Deemed disposition proof

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mj23
Posts: 9
Joined: Wed May 20, 2020 10:06 pm

Deemed disposition proof

Post by mj23 » Sun May 24, 2020 12:52 am

Hello,

I was wondering if I need to attach to my paper return to CRA and IRS the proof of the stocks deemed disposition book values and FMV for the departure forms T1243 and T1116?

Thank you!

nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Deemed disposition proof

Post by nelsona » Sun May 24, 2020 7:36 am

No for CRA. For IRS you never send documentation.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

mj23
Posts: 9
Joined: Wed May 20, 2020 10:06 pm

Re: Deemed disposition proof

Post by mj23 » Sun May 24, 2020 3:17 pm

Thanks!

mj23
Posts: 9
Joined: Wed May 20, 2020 10:06 pm

Re: Deemed disposition proof

Post by mj23 » Sun May 24, 2020 3:22 pm

I do need to attach forms T1243 and/or T1161 to my 1040 for IRS though, or not?
If I understood correctly that's what Rev Proc 10-19 says.

mj23
Posts: 9
Joined: Wed May 20, 2020 10:06 pm

Re: Deemed disposition proof

Post by mj23 » Sun May 24, 2020 3:31 pm

I do need to attach forms T1243 and/or T1161 to my 1040 for IRS though, correct?

If I understood correctly that's what Rev Proc 10-19 says:
"The individual must attach documentation establishing the fair market value of the property,
as determined under Canada’s deemed disposition rules, and confirming that gain
(and, if permitted by section 4.05 of this revenue procedure, loss) was recognized and
properly reported for Canadian tax purposes for the taxable year of the deemed
disposition. "

nelsona
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Location: Nowhere, man

Re: Deemed disposition proof

Post by nelsona » Sun May 24, 2020 6:37 pm

You are attaching these to the RP. For IRS return, you efile and send no documentation. Even for papaer, you send minimal form (W-2, 1099-R).
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

nelsona
Posts: 16414
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Deemed disposition proof

Post by nelsona » Sun May 24, 2020 6:39 pm

Did we really need 3 threads for your situation?
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

mm77mm77
Posts: 16
Joined: Fri May 15, 2020 11:42 am

Re: Deemed disposition proof

Post by mm77mm77 » Mon May 25, 2020 12:23 pm

Thank you Nelsona!
That is very helpful. I didn't know that e-file was an option in this situation.

Re threads: I thought it would be easier for people to find if they had the same question.
I apologize if that's not how I was supposed to do it.

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