What options are available if one has unused capital losses from prior years in Canada and is soon going to become a US resident. There are no offsetting capital gains in Canada.
Can it be carried over to the US tax return? Does one have to keep filing a return in Canada identifying the losses in hopes of one day coming back to Canada to use it?
Appreciate any insight.
Thanks
Unused Capital Loss in Canada
Moderator: Mark T Serbinski CA CPA
-
atye13-mohan
- Posts: 4
- Joined: Tue Mar 25, 2014 9:46 pm
- Location: USA
They will simply remain on account. No need to file a return, they are there, tied to your SIN.
NO, there is no way to transfer thse to US.
You could buy Cdn property at some point and then sell it. Of course, the tax you save in canada wil gladly be taken by IRS, since you will reduce your foreign tax credit.
Otherwise, it's there for whan you return to canada.
NO, there is no way to transfer thse to US.
You could buy Cdn property at some point and then sell it. Of course, the tax you save in canada wil gladly be taken by IRS, since you will reduce your foreign tax credit.
Otherwise, it's there for whan you return to canada.
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