Simple question, haven't been able to find the answer in this forum, apologies if I overlooked it.
I am US citizen. I earned capital gains last year on my US-held accounts and this is the first time I've had to deal with this situation. Do I claim both short-term and long-term cap gains on Cdn form (as well as on 1040 as usual)? And then I deduct Cdn taxes on cap gains from US tax liability? Or something different?
Thank you!
simple cap gains question
Moderator: Mark T Serbinski CA CPA
In canada, you gains are gains, period. You report all gains and losses on your Cdn return, regardless of account.
On your 1040, you split them into short and long-term, again, regardless of account.
For tax credit, since these are all considered Cdn-sourced (the mere fact that the account is in US does not matter), you will report all gains, and then use the tax from your Cdn return towrds getting credit.
On your 1040, you split them into short and long-term, again, regardless of account.
For tax credit, since these are all considered Cdn-sourced (the mere fact that the account is in US does not matter), you will report all gains, and then use the tax from your Cdn return towrds getting credit.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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