Closed TFSA in 2011, IRS paperwork beyond 3520?

stewak2 · Post by **stewak2** » Mon Jan 30, 2012 12:29 pm

Dual citizen resident in Canada.
Closed TFSA in 2011.
Plan to file 3520 and report interest to date of closure on 2011 taxes.
Anything else I need to file to report the "trust" is terminated?

nelsona · Post by **nelsona** » Mon Jan 30, 2012 12:48 pm

I would not bother. You should include it on your FBAR.

stewak2 · Post by **stewak2** » Mon Jan 30, 2012 1:25 pm

Yes, will report on FBAR.
Thanks.

CdnAmerican · Post by **CdnAmerican** » Mon Jan 30, 2012 7:42 pm

Hi - just a clarification as I am in a similar situation. If the TFSA is closed in 2011, do I need a 3520/3520A for 2011 to show that it is closed? Or is the FBAR report all that is needed? Thanks!

nelsona · Post by **nelsona** » Mon Jan 30, 2012 9:37 pm

I tink I already answered that. What more are you looking for?

hyperbling · Post by **hyperbling** » Mon Jan 30, 2012 9:55 pm

If you are deemed a US resident prior to closing your TFSA (but still within the same year), do you still need to file 3520? Thanks.

nelsona · Post by **nelsona** » Mon Jan 30, 2012 10:01 pm

How many differnt ways can one spell: read my answer.

hyperbling · Post by **hyperbling** » Mon Jan 30, 2012 10:04 pm

I only ask because sometimes the departure date matters. Thank you for the clarification :)