First year US resident tax filing

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Joined: Thu Feb 20, 2020 1:03 am

First year US resident tax filing

Post by jamesz97 »


Fellow Canadian here working on a TN visa in California and have met the substantial presence test for 2020. I think I have become a US resident for tax purposes and have been really stressed about my situation and paranoid of IRS penalties (I’ve read numerous horror stories) . If anyone could help me in guiding me with what forms I need to file that would be great (I did some research already and desperate for help). Thank you!

My concerns:

My parents gifted me 120k to purchase a presale unit in British Columbia back in 2017. The unit was not completed when I re-assigned the contract to my parents in 2020. They ended up getting a mortgage and closed on the property. I paid the assignment fees to the developers and received 0 gain from the transaction. Feels like this was a gift transaction and I should declare it to the IRS as such.However when I spoke with an IRS agent they couldn’t confirm any of this as it was out of scope. So I’m confused what forms I would need to file for this situation.

In addition, I keep seeing the forms: Form 8938, Form 3520, Form 3520-a during my research and I’m quite paranoid if I had missed anything else. Other than the property, I do not have TFSA, RRSP, RESP or other financial vehicles. I understand I will need to file the FBAR because my bank accounts exceeded 10k USD. Are any other forms relevant for me?

Thank you so much for your help.
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