@Kiki , something here does not make sense -- the tax credit allowable is always lesser of computed US tax on the income or actually paid. So I think we need to fall back/ regroup and understand the situation totally. Please would be kind enough to provide ( for each of the foreign incomes and taxes --- (a) type ( INT / DIV/ Rent/ etc ); (b) total foreign income --Gross in US $ ; (c) taxes paid --- in US$; (d) country --( Japan/ various /etc ); (e) for the land rental ( already reported on schedule-E ) Total income in US$, Total expenses in US$ ( management, property taxes , etc, ). and (f) Carry-Over foreign tax credit from 2020 from Federal carry over worksheet or from form 1116.
I would like to recreate the scenario both by hand as also using TT ---- the results so far does no make sense.
Please
pk
