Foreign Tax Credit Archives - Page 2 of 4 - FREE Yourself from IRS Problems

Shamsey Oloko November 10, 2016 Foreign Tax Credit 0

Which One Should I Use? The Foreign Housing Deduction? Or Exclusion?

In addition to the foreign earned income exclusion, taxpayers may also claim an exclusion or a deduction from gross income for an expenditure for housing if the home of the tax is in a foreign country and they qualify for the…

Shamsey Oloko November 8, 2016 FATCA, FBAR, Foreign Earned Income, Foreign Tax Credit 0

Claiming The Foreign Tax Credit With Or Without Filing Form 1116

Form 1116 relates to foreign tax credits, which are intended to affect taxpayers living abroad. These credits benefit foreign taxpayers by reducing the double tax burden that arises when foreign source income is taxed by both the United States and the…

Shamsey Oloko September 23, 2016 FATCA, FBAR, Foreign Financial Account, Foreign Tax Credit 0

A Primer on Foreign Tax Credit

U.S. taxpayers that have paid or accrued foreign taxes to a foreign country or U.S. possession, while subject to U.S. tax on the same income, may be able to take either a credit or an itemized deduction for these payments…