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Deductions & credits
@karenkailua , just to clarify, are you talking about a scenario where you owned shares of a Mutual Fund in a foreign country ( i.e. the fund is not traded in the US ) and that the gain on disposition was taxed at source ? Which country? Are you US citizen / Resident ( Green Card )/ Resident for tax purposes ( what work visa ) ?
Generally, if you are being taxed on your world income then any income taxed by both the USA and a foreign country ( with a Tax agreement ), you should be able to get credit for the taxes paid to a foreign tax administration. However, I need the info asked for above before I can say anything specific to your situation. Please ?
May 8, 2020
9:26 AM