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Buying in Arizona - Incorporate or not - david ingram expert income tax help re real estate, divorce, immigration, mutual funds

 

Below is the result of your feedback form.  It was submitted by
XXXXXX XXXXXXXX on Friday, April 16, 2010 at 09:55:51
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My_question_is: Canadian-specific

question: I went to Arizona in November 2009 for the primary purpose of buying a rental revenue property.  I incurred expenses that I was told I could claim on my taxes.  In February of 2010 I bought a condo, with a possession date of march 3, 2010.  Where do I claim on my personal Canadian taxes my expenses? (form number of row number) This is the only condo I have and it will be rented out to a long term tenant (not vacation)

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8891 /TDF 90-22.1 - Expert Income Tax help on cross Border tax and immigration and divorce and RRSP and IRA and other matters

8891 /TDF 90-22.1 - Expert Income Tax help on cross Border tax and immigration and divorce and RRSP and IRA and other matters with david Ingram, Tax Consultant and Preparer

 

 

Below is the result of your feedback form.  It was submitted by
XXXX on Tuesday, April 13, 2010 at 18:43:33
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My_question_is: Both

question: hello, my accountant did not mention form td 9022 in 2007 but filed it for me in 2008, why wouldnt they mention it, are they liable in anyway? should i send it in for 2007 even though it is late? also i got h&r block to do my taxes in florida for 2009, and they say i donot need form 8891, even though the last two years i had it for rrsps in canada,i have not added to these or taking them out or transferred them, do i still need form 8891, they say i dont have canadian income or canadian tax obligation, so i dont but i am trying to tell them i need to report my rrsps every year, i dont understand how no one here in florida seems to know how to do us/canadian taxes, do you know anyone here in miami that can help me or do you prepare taxes, can i get an extension or amend these if they are wrong?
thanks

 

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ENTRANCE RESTRICTIONS with a criminal record - Expert Income Tax help on cross Border tax and immigration and divorce and RRSP



XXXX wrote:

Below is the result of your feedback form.  It was submitted by
XXXX on Sunday, April 11, 2010 at 22:42:20
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My_question_is: Applicable-to-other-jurisdiction

question: IS THERE A LIST OF COUNTRIES THAT DO NOT PERMIT A US CITIZEN ENTRY DUE TO A PREVIOUS CRIMINAL RECORD?

 

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Independent contractor on TN and 1099 - Can NOT do!!! - and worse way to be hired in this case. -- Expert Income Tax help on cro



XXXXX XXXXX wrote:
Hello. A Canadian citizen, I started a 12-month position in the US two weeks ago as an independent contractor on 1099. I read on the web that, starting 2010, I will be taxed as a US citizen if I live here for more than 183 days. What tax form(s) do I need to submit to my recruiting firm, which pays me?

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Margin Interest as a deduction for US rental property - Expert Income Tax Help with cross Border tax and immigration and divorce

xxxxx wrote:
Dear Sir , I have a question.

I am a Canadian who has a margin account with a discount brokerage in Canada.

Can i use this margin account to borrow, to invest in a rental property in the US ?

Is the interest deductible in the US , and in Canada ?

I appreciate an answer.

xxxxx

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CAMPBELL'S BIG LIE - PREPARE FOR SHOCK AND ANGER!


RAFE MAIR HERE
 
What you will see with the attachments to this note will, I guarentee, ourrage you!
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When is a Canadian a Non-Resident? - Expert Income Tax Help with cross Border tax and immigration and divorce Experts and RRSP

Below is the result of your feedback form.  It was submitted by
XXXXXXXXXXXX on Thursday, March 11, 2010 at 06:00:35
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My_question_is: Applicable-to-other-jurisdiction

question: Dear David,

 

First of all, I would like to say that your website is very insightful and has been very helpful. I am emailing you with one question in mind, will I be taxed for my worldwide income or not? In order to answer my question I do understand that you would need to know many more details so here are the points. I have been living in XXXXXXXXXXX since November 2008. In 2009, I have filled my Canadian income tax for the whole year and at that point I had a Common Law residing in the country therefore I paid my taxes. 

Currently, XXXXXXXXXXX is an income tax free country and as far as my ties to Canada I do have a bank account, credit card, driver's license and a valid passport. My salary is deposited into an offshore account and at one point during the year I did make a large transfer into my Canadian account. My bank account is still shared with my previous other half, although we are not together and  this account could be closed immediately should you recommend it.

As far as my future desires, I do not intend to come back to Canada in the short term and planning to stay in Asia Pacific. One final detail, I am employed with a Hotel company, which technically is a Canadian company, however our hotels are privately owned and I do not get paid from Canada - my contract is with the owners of our Resort here in XXXXXXXXXXX .

I look forward to your response.

Warm regards!

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Tax Debt owed to the CRA - Bankruptcy - Murray Morisson lawyer Question - Expert Income Tax Help with cross Border tax

 

Do you know of any option to plead to reduce debt owed to CCRA or is bankrupcy the only route to get that reduced.  We had a ccra auditor in our office and she said there was a way to reduce the overall debt but you needed to complete a process...Any ideas of this?
 
Do you know of a good tax lawyer in edmonton, ab
 
Thanks,
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Rental Condo to Principal Residence - Canadian-US-Global Income tax help - david ingram expert US CANADA cross border non-res

============Changing Rental Condo to Principal Residence
We bought a condo several years ago to generate rental income and our secondary intent was to move into the condo upon retirement. Since we became empty nesters this year, we are now considering selling our house and moving into the condo which has appreciated in the meantime so there is an unrealized capital gain.

Under the “change in use” tax rules (see Canada Revenue Agency’s IT-120R6 – Paragraph 28) a taxpayer can defer recognition of that gain until the ultimate actual sale of the condo by using something called subsection 45(3) election. As I understand it the taxpayer simply files a letter with their tax return for the year when the condo is ultimately sold to request this deferral and of course to settle income tax owing on the deferred capital gain at the later date.

However IT-120R6 also states that the above deferral election “is not possible” if CCA (Capital Cost Allowance or tax depreciation) has been claimed as an expense at anytime when the condo was generating income. And indeed we claimed about $6K of CCA in total to reduce our income tax payable on the condo’s rental income for a couple of tax years – and there have been no CCA claims since 2005. (My phone call to CRA’s answer service confirmed that such deferral is not possible.)

Of course the worst case scenario here is that CRA demands their tax payment of capital gains up-front – ie. in the year we move into the condo which would likely force us to sell the condo so we can pay the capital gains tax.  

Question - Are there any practical remedies to get the tax deferral despite of having made the CCA claims for a couple of years? 
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Regards, XXXXXXXX XXXXXXX  - Winnipeg, MB

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Selling recreational property. - Expert Income Tax Help with cross Border tax and immigration and divorce Experts and RRSP and I

XXXXXXX XXXXXX wrote:

 Hi there . My husband and I just sold our recreation property. He didn't know that he would have to pay tax on this. I am wondering if you could give us an estimate on how much tax we would have to pay on this. We did not do any major work so no receipts. We did pay out the bank 25,000 as the main resident and property were combined. Both our names are on the titles. His income is disability 27,000 and mine is 27,406. the property was sold for 125,000 we paid 20,000, and 250 in legal fee. He wants me to mention that he spent 20,000 in improvements but no receipts over the 18 years we had it. Your advice will be greatly appreciated