Foreign tax

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taxquestions
Posts: 43
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?
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nelsona
Posts: 18676
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.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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