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Latest revision as of 10:01, 9 October 2026
A credit is allowed for foreign income taxes paid or accrued. The money is limited compared to that part of You.S. tax due to foreign source income. It isn't refundable, but any excess credit the carried to other years to reduce tax. Aside within the obvious, rich people can't simply call tax debt negotiation based on incapacity to pay for. IRS won't believe them almost all. They can't also declare bankruptcy without merit, to lie about it would mean jail for these people.
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