Serbinski Accounting Firms

HI CdnDual1, I'm not sure what to say on this one - it is unfortunate that you've realized a large gain when you sold the 9 mutual funds. Still, you would be in the same situation if you make one of the 2 other elections since there is a deemed sale, but I guess you might be suggesting that you coul...

Hi MikeRitchie, I just put "section 1411" for column (a) and I left column (b) blank. I put form 8960 as the applicable form. I would say that it doesn't hurt to try. The only risk I could think of is if an examiner believes that there is an "accuracy related penalty" applicable ...

Hello, In my 2014 filing, I took the position that it is a social security tax, and instead of adding form 8960, I added 8275 disclosing my position. I used almost the exact wording from the MNP article. Let's hope it works. I'll keep you posted. I used TaxACT, and simply put a deduction that reduce...

Hi, I think you need to figure out for certain which tax form you need to file ie. 1040NR or 1040. I believe the US must recognize that you are no longer a PRC holder - there are others that know more about this, so I'll let them respond. If 1040NR is correct, ie, you are not a US taxpayer due to yo...

Hi Greywolf, I see your point. Couldn't you go ahead and claim the details from the 1099-B on your return, then file form 8621 and reduce the 8621 income by the amount already claimed on the 1099-B (schedule D). You could then attach an explanation. Alternately, you could file 8621, and add a form 8...

My writing is terrible today, here is what I meant to say: Hi greywolf, I just read your profile info and I see that you are a US resident. In this case, I'd take the "broker knows best" position and consider not filing 8621 for this fund, and just report the information from the 1099B. Un...

Hi greywolf, I just read your profile info and I see that you are a US resident. In this case, I'd take the "broker knows best" position and consider not filing 8621 for this fund, and just report the information on the 1099B. Unless you are sure that the fund is a PFIC, in this case, disr...

That's a weird one.
I'd think receiving a 1099B would imply that the mutual fund is not a PFIC. Was this a US domiciled fund?
Are you a US citizen resident in Canada? If so, your brokerage shouldn't have sent you a 1099B for a Canadian mutual fund.

Hello, I'm not sure I understand. Any dividends received in prior tax years should have been reported as ordinary dividends in those years. You might be getting confused by the line items regarding past dividends in the lines of form 8621, but this calculation is to determine whether or not you have...

Most bank mutual funds are publically traded, I'm not aware of any exceptions. However, if you are returning to Canada anyway, the best thing to do is to leave them in the default "excess distribution" regime and don't sell them until you are back in Canada. Note that selecting a M2M elect...

Hi Seth45,
I visited your link, and could not find any references or articles on the US tax treatment of Canadian mutual funds. I think this may be off topic.

...I always picture that Seinfeld episode with the Soup N%zi:
"That's it! No 2555 for you - 5 years!"

Hi - I run into this all the time. I report any income from form 8621 as "other income" then I attach a statement saying that it is income from form 8621. If it is due to a market to market election, I report the mark-to-market gains as this "other income". The dividends from sai...

I found the link to the article I was talking about:

http://woodllp.com/Publications/Article ... a_PFIC.pdf

Hi maps, There isn't a specific spreadsheet that I know of, I just recommend making your own if you're comfortable with microsoft excell. You can work it out on paper as well. Regarding the specific interest rates, you'll have to look them up on the IRS website for each year. I just used 5% for this...