Hoping for some input on my tax reporting for Capital Gains.
Dual Can and US citizen
Lived and worked in Canada for essentially all of my life.
Salaried job in Canada ended in August 2018
Salaried job in US began in same month.
Have been filing taxes in Canada and USA.
In August, I disposed of US stocks purchased via Canadian brokerage (so they've been witholding dividend income tax).
I declared non-resident of Canada in December 2018.
Do I have a choice in reporting the capital gains in US vs Canada at a rate that is most advantageous (my quick research is that US treats long-term capital gains at a lower rate than Canada) to me, or am I obliged to report that capital gains income in Canada?
thanks in advance!
Moved from Canada to US partway in 2018 - where to report Capital Gains?
Moderator: Mark T Serbinski CA CPA
Re: Moved from Canada to US partway in 2018 - where to report Capital Gains?
As in all previous years, you would be reporting these on BOTH returns, and getting credit for the Cdn tax on your US return.
What made December 2018 your departure date? Seems like you left in august, from what you say. If it was august, you would need to report as such, and do deemed disposoition on investemnts held at that time, and then US tax on any difference after.
What made December 2018 your departure date? Seems like you left in august, from what you say. If it was august, you would need to report as such, and do deemed disposoition on investemnts held at that time, and then US tax on any difference after.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing