Since US taxes are due before Canada taxes, I did my US 1040 first and submitted paper copy in Feb 10. For Canada rental, I am paying 25 % gross rent advance tax. I filled in all rental data including depreciation in Schedule E.
Now when I do Canada taxes, I will have a few hundred dollars net tax payable from rental net income.
Does this mean that I have revise my 1040 already submitted to take credit for 216 tax paid to Canada on US return?
Since this will result in US refund only, is it still essential to file amendment?
For future years, is it better to complete 216 return first in early Jan 11 and then file 1040?
What is the best practice?
Priority sequence of filing US & Canada tax returns
Moderator: Mark T Serbinski CA CPA
You needed to determine your Cdn and US tax before sending them both in.
The order you submit them matters not. But they should be completed TOGETHER, and then sent.
So, yes, you will need to amend your 1040, since you have not correctly claimed or reeported foreign tax as a credit.
The order you submit them matters not. But they should be completed TOGETHER, and then sent.
So, yes, you will need to amend your 1040, since you have not correctly claimed or reeported foreign tax as a credit.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best