Lori Cantafio, CPA, CA, Professional Corporation, Chartered Professional Accountant
​California CPA ~ Canadian CPA, CA
US Taxes For Canadians

  • Home
  • US Tax questions
  • Canadians who own US Property
  • About Me
  • Contact
  • Blog
  • Resources
  • Home
  • US Tax questions
  • Canadians who own US Property
  • About Me
  • Contact
  • Blog
  • Resources

Form 1116 - Passive Income Issues

12/18/2017

0 Comments

 
High-Taxed Income
In some cases, passive income and taxes must be treated as general category income and taxes.  Generally, passive income and taxes must be treated as a general category income if the foreign taxes you paid on the income (after allocation of expenses) exceed the highest US tax that can be imposed on the income.  However, passive income that is financial services income is treated as general category income regardless.  
0 Comments



Leave a Reply.

Picture
Picture
Picture
Picture

Contact Info: 
Lori Cantafio, CPA
​(403) 630-0870
Lori@LoriCantafioCPA.com
Suite 1500, 205 5th Ave SW
​(Bow Valley Square Tower 2)
Calgary AB
T2P 2V7
LORI CANTAFIO, CPA, CA, CPA (CALIFORNIA, USA)
  • Home
  • US Tax questions
  • Canadians who own US Property
  • About Me
  • Contact
  • Blog
  • Resources
  • Home
  • US Tax questions
  • Canadians who own US Property
  • About Me
  • Contact
  • Blog
  • Resources