This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Moderator: Mark T Serbinski CA CPA
2 posts • Page 1 of 1
Hey there ... I am uncertain now ... We recently sold a property in the USA in which no T1135's were filed ever. When I previously filed, when I read definition of "specified foreign property" it said that "personal use property" did not have to be reported. I understood "personal use property" to mean property we use for personal use. So ... I never reported. Working through a tax program I just noticed a definition that CRA uses for "personal use property" ... cars, boats etc. things that normally decrease in value. I am confused now as to whether I should have filed a T1135, and where do i go from here???? help nelsona :)
Never mind... I tried to delete but didn't see how. I also have realized that I did not disclose "funds" in the USA. I didn't realize that bank accounts in excess of $100,000 accumulative had to be reported. At least that is how I read it now? My idea of property was .... land. thanks anyways..