Canadian deemed disposition used as foreign tax credit
Moderator: Mark T Serbinski CA CPA
Canadian deemed disposition used as foreign tax credit
Is there a way to use the tax paid or accrued on the deemed disposition of stocks as a foreign tax credit on either a 1040NR or 1040? thanks.
NBo, since you will not report the deemed gain on your 1040, ever.
You can use the tax PAID in any year for any reason (except for income you excluded using 2555), as a tax deduction, even if you have no income to report.
You can use the tax PAID in any year for any reason (except for income you excluded using 2555), as a tax deduction, even if you have no income to report.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing