Hello Sir,
You helped me last year with a similar situation in UK. I was under the impression that I could offset foreign income tax paid for a specific property only if if that property showed profit on the tax return in the USA. However last year I was able to take credit for UK income tax even though that property did not show a gain on USA tax return. I just want to make sure I understand the rule clearly before making an investment in Spain where income tax for non-residents is flat 24% of rental income. That property will show loss on the tax return in USA. Would I still be able to take credit for the income tax paid in Spain against my income tax liability in the USA?
