can capital loss on TFSA be reported on 1040 as capital loss

[xiaoice]

In 2015, I purchased the TFSA while I was in Canada.
In 2017, I removed to USA, and become non-resident in Canada.
In 2019, the TFSA account was closed, and I loss 70% of my investment.

Since 2017, I have been reporting this TFSA on 3520. For the final year (2019) tax, can I report the loss as capital loss in 1040 to IRS?

Thank you!

[nelsona]

Since TFSA's are not sheltered accounts in US, you should have been reporting all income/losses generated in your TFSA on your 1040. If you incurred losses in 2019, you should report them as well.

[xiaoice]

I selected Market-to-market for 8621 for the previous years (2017 and 2018). There is no gain, but losses (however, I did not claim the loss in 1040 - because I thought the TFSA account was not closed yet)
For 2019, the account was closed. I can elect to "Election To Recognize Gain on Deemed Sale of PFIC."

I basically want to just do the simple math. The total investment in 2015 minus (1) what I got back in 2019.

Thanks!

[xiaoice]

I need rephrase my question:
Which is the simplest way to claim the loss? can I select"Election to recognize gain on deemed sale of PFIC" in 2019?


xiaoice wrote:
> I selected Market-to-market for 8621 for the previous years (2017 and
> 2018). There is no gain, but losses (however, I did not claim the loss in
> 1040 - because I thought the TFSA account was not closed yet)
> For 2019, the account was closed. I can elect to "Election To
> Recognize Gain on Deemed Sale of PFIC."
>
> I basically want to just do the simple math. The total investment in 2015
> minus (1) what I got back in 2019.
>
> Thanks!

[xiaoice]

Found that I can actually claim the loss under Market-to-Market election on line 14