Serbinski Accounting Firms

and you don't want to be approaching depreciation recapture the same way you would on a Cdn return, as the US recapture rules apply, and work, quite differently, even though conceptually they are quite similar. Cd return recapture: A resident of Canada is subject to Canadian income tax on worldwide ...

On what basis did he claim depreciation the later years when it was strictly personal use?

I am mutli-tasking and am not entirely focused on your facts and findings but did want to point out these two links to you, let us know if helps. https://www.irs.gov/individuals/international-taxpayers/pensions-and-annuity-withholding https://www.irs.gov/businesses/the-taxation-of-foreign-pension-an...

use "g". g. Dependent/spouse (your wife) of>>>>> a nonresident alien holding a U.S. (you) visa. This is an individual who can be claimed as a dependent or a spouse on a U.S. tax return, who is unable, or not eligible, to get a SSN (your wife), and who has entered the United States with a n...

don't forget to obtain CPT56 from CRA and override the tax software to report zero self employment tax on your 1040

"For the average exchange rate what countries published rate do I use? I went to both the Bank of Canada website and the IRS website and they are different by about 5%. IRS website says 1.329 and Bank of Canada says 1.2787. This makes quite a bit of difference depending on which one I use. This...

Interesting, the Code (Section 1445 (5)(B) is actually clearer than the regulation, b/c the code says “realized for the propertyâ€￾, while Reg § 1.1445-2(d)(1) says “realized on the transactionâ€￾.

While from the Reg alone, I was inclined toward looking at the aggregate purchase price and not the amount realized per taxpayer and say that the Reg, when stating "the amount realized on the transaction" means just that. However, with the Reg using “Transaction“ one could argue that "the amount realized on the transaction" means on the transaction per each taxpayer. So, that Reg language alone isn't conclusive, at least to me.

In contrast, that argument can’t be made to say that “realized for the propertyâ€￾ means per each taxpayer.

BTW, the law source for this exception is:§ 1.1445-2(d) Exceptions to requirement of withholding and it's mostly preoccupied with defining acquirer "residence". (1) Purchase of residence for $300,000 or less. No withholding is required under section 1445(a) if one or more individual trans...

Would US real estate acquired by an individual for use as a residence, worth in aggregate over USD$300k (say $320k) and sold by NRA spousal equal co-owners (say $160k each) meet the 8288 filing exception for when one (or more) individual(s) acquire U.S. real property for use as a residence and the a...

at one point, any taxpayer (not just professionals) could instantly obtain their transcript online from the IRS get-transcript service. Did you try that?

Here are the key items requested by CRA. It made a request but didn't specify from whence to obtain the requested and what document qualifies as a source document to suffice. - CRA Form T2209 - CRA Forms T3, T5, T4PS, Schedule 4, 3, Form T2125 -Foreign tax returns prepared - Tax slip from USA employ...

Same thing just happened with CRA notice issued to a taxpayer with whom I was involved with the 1040NR. The notice copy was provided to me in a format that doesn't allow copy and paste, so can't post it here.

How long can a Cdn visitor stay in USA? Is it 6 months? Pls ignore tax implications in your reply.

"and may not fall under the providing half of household expenses criteria." let me ask you this as food for thought. HOH taxpayer must be unmarried but if married to NRA is considered unmarried for this purpose. Can the NRA also then be ignored for NRA's contribution of household expenses ...

Note this rule FYI:

Once you file a joint return, you cannot choose to file separate returns for that year after the due date of the return.