Search found 44 matches

by Mswalleye2
Sun Jan 13, 2019 5:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Personal Use Property Form T1135
Replies: 1
Views: 1214

Re: Personal Use Property Form T1135

Never mind... I tried to delete but didn't see how. I also have realized that I did not disclose "funds" in the USA. I didn't realize that bank accounts in excess of $100,000 accumulative had to be reported. At least that is how I read it now? My idea of property was .... land. thanks anyw...
by Mswalleye2
Sun Jan 13, 2019 3:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Personal Use Property Form T1135
Replies: 1
Views: 1214

Personal Use Property Form T1135

Hey there ... I am uncertain now ... We recently sold a property in the USA in which no T1135's were filed ever. When I previously filed, when I read definition of "specified foreign property" it said that "personal use property" did not have to be reported. I understood "pe...
by Mswalleye2
Sat Jan 12, 2019 1:57 am
Forum: Canada / United States Tax & Accounting
Topic: Requirement to File FBAR when filing MFJ ...
Replies: 10
Views: 3838

Re: Requirement to File FBAR when filing MFJ ...

When you mention deemed acquisition .. do you mean disposition? The fair market value of the USA home when husband moved to Canada? We recently had a realtor do an appraisel to get an approximate value for 2005 (year of move). I was hoping this value plus a copy of the value we were paying taxes on(...
by Mswalleye2
Fri Dec 14, 2018 3:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Requirement to File FBAR when filing MFJ ...
Replies: 10
Views: 3838

Re: Requirement to File FBAR when filing MFJ ...

Form 8938 .. no .. if we combine what we have in USA and Canada yes, but what is in Canada .. no .. based on $600,000 at some point in year or $400,000 year end. I am assuming the home is not included in this value? RRSP ... I won't include interest on it for 2018 ..? If I am then basically deferrin...
by Mswalleye2
Fri Dec 14, 2018 2:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Requirement to File FBAR when filing MFJ ...
Replies: 10
Views: 3838

Re: Requirement to File FBAR when filing MFJ ...

I thought it was 2 years within the last 5 years ...therefore mentioned vacant for last 5 years. Unless it has changed... thanks again.
by Mswalleye2
Fri Dec 14, 2018 12:47 am
Forum: Canada / United States Tax & Accounting
Topic: Requirement to File FBAR when filing MFJ ...
Replies: 10
Views: 3838

Re: Requirement to File FBAR when filing MFJ ...

Okay, so I am interpreting the wording wrong? I just remembered ... it had something to do with the fact that 1040 requirements are not connected to the FBAR requirements ... I am trying to link the wording between two seperate departments ... or something to that effect? The house has not been resi...
by Mswalleye2
Thu Dec 13, 2018 4:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Requirement to File FBAR when filing MFJ ...
Replies: 10
Views: 3838

Requirement to File FBAR when filing MFJ ...

My US citizen husband living in Canada will be filing MFJ this year for the first time ... in order to reduced gains on a house sale. If I make the choice to be "treated as a US resident for the tax year" .... I take it I will now have to disclose my personal accounts as the aggregate of j...
by Mswalleye2
Thu Nov 29, 2018 1:06 am
Forum: Canada / United States Tax & Accounting
Topic: Am I okay filing the foreign tax credit in Canada?
Replies: 8
Views: 3419

Re: Am I okay filing the foreign tax credit in Canada?

"I'd be curious to know how there would be any leftover US tax in any year." I believe the leftover tax was ... my husband inherited a small annuity from his mom when she passed, he is leaving it in place for the allowable 5 years but he took some of the money out last year. He had to pay ...
by Mswalleye2
Mon Nov 19, 2018 12:17 am
Forum: Canada / United States Tax & Accounting
Topic: Am I okay filing the foreign tax credit in Canada?
Replies: 8
Views: 3419

Re: Am I okay filing the foreign tax credit in Canada?

You also mentioned that his Canadian income is taxed first in Canada so ... he just has interest income in Canada and I have been adding it to his 1040 and then claiming the credit in Canada. So from what you say, that is wrong. but easy :) So, if he had $2500 interest in Canada .... how exactly do ...
by Mswalleye2
Mon Nov 19, 2018 12:06 am
Forum: Canada / United States Tax & Accounting
Topic: Am I okay filing the foreign tax credit in Canada?
Replies: 8
Views: 3419

Re: Am I okay filing the foreign tax credit in Canada?

Thanks for the info and confirming things for me. You mentioned that with the US pension "you are now allowed" to claim the proportionate tax ... he has been claiming his pension for about 5 years now and I initially contacted CRA about the way the US taxes were to be reported with regard ...
by Mswalleye2
Sun Nov 18, 2018 6:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Am I okay filing the foreign tax credit in Canada?
Replies: 8
Views: 3419

Am I okay filing the foreign tax credit in Canada?

We live in Canada, husband is US citizen.. on US pension. He has been filing MFS on US return, I complete his US return and then claim a credit in Canada for the taxes he pays to the IRS. We split his pension here to reduce taxes. Canada does not get much of our tax money as the majority seems to go...
by Mswalleye2
Sat Oct 13, 2018 12:02 am
Forum: Canada / United States Tax & Accounting
Topic: Cost Basis on a US Residence/How is Gain determined?
Replies: 4
Views: 1815

Re: Cost Basis on a US Residence/How is Gain determined?

Thanks for clarifying this for me.
Do you know if they would accept his tax bill .. which shows assessed and market value?
tks
by Mswalleye2
Fri Oct 12, 2018 2:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Cost Basis on a US Residence/How is Gain determined?
Replies: 4
Views: 1815

Cost Basis on a US Residence/How is Gain determined?

Hello .. Hubby US Citizen moved to Canada 2005. He had a residence in WI .. we kept it and used it for personal use while his mom was alive .. she has now passed on. We just sold the property. I know how to figure out cost basis for USA taxes - he built the place BUT ... is the gain in the USA the g...