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Investors & landlords
In addition to the response of what rogge1722 mentioned, your foreign tax credit may have been limited this year. Reading this IRS source suggest the possibility that your foreign tax credit cannot be more than your total U.S. tax liability multiplied by a fraction. The numerator of the fraction is your taxable income from sources outside the United States. The denominator is your total taxable income from U.S. and foreign sources.
If this is the case, your foreign tax credit may be carried back to the previous year and then carried forward to the next ten years. Refer to Carryback and Carryover in Publication 514, Foreign Tax Credit for Individuals.
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‎February 6, 2023
8:44 AM