TFSA and Capital Gains. Please Help.(Canadian moved to USA)

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georgeata
Posts: 1
Joined: Sun Oct 31, 2021 1:38 pm

Re: TFSA and Capital Gains. Please Help.(Canadian moved to USA)

Post by georgeata »

georgeata wrote:
> Hello,
>
> My name is a George and I am very grateful for all of the invaluable
> information found on the forum. I am in a situation myself and would really
> appreciate some guidance.
>
> Here is my situation:
>
> I am married to a US citizen, passed the Green card interview in April 2021
> and just entered San Diego, California In November 2021
> (just received my SSN and waiting for my Green Card in t). By doing
> some research I now realize that I am in trouble for taxes in my TFSA
> account, which is holding US and CAD stocks and is currently sitting with
> some unrealized capital gains. By doing research I now realize
> that I should have realized my gains and closed my TFSA before I entered
> the USA according to the IRS website, I am
> now considered a US tax resident. I would really appreciate some advice as
> to how to deal with my TFSA unrealized capital gains, which by the way are
> all long-term (still facing about 25% federal and state tax, which would be
> a substantial amount, as opposed to paying $0 tax had I liquidated TFSA 10
> days ago. I am extremely mad at myself for not doing this research and sold
> my TFSA stocks before I entered the USA). Any thoughts?
nelsona
Posts: 18555
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: TFSA and Capital Gains. Please Help.(Canadian moved to USA)

Post by nelsona »

you need to post this on the tax forum BUT MUCH SHORTER POST.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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