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Author: totsubo Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 63812  
Subject: Suggestions on US tax filing for NR Canadian Date: 12/19/2012 6:55 AM
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I'm thinking of filing taxes in the US for the first time and I would like to have for suggestions on how to do this.

First, my circumstances - I'm a non-resident Canadian living in Japan with an account at Interactive Brokers Canada with which I trade US equity stocks and options. Recently I've been trading a *lot* of options. Most of my stock holdings are long-term buy-and-hold.

Until this year I was with Charles Schwab in Hong Kong and did not file US taxes. They held back a minimum amount of taxes (10%) on any dividend income I received. I didn't really sell much if at all so didn't generate any income worth declaring. (Though I'm not sure if not filing taxes was ok or not).

I've been doing very well this year, especially on the options front and If there is a minimum filing threshold I've probably crossed it, so now I am thinking of filing taxes in the US for the first time. I'm actually a bit frightened by the thought ...

Right now I have the following basic questions that I'm having a hard time finding answers too (actually Google returns lots of answer but they are often contradictory!):

1- As a non-US citizen and non-US resident, do I need to file US taxes for gains on selling stock, or options? (I've found one web page that says I don't, which just sounds too good to be true).

2- If I do need to file US taxes, would anyone have a recommendation for a low cost service or software package that can handle stock and option trades? I don't feel up to the task of attempting to file a return by myself.

Thanks!
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