Serbinski Accounting Firms

I noticed some potentially scary language in the 8938 instructions. A caution that the IRS anticipates issuing regulations in the future that will require a "domestic entity" to file form 8938 if the "entity is formed or availed of to hold specified foreign financial assets." Wha...

Thank you for response. Re: Scenario one - treatment sounds reasonable. Only issue for me would then be when I go. Then I will have to think thru consequences to the extent I leave assets to child (a dual US/Cdn) and/or grandchild (a NRA since my child left the US under age 1). Given my estate would...

I am a dual Cdn/US citizen. My spouse is a NRA. Were he to be the first to die his RRIFs could be rolled over to me on a tax free basis in Canada. For Canadian tax purposes I would be taxed on subsequent withdrawals. For US reporting is all that would be required at the time of rollover is that it b...

Thank you. Yes I did some further digging since ownership seems to be an issue as well as who pays to qualify for deductabilitu. There is something called equitable ownership that may apply even if not on title. Myself I just take the standard deduction but my son seems to get hit by amt which he co...

Can one take the home interest and property tax deductions if married filing separately, where title to the home is in the spouses name only. The spouse is a NRA and does not file a US return. Does it matter who is paying the mortgage and property taxes.

Thank you.

Somewhere I was told that TFSAs require trust reporting and do not have the same exemption as RRSPs. I have been filing 3520/3520A. Is that not correct. My TFSA with a Cdn bank holds securities.

thank you. I guess I will apply. Medicare issue was more given I only have a few quarters of coverage the lack of medicare coverage would preclude my ever moving back...since I'm a walking preexisting condition.

I only worked a couple of (covered) years in the US post the implementation of medicare. I do probably have a good 30+ quarters in the 60s & early 70s under social security. I understand that I am NOT eligible for medicare even PART A since there would not be treaty provisions covering this. Is ...

Not Fox, all over the internet. Also seen referred to as a "medicare tax" which we don't pay. In any event assume we will be hit. While I comply still don't see why someone over 40 years resident in Canada and also a Canadian citizen has these obligations. Surely the US tax code and treati...

My understanding is this taxes begin to take effect for tax year 2013. Surely non-resident citizens should not be subject to these taxes. I saw where non-resident aliens might be exempt. What about non-resident USCs. I am a 70 year old senior resident in Canada (dual ciitzen) living here without int...

SORRY I QUESTIONED. NEVER DID SOLVE WITH INTERNET EXPLORER BUT CAN ACCESS THE FORMS USING GOOGLE. CHROME

Is anyone else having problems with irs website. I get into the site but when I go into forms and publications and try to call up a form I get thrown out with a message that the website is having problems. I use internet explorer. Never had a problem before.

Thank you all. I too have kept my TFSA since I opened it before I knew better. I caught up my 3520s & 3520As. For the one that was past due (catchup) I did get one of the threatening letters but I responded and never heard more. I think I will keep mine open since I figure it is as easy as closi...

Noticed US citizens resident in Canada are abandoning TFSAs because they are taxable in US. I can see people doing so to avoid the 3520 reporting but might there be a case for continuing once one has mastered the reporting. For example, although taxable in the US might one have sufficient Cdn taxes ...

Form 1116 requires a separate column for each foreign country which is a source of income. Do ADRs purchased on the NYSE need a separate column for each source country or are they considered US source investments. I own none now but am interested in buying more. Also I once owned NOKIA and I noticed...