Contact UsActually this is US/Canada question. Client is dual citizen. Born in US and then registered in Canada as being born abroad. Is catching up on US filings (never filed) as wants to renunciate US citizenship.2011 1040 shows AMT or 10K. as non-resident is he actually liable for AMT in US? No US income.
And if there is Canadian preparer who has experience in this please answer this. Research has shown me that there is a "Special Foreing Tax Credit on T691" for AMT. However would he not have to have US source income to claim this credit?
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Tax Professional Answers
Randy Tarpey
US Form 1116 will offset your 2011 form 1040 and form 6251 US tax liability in most cases as Canadian income tax is usually the same or higher than US taxes. If you filed form 2555 Foreign Earned Income you need to read the instructions about how Form 1116 and Form 2555 interact. You may also need to review FBAR rules to make sure your client does not have a filing delinquency for FBAR tax returns in the US. The US streamline filing compliance procedures should also be reviewed before you file in the US. I can't help you with your Canadian tax question.
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382 weeks ago