limit of exemption in first year + rental property disclosur

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
cdn2013
Posts: 4
Joined: Sat Mar 15, 2014 4:33 pm

limit of exemption in first year + rental property disclosur

Post by cdn2013 »

This is my first year filing US tax return as I started working in US starting in March 2013. I read the previous posts and understand that i can claim exemption using form 2555. However, my understanding is that the amount of exemption is limited as I was in Canada for only couple of months (I made significant wages in these 2 months including bonuses so I would really like this to be exempted from taxes in USA). Moreover, I will be filing a departure tax in canada paying huge amount of taxes in Canada anyways so it there an alternative/better way?

Secondly, I have a 50% ownership in a rental apartment in Canada. One of the accountant mentioned that I do not need to report the income since it is not in USA..doesn't sound right to me..

Any feedback is highly appreciated..

thanks
Top
Post Reply

Return to “Canada / United States Tax & Accounting”