International Tax Gap Series
Foreign tax credits allow U.S. taxpayers to avoid or reduce double taxation. You may choose to take a deduction for foreign taxes paid instead of choosing a credit. In most cases, it is to your advantage to take foreign income taxes as a tax credit.
Refer to the Foreign Tax Credit page for more details.
References and Links
For more information on claiming a foreign tax credit, the following information is available:
Foreign Tax Credit Compliance Tips
How to Figure the Foreign Tax Credit
Publication 514, Foreign Tax Credit for Individuals
Publication 901, U.S. Tax Treaties
Form 1116, Foreign Tax Credit, and Instructions
Form 1118 Foreign Tax Credit - Corporations, and Instructions
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The International Tax Gap Series