A deduction of foreign income taxes to reduce U.S. taxable income.
If you paid or accrued foreign taxes to a foreign country on foreignsource income and are subject to U.S. tax on the same income, you may be able to take either a credit or an itemized deduction for those taxes. Taken as a deduction, foreign income taxes reduce your U.S. taxable income. (Source: IRS) 1
- 1. IRS: "Foreign Tax Credit", http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Tax-Credit
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