Foreign Tax Credit Carryover

Forum|Forum|1 year ago
June 23, 2024
1 reply
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I have earnings at India and I use Foreign Tax Credit to prevent double taxation. I have Foreign Tax Credit Carryover from General Income, from 10th year which will expire. Can I sell equity and use capital gains and have them be offset by the Foreign Tax Credit Carryover from 10th year in General Income category?

P

pk12_2

Employee

@souzem , In general, you should be , depending on the exact facts and circumstances. Instead of quoting statutes, I refer you to a reasonably pertinent article --- Foreign Tax Credit Carryover & Carryback: A Complete Guide (greenbacktaxservices.com).

I also suggest that you use the what-if feature of window's version of Home & Business TurboTax to see how it would affect you ( of course there will be some shortfalls -- you are 2023 with its figures ) at least directionally.

Is there more I can do for you ?