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Investors & landlords
You would have to have income from foreign sources in the current year to receive credit for foreign taxes paid in the current year. However, you could report the foreign tax paid in the current year to set up a carry over of the credit in case you had foreign income in future years.
I am led to understand that the foreign income and tax was paid in a previous period though. In that case, the proper thing to do would be to amend the return for the year the foreign tax was paid, and then carry over the unused credit from that year on.
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‎February 19, 2020
3:22 PM