#form 1116

Chapter 17: How to get “credit” for taxes (foreign) paid to your country of residence

The United States will give you “some” but NOT all credit for non-U.S. taxes paid to your country of residence. In other words, you will NOT get credit for all taxes paid to your country of residence. In order for you to get “credit” for a tax paid to your country of residence it must be recognized as a “tax” under U.S. law. Even then, then you may or may not get credit for the “tax” paid.…