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C
CUSO
Level 4
March 15, 2021

Foreign Tax Credit Question

  • March 15, 2021
  • 1 reply
  • 4 views

Hello,

I have a client who was an expat and has accrued a massive tax credit to carryforward.  I do not specialize in foreign tax credits and was wondering if anyone knows how he can use his accrued tax credit to offset his ordinary income taxes?  Thank you!

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    March 15, 2021

    He probably can't. It can only be used against foreign income.

    Since a lot of countries have higher tax rates than the US, a lot of people end up with foreign tax credit carryovers they can't use.

    The more I know the more I don’t know.
      C
      CUSOAuthor
      Level 4
      March 17, 2021

      Thank you for the response.  Do you know if income can be qualified as foreign sourced income if you are an employee working for a domestic company but working abroad for a short period of time?

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