in 2006 and get my AMT back ? Can you expl...
by maricami
Tue Nov 22, 2005 10:57 am
Forum: Canada / United States Tax & Accounting
Topic: AMT credit
Replies: 5
Views: 3995

AMT credit

Last year I had to pay a lot of AMT in the US because I decided to exercise my company options. For my 2005 taxes I will get some of it back, but not everything. In 2006, we are planning to go back to Canada and I believe I will lose the remaining of my credit. But, since we have the green card, can...
by maricami
Mon Oct 10, 2005 11:14 am
Forum: Canada / United States Tax & Accounting
Topic: selling inherited house
Replies: 5
Views: 4036

I thought it was a written agreement, but my wife just told me that's it's only a verbal agreement. Is it to late for them to put this on paper since they have been dong this for almost 2 years now ? Should it be notarized ?
by maricami
Sun Oct 09, 2005 9:06 am
Forum: Canada / United States Tax & Accounting
Topic: selling inherited house
Replies: 5
Views: 4036

About withholding taxes on the rental income, we have another rental property in Canada and we do that. But for my wife inheritance, she and her brother agreed to leave all incomes and expenses of the house to him. Meaning that he takes care of it and my wife doesn't report anything. She did that ma...
by maricami
Sat Oct 08, 2005 8:44 am
Forum: Canada / United States Tax & Accounting
Topic: selling inherited house
Replies: 5
Views: 4036

selling inherited house

My wife and I have been residents of the US for several years now. A couple of years ago my wife and her brother inherited their father's house in Canada. It's a duplex where her brother lives now and they rent the top unit. Soon or later my wife will sell her 50% of the house to her brother. He wan...
by maricami
Wed Sep 28, 2005 9:04 pm
Forum: Canada / United States Tax & Accounting
Topic: renting house to family
Replies: 1
Views: 2009

renting house to family

I was reading a previous post about cutting ties with Canada and I would like to know if the same rules would apply in my situation. The previous post says that if somebody owns a house in Canada, then move to the US, he/she must sell or rent that house to cut ties. If he/she decides to rent, it mus...
by maricami
Tue Mar 01, 2005 10:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Is USA's AMT credit transferable to Canada ?
Replies: 9
Views: 9025

What about this situation: Let's say I have more options in my company that are still available to me. When I'll quit my job (to move back to Canada), I will have 90 days to purchase them (or I lose them). What if I wait to be back in Canada to do a same day exercise-sell ??? If I was still in the U...
by maricami
Tue Mar 01, 2005 8:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Is USA's AMT credit transferable to Canada ?
Replies: 9
Views: 9025

Say I bought my stock at $10 and I move back to Canada when the stock is at $20. Do you mean that my basis in Canada will now be $20 ! What happens with the $10 of gain ? Do I have to pay taxes on it to the US when I move back to Canada ?
by maricami
Tue Mar 01, 2005 7:44 pm
Forum: Canada / United States Tax & Accounting
Topic: Is USA's AMT credit transferable to Canada ?
Replies: 9
Views: 9025

What will happen if the day I sell my stock I am a resident of Canada ? How will this work ? Will I pay taxes to the US, or Canada, or both ? If I pay to the US, will I be allowed the claim some AMT credit back ? I'm not quite sure how to handle this. Thanks.
by maricami
Thu Feb 24, 2005 1:01 pm
Forum: Canada / United States Tax & Accounting
Topic: Is USA's AMT credit transferable to Canada ?
Replies: 9
Views: 9025

Is USA's AMT credit transferable to Canada ?

In 2004 I purchased several incentive stock options (ISO) in the company where I work in the US. This means that I will have to pay a good amount of AMT for 2004. Over the coming years, I will be able to claim most of this AMT back as a credit (probably a small amount every year). My question is: Wh...