I will be moving to Canada in October after 8 years here in the US. What do I do with all the bank accounts/IRA/Stks in the US? I know the IRA should be fine because i dont have to file any taxes for that. Stks of course if i dont trade any then i dont file any taxes. But what about bank accounts some of them may earn interest even if i leave a very low amt here still i can incur taxes. right ? then if im canada for 3 years do i just continue to file for taxes from there ??!!
Anyone in the same situation ?
US Bank accounts ?
Moderator: Mark T Serbinski CA CPA
I assume you are not having/keeping a green Card.
If not, then the only time you will file in US is when you take money from your IRA.
Your bank interest is not taxable in US if you are not a resident.
Your stock gains are only reportable in Canada once you leave US; which means you should not sell any winners before leaving, nor keep any losers.
You will report all income mentionned above in Canada, with a credit for the US tax owed on your IRA, when that time comes.
If you ARE a US citizen, then your US tax return wil be pretty much the same as it has been for the last 8 years, forever.
If not, then the only time you will file in US is when you take money from your IRA.
Your bank interest is not taxable in US if you are not a resident.
Your stock gains are only reportable in Canada once you leave US; which means you should not sell any winners before leaving, nor keep any losers.
You will report all income mentionned above in Canada, with a credit for the US tax owed on your IRA, when that time comes.
If you ARE a US citizen, then your US tax return wil be pretty much the same as it has been for the last 8 years, forever.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Thanks for your reply. I do not have a greencard in the US. About bank interest, so if interest is not taxable in the US, then where do i pay taxes for it ? is the tax information not sent to the IRS ?
nelsona wrote:I assume you are not having/keeping a green Card.
If not, then the only time you will file in US is when you take money from your IRA.
Your bank interest is not taxable in US if you are not a resident.
Your stock gains are only reportable in Canada once you leave US; which means you should not sell any winners before leaving, nor keep any losers.
You will report all income mentionned above in Canada, with a credit for the US tax owed on your IRA, when that time comes.
If you ARE a US citizen, then your US tax return wil be pretty much the same as it has been for the last 8 years, forever.