Is their a dollar to dollar credit, Paid foreign tax in India for $151K on a sale of land and got tax credit for $38K only ?

[ramagaurav]

Had a $200K+ carryover loss. Seems like I need to use the Capital Loss carryover first before using up Foreign tax credit completely. Currently it says I can carry forward Foreign Tax credit for next 10 years. Can I reverse it, use all foreign tax credit before I use Capital Loss carryover?

[Rainman12]

No, you can't choose amount or timing. Foreign tax credit is limited to what US tax would have been for same type income. Taxes are based on type of income. There is no dollar-for-dollar guarantee.