US Foreign Tax Credits: Avoid These 4 Mistakes When Filing Form 1116

Filing Form 1116 to the IRS can be tricky, but avoiding these four common mistakes can save you time and money. Learn more here.
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[@Simon-Misiewicz-US-UK-Taxes]

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[@rudra109]

Hi
Would you be able to make a video on foreign taxes paid which is reported on 1099 Div with some example please?
It would be really helpful
Thanks.

[@Simon-Misiewicz-US-UK-Taxes]

I sure would. Give me a few weeks to plan one out

[@rudra109]

@@Simon-Misiewicz-US-UK-Taxes thanks so much !!

[@Simon-Misiewicz-US-UK-Taxes]

You are welcome 🙏

[@gotishah9000]

Can you do video for Canada foreign tax credit.

[@Simon-Misiewicz-US-UK-Taxes]

Sure thing. One will be coming up soon.

[@studiojason8049]

What is line 16 all about? TLDR/I didn't understand the instructions at all.

[@Simon-Misiewicz-US-UK-Taxes]

Better to get some tax advice from your accountant to help you understand it more. This video has given you awareness at least for you now to investigate more. Best of luck for 2023 🤞👍

[@jameskim4642]

Where to enter foreign capital gain income in US tax form? Sch D?

[@Simon-Misiewicz-US-UK-Taxes]

On IRS Form 1040, foreign capital gains tax is typically reported on Schedule D (Capital Gains and Losses) and/or Form 1116 (Foreign Tax Credit). Here's a brief overview:
1. **Schedule D**: Report your capital gains and losses from the sale of foreign assets on Schedule D. Use Part I for short-term capital gains and losses, and Part II for long-term capital gains and losses.
2. **Form 1116**: If you paid foreign taxes on your capital gains, you may be eligible to claim a foreign tax credit using Form 1116. This form helps prevent double taxation on income that is taxed by both the United States and a foreign country.
Make sure to consult the instructions for both Schedule D and Form 1116 for detailed guidance on reporting foreign capital gains and claiming any applicable tax credits. Additionally, if you're unsure about your specific tax situation, it's advisable to consult a tax professional or accountant for personalized advice.

[@jameskim4642]

Thank you very much

[@Simon-Misiewicz-US-UK-Taxes]

You are very welcome