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I am currently living in Switzerland and considering moving
I am currently living in Switzerland and considering moving back to the US. I have about $60k in FTC carryovers. Can I use the carryover credits to offset US taxes on my swiss pension? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,463 satisfied customers
I am having trouble understanding foreign tax credits,
I am having trouble understanding foreign tax credits, Hopefully in simple language you can help me understand it. I have a carryforward foreign tax credit from a sale of property in Israel. I paid th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I was reviewing my tax return from previous years and I
I was reviewing my tax return from previous years and I noticed the following I was subject to a foreign tax paid in 2013 and 2014 and I see the accountant utilized a good part of the foreign tax paid… read more
Tax.appeal.168
Tax.appeal.168
Principal
4,911 satisfied customers
If you had a foreign tax credit carryover from 2014 and you
if you had a foreign tax credit carryover from 2014 and you had no foreign income in 2017 , could you use the foreign tax credit in 2017 to offset your regular tax liability… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,463 satisfied customers
Continuing our discussion on foreign tax credits. I have
Continuing our discussion on foreign tax credits. I have land in a foreign country, Israel and I intend to sell it and I will be heavily taxed on it and will incur a foreign tax. I will have to report… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,320 satisfied customers
On schedule A of the 1040, on what line would you deduct a
On schedule A of the 1040 , on what line would you deduct a foreign tax credit carryover from 2016?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,320 satisfied customers
I have an American living in Canada who is confident he owes
I have an American living in Canada who is confident he owes no US tax. I did his 2016 tax return using Intuit Pro Series and he owed tax. He sent me his 2014 tax return to demonstrate how his prior C… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,463 satisfied customers
I have a foreign tax credit question... I have cancellation
I have a foreign tax credit question... I have cancellation of debt income of $50k from a foreign lender (England) on a K-1.(Taxpayer is a G.P.) Can I characterize that relief of debt as passive incom… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,621 satisfied customers
I have a Foreign Tax Credit carryover from 2014 but did not
I have a Foreign Tax Credit carryover from 2014 but did not have any foreign income in 2015. Can I use the Foreign Tax Credit in 2015, and if so, how do I file for it? I use TurboTax to do my taxes an… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,294 satisfied customers
I know that if you have business loss or rental real estate
I know that if you have business loss or rental real estate loss in previous year, you can deduct the amount if you have enough income the following year, so you can pay less tax compared to without a… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
1,394 satisfied customers
I worked in the United Kingdom from 2008 to 2012 when I retired
I worked in the United Kingdom from 2008 to 2012 when I retired and going into tax year 2013 , still had a sizable Foreign Income Tax Credit Carryover. While in the UK, I purchased a Guernsey/UK based… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,463 satisfied customers
I am filing a late 2011 return. I want to utilize a foreign
I am filing a late 2011 return. I want to utilize a foreign tax credit carryover to offset my U.S. 2011 tax. In 2011 I did not pay any foreign tax. My carryovers come from previous years when I paid f… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,278 satisfied customers
Im aware of the tax exemption where if you work outside of
I'm aware of the tax exemption where if you work outside of the U.S. for 330+ calendar days in a year and you don't make more than $91,500, then you wouldn't pay U.S. taxes, right? Since the U.S. has … read more
Charles Markham
Charles Markham
Principal
Masters Science Taxation
755 satisfied customers
If I have passive rental losses, and have an AGI that does
If I have passive rental losses, and have an AGI that does not allow me to utilize these passive losses against non-rental income, can I carry these losses forward to a period in which I have passive … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I prepare the tax return for a Trust on a form 1041. Until
I prepare the tax return for a Trust on a form 1041. Until last year it was very straight forward since only taxable income was realized. Last year the Trust incurred a NOL which I have carried forwar… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
How many years can I carry over a capitol gains loss in my
How many years can I carry over a capitol gains loss in my taxes? I believe there is a 3K cap (married). About 3-5 years ago I had a couple few years of losses and the past couple of years have carrie… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
I own several residential rental properties, and show a loss
I own several residential rental properties, and show a loss on them (in total) when depreciation is included. I have no other income to offset the losses. Can I not claim depreciation on some propert… read more
CPAforHire
CPAforHire
Bachelor's Degree
73 satisfied customers
OK, an individual has total capital loss carryover (assume ...
OK, an individual has total capital loss carryover (assume all long term) from previous years of $50,000. In the current tax year, he incurs a $30,000 long term capital gain. Question: Can he use his … read more
Merlo
Merlo
Tax Consultant
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