Serbinski Accounting Firms

"How's your renunciation coming, Filo?"

The deemed-disposition taxes would annihilate me.

Well . . ., let her decide as a teenager when she first starts to earn money whether she wants to fill out 1040, 2555, 8938, FBARs and whatever else has been imposed by then. Let her not forget to tell her bank that she's obliged to fill out a W-9. Let her know that it's toxic to make the mistake of...

Click Search at the top of the page. For the query: child born in US (*) search for all terms Forum and Category: Canada / United States Tax & Accounting Click Search You'll get a large number of relevant posts. Read them. Decide what your most important questions are and start a new thread focu...

USC resident in Canada. I have owned a Canadian T-bill mutual fund for many years. (1) The fund distributes its income several times a year, so there is no deferred income. Does that mean that a Form 8621 does not need to be filed? (2) But if, in a given year, the Cdn$/US$ exchange rate has risen, i...

@primo --

Do you have a zip code for that 1973 Rulon White Blvd., Ogden, UT address?

Thanks.

Good, that makes things easy.

Despite the number of my posted queries, I have found many answers to my questions just by searching this site, and the vast majority of those answers come from you.

Thank you, nelsona.

@tobeagoodman -- It isn't "interest", it's "your interest in", meaning your financial interest in [the plan]: from Form 8938 instructions, "If you received no distributions during the tax year and do not know or have reason to know based on readily accessible information the...

IRS Publication 17, at http://www.irs.gov/publications/p17/ch08.html says this: Money Market Funds Report amounts you receive from money market funds as dividend income. Money market funds are a type of mutual fund and should not be confused with bank money market accounts that pay interest. -------...

For my accounts holding mutual funds I have been checking (*) Securities for many years. But I read recently that "securities" include only stocks, bonds & derivatives, but not mutual funds. But from what you say, mutual funds *are* securities(?). So the question is: -- Can I continue ...

(0) I've been checking "Securities"; I should be checking "Other" (right?) But "Other" requires "Enter type below" (1) For RRSP, type = "RRSP investment account" or just "investment account" ? (2) For NON-rrsp, type = "investment accou...

OK, let's go with what you say. If I have had a non-RRSP account holding a Cdn$ money market fund since the early 1980s and have reported every year on Schedule B the fund's Cdn "Other Income" (listed on Sch B as "Dividends") but have not filled in *any* other U.S. forms regardin...

USC residing in Canada. For years on the FBAR forms I have checked Type of Account = "Securities" for all investment accounts, both RRSP and non-RRSP. From what I've read recently I should have been checking "Other". If I change both Types to "Other", what is an accepta...

Mutual funds were not corporations (from the IRS's point of view) before tax year 2011. For 2011, mutual funds became corporations by virtue of a court decision which ultimately gave rise to the passing of the HIRE Act, which added a new section, 1298(f), to the U.S. Code. The instructions for Form ...

(1) Are Canadian mutual fund distributions -- -- Schedule B "Dividends"? -- or 1040 Line 21 "Other income" ? (2) On the new form 8938 Part III, I presume I would classify Cdn mutual fund distributions the same way as for the answer to the preceding question (?) For 20 years, my C...

OK, that's very clear. Thank you for answering.