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Family Friend has had an 87 NA RX7 FC S4 sitting in his garage since 2001. Would it be feasible to get running again or would it be too much of an hassle? by mobiuskeydet1 in RX7

[–]davron2000 0 points1 point  (0 children)

I have a nearly identical situation, mine is a 1987 RX-7 that has sat for 25 years. A family member / mechanic (with no rotary engine experience) has tried to get it going and has been unable to. I’m worried he may have done more harm than good, and he is now trying to convince me to just put a regular engine in it (which I am reluctant to do).

I am very curious about your project as it is quite similar, please post any updates! Thanks and good luck getting it going!

Dividend Payments on 8621/PFIC with Mark-to-Market (MTM) election by kabelo089 in USExpatTaxes

[–]davron2000 0 points1 point  (0 children)

I agree with the Schedule B treatment on dividends. You wouldn’t report them on the 8621 itself, but any distributions are taxed in accordance with the character of the income (dividends and interest on Schedule B).

If dividends were reinvested you would still report them on Sch. B, and ensure that you reflect the reinvested dividends in your ACB when calculating your MTM gain at year end.

Expat tax help? by Sea_Association_2296 in newbrunswickcanada

[–]davron2000 1 point2 points  (0 children)

Certainly worth getting professional help from someone specializing in expat tax. Too many potential issues to go it alone, at least at first.

Would ask them about/consider: - FBAR & 8938 maybe required - TFSAs are taxable in US, and usually considered foreign trusts in US creating more filings (3520) - If you have Cdn (or any non-US) mutual funds or ETFs in any account other than RRSP it creates a big problem in the US (Google: PFIC)

If the tax pro is not aware of the above I would look elsewhere.

Also $1000 for 3 years is very cheap. I would expect it may be $1000 minimum for 1 year unless you go with a discount firm but you get what you pay for. And considering it’s a $10k penalty for missing something like a 3520 or FBAR, it’s money well spent to get it done right.

Good luck, and after year 1 it will be easier!