Foreign tax

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

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taxquestions
Posts: 38
Joined: Tue Dec 18, 2018 6:31 pm

Foreign tax

Post by taxquestions »

Are departure taxes on business inventory by a foreign country deductible as a business expense on my Schedule C?
Example, Jan 1st I depart Canada and move to USA. Canada hits my sole prop with a departure tax (capital gain) on my inventory FMV.
Is this a deductible?
nelsona
Posts: 16788
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Foreign tax

Post by nelsona »

You've had lots of Q's on this topic, you might want to contact a pro.

Also, deemed disposition on business inventory in Canada is an ELECTION made by you.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D
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