Hello,
I was wondering if I need to attach to my paper return to CRA and IRS the proof of the stocks deemed disposition book values and FMV for the departure forms T1243 and T1116?
Thank you!
Deemed disposition proof
Moderator: Mark T Serbinski CA CPA
Re: Deemed disposition proof
No for CRA. For IRS you never send documentation.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Deemed disposition proof
I do need to attach forms T1243 and/or T1161 to my 1040 for IRS though, or not?
If I understood correctly that's what Rev Proc 10-19 says.
If I understood correctly that's what Rev Proc 10-19 says.
Re: Deemed disposition proof
I do need to attach forms T1243 and/or T1161 to my 1040 for IRS though, correct?
If I understood correctly that's what Rev Proc 10-19 says:
"The individual must attach documentation establishing the fair market value of the property,
as determined under Canada’s deemed disposition rules, and confirming that gain
(and, if permitted by section 4.05 of this revenue procedure, loss) was recognized and
properly reported for Canadian tax purposes for the taxable year of the deemed
disposition. "
If I understood correctly that's what Rev Proc 10-19 says:
"The individual must attach documentation establishing the fair market value of the property,
as determined under Canada’s deemed disposition rules, and confirming that gain
(and, if permitted by section 4.05 of this revenue procedure, loss) was recognized and
properly reported for Canadian tax purposes for the taxable year of the deemed
disposition. "
Re: Deemed disposition proof
You are attaching these to the RP. For IRS return, you efile and send no documentation. Even for papaer, you send minimal form (W-2, 1099-R).
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Deemed disposition proof
Did we really need 3 threads for your situation?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Deemed disposition proof
Thank you Nelsona!
That is very helpful. I didn't know that e-file was an option in this situation.
Re threads: I thought it would be easier for people to find if they had the same question.
I apologize if that's not how I was supposed to do it.
That is very helpful. I didn't know that e-file was an option in this situation.
Re threads: I thought it would be easier for people to find if they had the same question.
I apologize if that's not how I was supposed to do it.