Serbinski Accounting Firms

Who is the "you" you are talking about/to? This is a forum not an interview session. Some foreigners have taken to putting large DEPOSITS on their Credit cards, in effect creating a bank account from which they can draw. IRS would be intersted in knowing this. If you have not been using yo...

In general, true Cdn pensions are not reportable in US, as they inherently meet all the reporting requiremnts. I would only be reporting actual INCOME that I receive from thiese funds (be it excess contributions or a payout) in the years when I receive them. If you transfer this to a LIRa, then yes,...

I'm getting confused by your statements (and hitting the return key every once and a while wouldn't hurt either). The way in which you had been calculating what to put on Schedule B was incorrect, as you were looking at the change in value rather thatn the actual income generated. Brief example: You...

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"> Hi, Nelsona, your site is wonderful<hr height="1" noshade id="quote"></font id="quote">...

And you should know that "keeping the money in Canada" (whether by chioce or by necessity) does not grant it any special protection from any future claims (estate tax, litigation, etc). Pre-nuptual agreements are a LEGAL matter, not a tax matter, so see a lawyer. I agree with rhollan's com...

Correct. You only need to pay State tax for the time you spent in VA. You will not owe any IRS tax, but you will have to explain this on a 1040NR next spring, as well as to get your refund of what has been withheld so far. It is in your best interest therefore to stop your firm from withholding US t...

No, you will not be determined to be a deemed non-resident of Canada (DNR), because the first criteria for that status is to become a tax resident of another Country. As you state, you atre not becoming a tax resident of US, since you are not spending 183 days there. Besides, you have no other ties ...

Leave it where it is, or in an US-based IRA, until you retire. What do you mean "If I borrow, interest is also high". Borrow for what? Given that you will pay at 40% tax on your 401(k) withdrawal, I somehow doubt that the interst rate you would pay would be nearly as high. <i>nelsona non g...

No. Your SS will be reduced regardless of where you collect it, because of your foreign 'SS' (CPP). In fact, in terms of tax treatment of SS/CPP it would be better to retire in US, since your CPP would only be 85% taxable in US, rather than 100% if living in Canada (your SS will be 85% taxable regar...

From IRS Pub 550: <blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">Stocks, stock rights, and bonds (other than those held for sale by a securities dealer) that became ...

Nope.

There is a "windfall provision" which will reduce your SS because you get CPP.

But the reverse is not so.

And there are probably a few 100,000 people who collect both SS and CPP.

<i>nelsona non grata... and non pro</i>

"worthless' stock is usually problematic is terms of actually writing them off. Their must be either a sale, or a write-down *somewhewre* in order for IRS to recognize the disposition. The best person to ask about this is your broker. Methinks he has a lot of experience with this. <i>nelsona no...

Russ probably should have stayed out of the pool, or at stayed with me in the shallow end.[B)] You can indeed have a TN and be self-employed, and that self-employment can be thru a Cdn corp. TN does not automatically make you an employee, since MANY tners are paid by 1099, not W-2. The presence in U...

Sorry, not every question has an answer on a website. This one is pretty good (and unique on the web, I might add).

You have an accountant; if you are unsure of his position, consider consulting another.

<i>nelsona non grata... and non pro</i>

IRS phone-line is incorrect on this (they usually are, even on more basic questions). I have explained exactly what to report on 16b: Interest received after your moved, and capital gains based on the book value when you arrived. Book value is the cost basis, not the market price. <i>nelsona non gra...