According to Publication 514, Foreign Tax Credit for Individuals, a taxpayer who claims the Foreign Tax...

According to Publication 514, Foreign Tax Credit for Individuals, a taxpayer who claims the Foreign Tax credit, can still claim an itemized deduction of any foreign credit that is not allowed as a credit if any except which of the following are true (1) Foreign tax was paid or accrued to a county that supports acts of international terrorism (2) the taxpayer participated in or cooperated with an international boycott (3) Taxes were paid in connection with the purchase or sale of cigarettes or alcohol (4) Taxes were paid in connection with the purchase or sale of oil or gas

Expert Solution

(3) Taxes were paid in connection with the purchase or sale of cigarettes or alcohol

In the cases mentioned under (1), (2) and (4) ...... are the cases where credit is not allowed specifically as per the publication 514. Hence it they can be claimed as deductions but not as credits.

The item mentioned under (3) is not mentioned under not allowable credit.

jeff jeffy answered 2 years ago

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