Cover
Titlepage
Introduction
The Basics of US Taxation
1. History of the Internal Revenue Service (IRS)
2. The Basics
3. Dealing with the IRS
4. The IRS Examination (Audit) Process
5. Filing
Table 1: INCOME THRESHOLDS FOR FILING
6. Notifying the IRS about Your Change of Address
Your First Year in the US
1. Determining US Residency
Table 2: US IMMIGRATION OPTIONS
Table 3: YOUR STATUS: NONRESIDENT ALIEN OR RESIDENT ALIEN
2. How Do I Get an Identification Number?
The Treaty
Table 4: TREATY ARTICLES
1. Residency
2. Real Property
3. Dividends, Interest, and Royalties
4. Gains
5. Personal Services
6. Artists and Athletes
7. Pensions and Annuities
8. Social Security
9. Government Service
10. Students
11. Taxes Imposed by Reason of Death
Table 5: TYPES OF INCOME AND WITHOLDING RATES
Canadian Taxation of Nonresidents
1. Who Is Considered a Nonresident of Canada?
2. Selling Property in Canada
Foreign Tax Credits
1. What Are Foreign Tax Credits?
2. Types of Foreign Income
3. How to Calculate the Foreign Tax Credit
4. Alternative Minimum Tax (AMT)
Registered Retirement Plans, Pensions, and Social Security
1. Registered Retirement Plans
Table 6: RRIF MINIMUM WITHDRAWALS BY AGE
2. Pensions
3. Social Security
Investments
1. Securities Law
2. Mutual Funds
Table 7: SUMMARY OF EXPENSES
3. Tax Reporting Slips
4. Taxation of Specific Types of Investments
5. Treaty Rules That Affect Your Securities
Common Deductions
Table 8: THE FORMAT OF THE US INDIVIDUAL INCOME TAX RETURN (FORM 1040)
1. Above-the-Line Deductions
2. Trade or Business Expenses
Table 9: TRADE OR BUSINESS EXPENSES
3. Vacation or Rental Home Expenses
Table 10: VACATION/RENTAL HOME
4. Depreciation, Amortization, and Depletion Expenses
Table 11: CLASSES OF DEPRECIATION PROPERTY
5. Individual Losses to Property
6. Alimony and Child Support
7. Contributions to Individual Retirement Accounts (IRAs)
8. Moving Expenses
9. Health Savings Accounts (HSA)
10. Qualified Education Expenses and Student Loan Interest
11. Exemptions
12. Standard Deductions or Itemized Deductions
Table 12: STANDARD DEDUCTION AMOUNTS
Table 13: ADDITIONAL DEDUCTION AMOUNTS
13. State and Local Taxes
14. Interest Expenses
15. Medical Expenses
Table 14: LIMITS ON MEDICAL DEDUCTIONS
16. Employee Educational Expenses
17. Charitable Contributions
18. Miscellaneous Itemized Deductions
19. Credits
Tax Planning
1. Tax Planning in General
2. Specific Tax-Planning Opportunities
3. Tax Breaks for Senior Citizens
4. State Income taxes
5. Community Property
US Estate and Gift Taxes
1. US Nonresident Estate Tax
2. US Resident, Noncitizen Estate Tax
Table 15: GIFT AND ESTATE TAX RATE SCHEDULE
Table 16: UNIFIED TAX CREDITS AND EXCLUSION AMOUNTS
3. Gift Taxes
4. Generation Skipping Transfer Tax
5. State Estate and Inheritance Tax
Table 17: STATE ESTATE AND INHERITANCE TAX
Leaving the US
1. Expatriation
2. Tax Planning before You Leave
Conclusion
Resources: Contact Information for State Taxing Agencies
Acknowledgments
About the Authors
Notice to Readers
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