Taxation of Canadians in America by Dale Walters,Sally Taylor,David Levine -- Read -- Imperial Library of Trantor

Index

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 Self-Counsel Press thanks you for purchasing this ebook. Contents