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I had a question about the way deemed aquisition works for capital gains
Hey. I had a question about capital gains and the way they work. Note : I am neither a US resident or US citizen (which means I am not subject to exit taxes)
Lets say that I got 10 amazon shares vested at 150 dollars and I became a resident of Canada at a date at which
the share price (FMV) was 180 dollars. Lets say that now I sell my shares at 200 dollars. Now I want to understand my taxation liability here. As per deemed acquisition laws in Canada, I am only required to pay Canada taxes for the 10 * (200 - 180) part. However for the rest of the amount (i.e. 10 * (180 - 150)) part, I would have to pay taxes to the US correct? I cannot find anything in the IRS website that suggests I do. However, I presume I would have to pay taxes for it somewhere right?
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‎April 21, 2024
10:30 AM