Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I am a Canadian citizen, but a US resident ( Card). My

Customer Question
I am a Canadian...

I am a Canadian citizen, but a US resident (Green Card).

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My elderly parents were recently diagnosed with significant dimentia, and my sister and I are named as the Power of Attorney. They have an investment account worth over 100k at the end of the 2017 tax year. Since I think I would now have signing autority over it along with my sister, do I need to report it on form 8938?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

There is no tax consequence to me, correct, since no money has actually been moved over to my possession.

Submitted: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 7 minutes by:
3/16/2018
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,380
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You are required to file Form 8938 if

If any income, gains, losses, deductions, credits, gross proceeds, or distributions from holding or disposing of the account or asset are or would be required to be reported, included, or otherwise reflected on your income tax return.

BUT

as to FBAR,

Signature authority: you have authority to control the disposition of the assets in the account by direct communication with the financial institution maintaining the account.

The following link contains the IRS guidance on Form 8938 and FBAR:

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

No tax consequences to you.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Ask Your Own Tax Question
Tax Professional: Barbara, Enrolled Agent replied 4 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,380
6,380 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I filed my taxes and was initially asked to repay $5030 and
I filed my taxes and was initially asked to repay $5030 and now asked to submit a 1095A because my parents with Zero income were filed as my dependents and due to my new income were said not to have q… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Tax? Can I claim for 2017 my Sister & her 3 Kids who came /
Tax? Can I claim for 2017 my Sister & her 3 Kids who came / I petitioned from Overseas on Immigration/Green Cards & got Social Security numbers in June 2017. They stayed with me for 2 months, then the… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Last year I received cash gifts via bank transfers from two
Last year I received cash gifts via bank transfers from two people in China as wedding gifts. One for $100,000 and another for $50,000. Do I need to file any forms or pay any taxes? Thank you.… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I am a US citizen/resident and co-executor of a Canadian
I am a US citizen/resident and co-executor of a Canadian estate (DOD was in 2017) (all deceased's holdings are in Canada, no US assets). The other executor is in Canada (Royal Trust). They are handlin… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,139 satisfied customers
If I have power of attorney over my parents accounts in the
If I have power of attorney over my parents accounts in the UK, do I need to declare anything on my tax return - they are not USA citizens… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My husband is Canadian and up until a few weeks ago, was a
My husband is Canadian and up until a few weeks ago, was a permanent resident. He is now a US citizen. In 2010, he received an inheritance from his mother's estate in the amount of 145,000.00 Canadian… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm a Brazilian citizen currently in USA through H1B visa
I'm a Brazilian citizen currently in USA through H1B visa status. I have money in a Canadian bank account that I want to transfer here. Do I need to pay taxes here?… read more
taxmanrog
taxmanrog
Master\u0027s Degree
990 satisfied customers
I want to barrow money for our house down payment from my
I want to barrow money for our house down payment from my sister . My sister lives in China and I live in USA . I am green card holder but my sister is Chinese Citizen living in China . So question is… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My father is liquidating property over seas in Pakistan and
Hi. - my father is liquidating property over seas in Pakistan and the money will be put into an account at an international bank. My brother will be put on as a signer on the account, but is not a ben… read more
Barbara
Barbara
Enrolled Agent
6,380 satisfied customers
Re your recent answer I would like a few details. My
Re your recent answer I would like a few details. My question was about gift tax and your reply was that a person could receive $100,000.00 from a foreign person with no tax implications. I am Canadia… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
Does a Canadian citizen (formerly living in the US ) now living
Does a Canadian citizen (formerly living in the US ) now living in Canada with minor children that are both US Citizens and Canadian citzens who visit their other parent who is a US citizen in the US … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My parents are Canadian citizens and non resident aliens in
My parents are Canadian citizens and non resident aliens in the U.S. In March this year, they signed a purchase agreement with a builder in San Jose for a new house. The estimated closing date is in S… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My father inlaw is giving half of a piece of property to my
My father inlaw is giving half of a piece of property to my wife. the property is in canada and we live in california. My wife half of the property will be worth $135,000. canada dollars What will our… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
609 satisfied customers
Hi, i am a US citizen, my parents are Chinese citizen. question
Hi, i am a US citizen, my parents are Chinese citizen. question one is: can my parent gift their apartment(worth roughly $250,000) in Shanghai to me tax free? and also, they have roughly around $70,00… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am a Canadian citizen w/ a US green card, married to a US
I am a Canadian citizen w/ a US green card, married to a US citizen since 1978. I'm about to apply for American citizenship. My parents (in their 80's) are Canadian. I need to know whether being a US … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If I sell a rental property Ive owned in Vancover canada for
If I sell a rental property I've owned in Vancover canada for a 100k gain and pay canada capital gains tax of 20k and then report the 100k gain on my schedule d and have US capital gains tax of 15k, c… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
my mother is a Canadian and uk citizen. both my brother and
my mother is a Canadian and uk citizen. both my brother and I were born in the USA. I now live in the USA. my father (now deceased) also was a USA/Canadian citizen. My mother wishes to retire in the U… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My parents in Minnesota signed their house (their only asset)
My parents in Minnesota signed their house (their only asset) over to my sister and me in 1994. I beleive it was called a living trust.They went into assisted living in 2005 and my mother died in Jan.… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x