If in 2018 I held shares in a corporation with a cost amount of $55,000 and had a bank account in the U.S. with $50,000 in deposit, am I exempt from filing Form T1135 since neither asset has a cost amount greater than $100,000?
No. You must file Form T1135 if the total cost of all specified foreign property exceeds $100,000. In this case, the total cost is $105,000, which is above the threshold.
Still need help? Contact us