Search found 44 matches
- Tue Jun 18, 2019 3:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: This is about Nelsona ..
- Replies: 5
- Views: 3364
This is about Nelsona ..
Just want to say ... thanks for all of the help you provide ... you are awesome!
- Wed May 22, 2019 11:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Husband claiming an exemption for me .. Canadian spouse.
- Replies: 2
- Views: 1446
Husband claiming an exemption for me .. Canadian spouse.
My husband has filed MFS in the past and claimed an exemption for me (Canadian) on his 1040. If I am gifted US money and leave it in a bank in the USA, I realize that it will be exempt from US taxation but .... can he still claim an exemption for me or not? Not sure if the fact that the income would...
- Thu May 09, 2019 7:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: $$ Gift from US Expat to Canadian wife
- Replies: 1
- Views: 1239
$$ Gift from US Expat to Canadian wife
I see my husband can gift me up to $152000 US (2018). This money would just sit in the bank in Canada (for now), I realize that in Canada there is no benefit to this gift due to the attribution rule BUT would he also have to report the income in the USA? Do they have a similar rule, I cannot find an...
- Sat Apr 06, 2019 12:35 am
- Forum: Canada / United States Tax & Accounting
- Topic: Gains/Losses on Currency Exchange
- Replies: 6
- Views: 3611
Re: Gains/Losses on Currency Exchange
Thanks for that. Brain farct happening. Already living in Canada (border town). We have had 2 US accounts since 2013 and 2016 plus one inherited annuity. We use the one account for US pension deposit and day to day expenses (mostly US expenses), house expenses when we were renovating US house etc.. ...
- Sun Mar 24, 2019 9:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Gains/Losses on Currency Exchange
- Replies: 6
- Views: 3611
Re: Gains/Losses on Currency Exchange
So ... if i exchanged money 5 times in a year, one time is a gain and the other 4 times are losses .... even though the losses exceed the one gain ... I would have to report the gain for the year?
- Fri Mar 22, 2019 3:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Gains/Losses on Currency Exchange
- Replies: 6
- Views: 3611
Gains/Losses on Currency Exchange
Sold a house in USA, put the money in our US bank account. I am going to move some of this money to Canada via vbce ... When I move it, if the exchange rate is higher (Can to US) than when we sold the house, I am understanding that the gain in excess of $200 will have to be reported as a capital gai...
- Sat Feb 23, 2019 12:49 am
- Forum: Canada / United States Tax & Accounting
- Topic: How do I report the Sale of USA Personal Use Property
- Replies: 8
- Views: 3276
Re: How do I report the Sale of USA Personal Use Property
Really appreciate your help ... you are bang on about the reading too much into things ...thanks
- Thu Feb 21, 2019 6:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Does one need to owe money to file a VDP for an unfiled T1135?
- Replies: 0
- Views: 5644
Does one need to owe money to file a VDP for an unfiled T1135?
The VDP has 5 conditions that must be met ... the 5th being Payment.
I did report the income so ... does this mean I do not meet this condition and therefore
can't file a VDP for a T1135 for 2016?
tks
I did report the income so ... does this mean I do not meet this condition and therefore
can't file a VDP for a T1135 for 2016?
tks
- Sun Feb 17, 2019 3:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: How do I report the Sale of USA Personal Use Property
- Replies: 8
- Views: 3276
Re: How do I report the Sale of USA Personal Use Property
nelsona wrote: > Not interest. Interest has to be re-sourced to Canada and claimed as FTC in > US. CRA doesn't give credit for interest for US citizens. > So, only pension. I finally sorted out Form 1116 for the US bank interest ... then found out about Form 8833. I am reading that it is required an...
- Fri Feb 15, 2019 3:33 am
- Forum: Canada / United States Tax & Accounting
- Topic: Filing the Statement to be Taxed as A US Resident
- Replies: 1
- Views: 1076
Filing the Statement to be Taxed as A US Resident
I happened to come across this statement on this forum.... a fellow was asking why Nelsona was suggesting to not file a statement (to treat spouse as resident) with his 1040, and he said Your spouse is a Cdn citizen/resident, and, as such she is always allowed to file a 1040. So joining you on your ...
- Tue Feb 12, 2019 11:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: How do I report the Sale of USA Personal Use Property
- Replies: 8
- Views: 3276
Re: How do I report the Sale of USA Personal Use Property
Tks. You mention that Canada gives no FTC interest credit for US Citizens ... what if he is a Canadian citizen too?
- Mon Feb 11, 2019 1:47 am
- Forum: Canada / United States Tax & Accounting
- Topic: How do I report the Sale of USA Personal Use Property
- Replies: 8
- Views: 3276
Re: How do I report the Sale of USA Personal Use Property
No, it has been 12 years since he came up.
So, the capital gains will zero out in Canada and I will only claim a FTC for his US pension income and interest?
Tks.
So, the capital gains will zero out in Canada and I will only claim a FTC for his US pension income and interest?
Tks.
- Sun Feb 10, 2019 2:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: How do I report the Sale of USA Personal Use Property
- Replies: 8
- Views: 3276
How do I report the Sale of USA Personal Use Property
Husband moved to Canada, we eventually sold his home. On the Canadian tax return he has a loss but on his American return he has a gain. How does one report the taxes paid in the USA? The amount of money we spent finishing this home off since he moved to Canada .. exceeded any possible gain in Canada.
- Thu Jan 24, 2019 3:30 am
- Forum: Canada / United States Tax & Accounting
- Topic: Form T1142 - how to report an annuity?
- Replies: 1
- Views: 7193
Re: Form T1142 - how to report an annuity?
Disregard the above, .. no T1142 required. I see no option to delete or edit. I was told, by someone who should be up on it .. that I was not reporting the distributions from the annuity right ... so ... I want to be sure ... When a beneficiary takes a distribution from this death benefit (USA) ... ...
- Sat Jan 19, 2019 3:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form T1142 - how to report an annuity?
- Replies: 1
- Views: 7193
Form T1142 - how to report an annuity?
Husband inherited lump sum $ in 2016 and also 1/2 of his mothers non qualified annuity in the same year. This was a USA estate handled by his sister in the USA. I did not file Form T1142 because I was unaware of it. He had the option of leaving the money where it was for up to 5 years, he is able to...