October 2012
Beginner
784 pages
45h 24m
English
Content preview from J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return
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16.10 Foreign Taxes
You may deduct your payment of foreign real property taxes and income and excess profits taxes as itemized deductions. Where you pay foreign income or excess profits tax, you have an election of either claiming the tax as a deduction or a credit. Claiming the credit may provide a larger tax savings (36.14).
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