Search found 313 matches
- Mon May 25, 2015 5:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing a US return for first time
- Replies: 3
- Views: 2944
I would use TaxACT. It is available for free in some cases, but I would get the download deluxe version for $12.99. The reason I suggest the deluxe version is that you can pull across information from the previous year's return to save time. Also, the second year your sons file, it can be done onlin...
- Fri May 22, 2015 8:36 am
- Forum: Canada / United States Tax & Accounting
- Topic: Form 1116- gain and loss in different categorie
- Replies: 3
- Views: 3033
- Thu May 21, 2015 2:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8854 for expatriation
- Replies: 8
- Views: 5315
- Wed May 20, 2015 10:54 am
- Forum: Canada / United States Tax & Accounting
- Topic: RESP reporting
- Replies: 4
- Views: 3520
- Thu May 14, 2015 3:14 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC with a loss
- Replies: 14
- Views: 11526
- Mon May 11, 2015 4:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC with a loss
- Replies: 14
- Views: 11526
Hi Pauline, I think section 1211 is only talking about the gains and loss that corporations can claim on a corporate tax return. I don't believe this applies to individuals. What we know about a section 1291 PFIC, is that the loss that may occur from selling shares of a PFIC at a loss, are not treat...
- Mon May 04, 2015 1:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC questions
- Replies: 4
- Views: 4641
- Fri May 01, 2015 10:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC questions
- Replies: 4
- Views: 4641
Hi Canadalady, It is my understanding that AGF mutual funds would be considered PFICs for US tax purposes. The fact that they have sent you a 1099-div in the past is likely an error on their part. I have read elsewhere on this forum that fidelity investments used to issue 1099-divs, even though thes...
- Fri Apr 24, 2015 9:21 am
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC with a loss
- Replies: 14
- Views: 11526
Hi Pauline, Me again. Good news, I think I have something. Read this link here: http://intltax.typepad.com/intltax_blog/pfics/ The text following the bold text states that losses from the sale of a section 1291 are recognized as any other disposition of a stock. Recognizing the loss is under code 10...
- Fri Apr 24, 2015 8:36 am
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC with a loss
- Replies: 14
- Views: 11526
Hi Pauline, Ah details! Yes, I guess it is held in a trust. The good news though is that you only have to fill out parts I and V, which sounds like would be all $0 until line 15f where you put your loss, and that's it. Line 16a-f + the statement is really rough - and you don't have to complete any o...
- Thu Apr 23, 2015 3:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC with a loss
- Replies: 14
- Views: 11526
Hi Pauline, I can not find where I read that one can not claim a loss on a Sec. 1291 PFIC. Form 8621 seems to suggest that the loss just dies on line 15f of part 5, but I haven't found any reference that states that one could not just claim the loss on schedule D. I haven't come across this in my ow...
- Thu Apr 23, 2015 3:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC with a loss
- Replies: 14
- Views: 11526
Hi Pauline, Regarding your questions: 1. My mistake, if the disposition shows a loss, then that fact does not require you to file 8621. There may be other facts that could require 8621 - like if your holdings exceeded $25,000. 2. I don't understand this question. My understanding is that you can mak...
- Thu Apr 23, 2015 2:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: PFIC with a loss
- Replies: 14
- Views: 11526
Hi Pauline, Just to be clear the TFSA is the account type, and the mutual fund in the TFSA is a PFIC. The TFSA is considered a foreign trust in most cases (requiring form 3520 and 3520A). Now, on your PFIC question. If you sell a fund for a loss, and you have never made a M2M or QEF election, then t...
- Mon Apr 13, 2015 10:29 am
- Forum: Canada / United States Tax & Accounting
- Topic: Inputting salary info on TaxACT without a W-2 form
- Replies: 2
- Views: 2034
- Mon Apr 13, 2015 10:26 am
- Forum: Canada / United States Tax & Accounting
- Topic: 3520a filing deadline
- Replies: 9
- Views: 7897
My view is that it is the 3520 that you are filing by the deadline of your 1040 - which is April 15, or June 15th if you are a non-residence citizen. Any business filing the 3520A must do so by March 15th. Your filing is only the 3520 - and you are required to fill in a 3520A form and attach it to y...