If your wife inherited the money from her dad, the only taxable portion would be an amount that was earned after he passed until it was cased in and distributed.
- If it was stock that was sold within the year it would be short term capital gain.
- If there was a capital gain that was taxable you could use the Canadian tax to offset that amount
- All funds must be converted to US$
The Canadian issue is a different story. You would have to file a Canadian tax return.
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Follow a simple step-by-step process to fill out your return and our software does the math for you and stores your information to use on next year's return.
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