Reporting Investment income on US return

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jfd5356
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Joined: Wed Mar 30, 2005 10:19 am
Location: Nova Scotia
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Reporting Investment income on US return

Post by jfd5356 »

I'm a landed immigrant of Canada and a US Citizen. My question is in reference to reporting Investment income (Interest, Capital Gains & Dividends) from Canada on my US return.

What is "Other Income" in Box 26 of a T3 slip? How do you convert this from a Canadian return to the US return. This income appears to be Interest from a Money Market and a Bond Index fund (both Canadian). However, when I had my 2003 return done by HR Block they put this amount on Line 130 rather than Line 121 Interest? How does income reported on Line 130 (Canadian return) get transferred to the US return?

Thx

jo
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
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Post by nelsona »

Box 26 is trust income.

You can usually determine what the income was from annual report on the fund(s) you held. It will usually say if a distribution was cap gains, interest or dividends.

Once you determine, put it on the respective 1040 lines. If you can't determine, simply call it a non-qualified dividend.


It any event, will be passive income for foreign tax credit purposes.



<i>nelsona non grata... and non pro</i>
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