I can't believe I have all these problems facing me with taxes this year, but here goes one last one:My husband bought and sold CEF (Canada Fund) this year.The information he got from them was something to the effect that:"As it is likely that Central Fund of Canada Limited ("Central Fund") is a Passive Foreign Investment Company ("PFIC") for U.S. Federal income tax purposes, Central Fund is providing the following information to its shareholders to allow them to make a Qualifie Electing Fund ("QEF") election with respect to their investment in Central Fund, should they so desire."First of all, What is a Passive Foreign Investment?Secondly, it sounds like I don't have to do this QEF thing if I don't want to.Do you know anything about this particular stock/fund?Is it treated the same as SLV?Is it something completely different?Is it a collectible thing like SLV?What do I tell TurboTax wrt this sale of shares?I believe he had three different purchases/sales.On one purchase he made money.But overall, he lost.Any help here would be appreciated.AM...I already told my husband to stop buying this weird stuff and just stick with ordinary stocks - we can lose enough money doing that without losing even more on foreign stuff.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra