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Latest revision as of 15:04, 11 September 2026


A credit is allowed for bokep foreign income taxes paid or accrued. The credit is limited certain part of You.S. tax due to foreign source income. It's not at all refundable, but any excess credit may be carried to other years to reduce tax. Conversely, earned income abroad, and a second income from foreign securities, rental, or whatever else abroad, could be excluded from U.S. taxable income, or foreign taxes paid thereon, can be used as credits against U.S. taxes due.

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