Search found 52 matches
- Fri Mar 14, 2014 9:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 8938 SPECIFIED DOMESTIC ENTITY
- Replies: 1
- Views: 1550
8938 SPECIFIED DOMESTIC ENTITY
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...
- Sat Nov 23, 2013 11:33 am
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP/RRIF Rollover
- Replies: 5
- Views: 3069
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...
- Wed Nov 20, 2013 8:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP/RRIF Rollover
- Replies: 5
- Views: 3069
RRSP/RRIF Rollover
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...
- Mon Oct 07, 2013 3:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Mortgage Interest Deduction
- Replies: 2
- Views: 1944
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...
- Sun Oct 06, 2013 10:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Mortgage Interest Deduction
- Replies: 2
- Views: 1944
Mortgage Interest Deduction
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.
Thank you.
- Tue Aug 27, 2013 11:38 am
- Forum: Canada / United States Tax & Accounting
- Topic: Is a Cash Account a Foreign Trust
- Replies: 8
- Views: 4296
- Tue Feb 12, 2013 10:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: obamacare taxes
- Replies: 16
- Views: 10413
- Tue Feb 12, 2013 5:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: obamacare taxes
- Replies: 16
- Views: 10413
- Tue Feb 12, 2013 11:57 am
- Forum: Canada / United States Tax & Accounting
- Topic: obamacare taxes
- Replies: 16
- Views: 10413
- Mon Feb 11, 2013 4:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: obamacare taxes
- Replies: 16
- Views: 10413
obamacare taxes
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...
- Thu Feb 07, 2013 1:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: tax forms - trouble downloading from irs.gov
- Replies: 1
- Views: 1653
- Wed Feb 06, 2013 8:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: tax forms - trouble downloading from irs.gov
- Replies: 1
- Views: 1653
tax forms - trouble downloading from irs.gov
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.
- Wed Jan 09, 2013 6:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TFSAs - A Case for US citizens resident in Canada owning?
- Replies: 11
- Views: 6368
TFSA
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...
- Tue Jan 08, 2013 4:14 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TFSAs - A Case for US citizens resident in Canada owning?
- Replies: 11
- Views: 6368
TFSAs - A Case for US citizens resident in Canada owning?
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 ...
- Tue Jan 08, 2013 4:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting ADRs on Form 1116
- Replies: 1
- Views: 1645
Reporting ADRs on Form 1116
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...