Stocks transferred form CA to US

[mocha_m]

I emigrant from Canada to US a few years ago. I did not sell the Canadian stocks( us and Canadian stocks held in Canadian broker account) at that time. Last year I transferred all these stocks from the Canadian broker to US broker. In this case, any tax implication for Canada and US tax? What tax form should I file for Canadian tax purpose( already filed deemed disposition when leaving Canada)? Any tax filing needed for US tax purpose as well?

Thanks in advance!!!

[nelsona]

You need nothing in canada, since you reported and paid deemed disposition.

In US, you will need to report the deemed sales in a statement, so that you can use the deemed value aas your new cost basis.

Rev Proc 10-19 is yoru guide:

http://www.garygauvin.com/WebDocs/IRS/rp-10-19.pdf

[nelsona]

This should have been done the first year you moved to US, but I see no problem back-filing this statement, particularly sicne you have not yet sold any of these investments (a transfer is not a sale).

[mocha_m]

nelsona wrote:
> This should have been done the first year you moved to US, but I see no
> problem back-filing this statement, particularly sicne you have not yet
> sold any of these investments (a transfer is not a sale).


Thank you for your reply!! I have some other US rental property since I was in Canada. Back then I have a tax preparer and she did report the deemed disposition of the US rental property to IRS(filing Form 8833) when I became US tax resident. I think she should have included the Canadian T1243 tax form(deemed disposition of property by an emigrant of Canada, which showing the ACB,FMV and gains of the US rental property and all the shares) in the tax returns. However, in the brief explanation in the form8833, the tax preparer just explained the situation for the US rental property without mentioning the shares. The tax clinic was closed and I can't contact the accountant to confirm.

In this situation, do you think I should still be back filing the 8833 again just to report the share investments?

[mocha_m]

Also, if I need to back filing, do I just have to include the Form8833 and the form T1243 indicating the FMV, ACB etc for the shares when emigrant of Canada? Anything else I should include, like the US tax returns for that year?

[nelsona]

just a 1040-X for that year, explaining that youa re not changing any income/credits/deductions, but simply adding/amending a form 8833 for that year.