Reporting ADRs on Form 1116

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
jenfin
Posts: 52
Joined: Sat Mar 12, 2011 5:18 pm
Location: Canada

Reporting ADRs on Form 1116

Post by jenfin »

Form 1116 requires a separate column for each foreign country which is a source of income. Do ADRs purchased on the NYSE need a separate column for each source country or are they considered US source investments. I own none now but am interested in buying more. Also I once owned NOKIA and I noticed I always had 2 withholding amounts and wondered if one was to the US and one to Finland. Regards
Top
nelsona
Posts: 18685
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Cap Gains form these are not considered US-sourced -- they are Cdn sourced, so are eligible for 1116. Only the dividends are US-sourced (so are not eligible for 1116). If there is finnish tax, then that would go ona separate column.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Top
Post Reply

Return to “Canada / United States Tax & Accounting”