Cdn Resident: How to File in USA?

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.

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JOHNCANUCK
Posts: 2
Joined: Wed Sep 04, 2019 3:37 pm

Cdn Resident: How to File in USA?

Post by JOHNCANUCK »

Tax situation:

Me: US and Cdn Citizen; work in USA live in Canada; income $400K per year plus $50K ($40K capital gains, $5K dividend; $5K interest) investment income from US brokerage accounts.

Wife: US PR and Cdn citizen; work and live in Canada; income $100K per year; no investment income outside of RRSP

Questions:
-which is the best way to file my taxes in the USA to maximize return, married filing joint or married filing single? Wife will need to file in US due to PR status regardless
-should I get rid of my us brokerage account, does this change the filing strategy?
-what is the best software package(s) to do my taxes on
nelsona
Posts: 18291
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Cdn Resident: How to File in USA?

Post by nelsona »

You should file jointly in US.
You must get rid of your US brokerage account, since you live in Canada.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
JOHNCANUCK
Posts: 2
Joined: Wed Sep 04, 2019 3:37 pm

Re: Cdn Resident: How to File in USA?

Post by JOHNCANUCK »

Thanks, married filing joint lowers my US taxes but does it make a difference to the total overall US & CDN taxes. Reason why I ask is that my wifes GC will expire and if no net benefit would rather leave her off the US tax return.
nelsona
Posts: 18291
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Cdn Resident: How to File in USA?

Post by nelsona »

Even if her GC "expires" (it doesn't really), she needs to take action to end US taxation. So in the meantime file as normal couple.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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