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:
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
The International Tax Gap Series