Serbinski Accounting Firms

regrettingthis,

I would take no response from the IRS as a good thing. They generally only respond when there's a problem.

This thread relates to the situation where one spouse is a US citizen, the other spouse is not, they are living outside the US, and the non-US spouse has made an election under 6013(g) or (h) to file US taxes as if they are resident. What are the reporting requirements for the NRA (non-resident alie...

ND,

That's a very interesting point. I need to investigate this further. I am a NRA and my wife is a dual citizen. I have been filing all the tax documents including FBAR and 3520s for the past number of years as if I am a U.S. citizen thinking that's what I needed to do to be compliant.

I found one reference here which seems to corroborate your theory as far as the FBAR goes:
"Generally, US citizens and US residents must file an FBAR under certain circumstances, but the determination of whether an individual is a US “residentâ€￾ is to be made without regard to having made the Section 6013(g) election." (http://blogs.angloinfo.com/us-tax/2012/ ... 8-part-ii/)

Anybody out there have more information on this, particularly as it relates to the 3520?

[quote="andtyl"]CdnAmerican, when you suggest not checking the 3rd box on page 1, do you mean the one that says, "You are the US person who, during the current tax year, recieived a distribution from a foreign trust"?[/quote] I left the 3rd box on page 1 checked for the accounts ...

Thanks CdnAmerican! Honestly I didn't read through the instructions this year. I was just duplicating what I had done 2 years ago. Reading that paragraph now it seems pretty clear that your interpretation is correct. If the 'distributions' are reported on the 3520-A (or presumably the substitute 352...

[quote="andtyl"]Hi all- I hae read all the previous posts and am still not understanding part III of 3520. I closed my TFSA in 2012 but it sounds like the IRS wants me to pay an interest penalty because the whole "trust corpus" (original investment) was returned in 2012, rather t...

CdnAmerican, Thanks for the detailed information on filling out this form. This is the type of thing I was looking for a few years ago! I have taken a slightly different approach to some of these items, mostly detailed in the thread you referenced. A few comments: 1) Where it asks for 'Title' by sig...

[quote="CdnAmerican"]I had thought that you would enter this as Other Income on your 1040. As well, if these are mutual funds, then they should add up correctly on your 8621. As such, you'd be claiming the gain each year along the way. But I'd like others' input as well ..[/quote] I don't ...

[quote="zad888"]Hi Diskdoctor, you mentioned about form 3520a line 19: Line 19 – Here we include a number which accounts for the change in value of contributions and income due to fluctuations in the average yearly exchange rate. This is necessary to balance the balance sheet. Did you in...

[quote="graubart"]My reading of the instructions for 3520 and 3520-A (When and Where To File) is that the forms are sent only to Odgen and do not accompany the 1040. Does anyone see anywhere that says to include these with the 1040?[/quote] I have sent my 3520/3520As only to Ogden as well....

Baja_saf, You won't get any tax documents in Canada for RESPs since they are not taxable. Don't you receive regular financial statements from the provider? If you don't you should be able to ask them for the details you need. Don't forget values needed to be converted to USD. For capital gains you n...

Thanks for the confirmation :)

Looking at the latest version of the 3520 I see that there is now a box on both line 29 and 30 labeled N/A. For a withdrawal by an owner/grantor I am going to take the approach that these are both N/A, fill out lines 24-30 and skip Schedules A,B,C. I will add a note in an attachment to explain my re...

Form 2555EZ part III (same as 2555 part II line 14 or part III line 18) asks for the number of days I was in the U.S. on business. According to the instructions (see below) I understand that even though I'm payed by a Canadian company and live in Canada no matter the reason for going to the U.S. as ...

I came across a couple of references today that seem to indicate that the trust itself should have an EIN which you could apply for as an individual but I'm not sure it really improves the reporting situation. You're obviously best off if the financial institution can handle some of that. One refere...