You can reach Phil at phil@philhogan.com or via text or phone at 250-661-9417. You can visit his website here:
On episode #17 of Crossing the 49th Podcast we discuss Principal residence, losses, inherited IRA, FBARs and more.
Topics discussed include:
I’m moving to Canada, should I sell my PR or rent it?
I had huge gains in 2021 that I paid taxes on, but now huge losses in 2022. What can I do?
I’ve inherited an IRA from my late mother, should I cash it out?
I failed to send in a US extension by the 15th of June, will my FBARs be penalized?
I was told by my accountant that I should only be taxed on my US dividends in Canada, but CRA reassessed my returns?
My corporation is receiving income from the US, do I need to file a US tax return?
You can also stay updated on US Expat Tax and financial planning issues by following us at:
#crossbordertax #questions #tax
Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs….(read more)
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Phil, related to the principal residence topic covered here… For someone who is a Canadian resident (AND someone who files US taxes annually already, e.g., US citizen or US Green Card holder), what are the (US and Canadian) tax/financial implications of owning a home in the US (e.g., like a snowbird scenario)? Please comment on both cases in which the US residence is rented part of the year and the case in which the home is not rented at all. If rented part year, what sort of expenses can be deducted? Thanks!
Phil, Thanks for another great video. I like to watch these as they come out, even if they are not specifically relevant to me today… Just helpful to keep one's cross-border brain engaged…
Topics discussed today include:
I’m moving to Canada, should I sell my PR or rent it?
I had huge gains in 2021 that I paid taxes on, but now huge losses in 2022. What can I do?
I’ve inherited an IRA from my late mother, should I cash it out?
I failed to send in a US extension by the 15th of June, will my FBARs be penalized?
I was told by my accountant that I should only be taxed on my US dividends in Canada, but CRA reassessed my returns?
My corporation is receiving income from the US, do I need to file a US tax return?