Found 1 Matching Items; Displaying 1 - 1.
Publication 514, Foreign Tax Credit for Individuals
Publication 514, Foreign Tax Credit for Individuals, explains that you may be able to take either a credit or an itemized deduction for foreign taxes. Taken as a deduction, foreign income taxes reduce your U.S. taxable income. Taken as a credit, foreign income taxes reduce your U.S. tax liability.