http://www.irs.gov/irb/2010-13_IRB/ar08.html
This Rev Proc clarifies how Cdns who move to US can reduce their future US tax on investments that were subject to deemed dispostion when leaving Canada.
One important point is that ALL investments have to have the election made, not just those that went up in value. This could mean that an investment which lost so,e money while in canada, will actually be subject to more tax in US.
Rev Proc 2010-19 with respect to Cdn deemed dispositions
Moderator: Mark T Serbinski CA CPA
Rev Proc 2010-19 with respect to Cdn deemed dispositions
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing