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Fred's Boys Let Him Down
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<blockquote data-quote="59 Dano" data-source="post: 865519" data-attributes="member: 23516"><p>I didn't notice the 500 lb. gorilla in the room and your Google-Fu managed to miss it, but there's a dollar-for-dollar tax credit that you can use for income earned and taxed abroad while you're living abroad (under the same conditions that you raised in order to qualify for the exemption). The way it works is for ever dollar you pay to, say, Spain, in income taxes, you can deduct a buck from your US federal income tax liability. It prevents you from being taxed twice and is usually a much better deal using the income exemption because it can wipe out your federal tax liability and then some -- which you can carry forward and apply to future tax liabilities.</p></blockquote><p></p>
[QUOTE="59 Dano, post: 865519, member: 23516"] I didn't notice the 500 lb. gorilla in the room and your Google-Fu managed to miss it, but there's a dollar-for-dollar tax credit that you can use for income earned and taxed abroad while you're living abroad (under the same conditions that you raised in order to qualify for the exemption). The way it works is for ever dollar you pay to, say, Spain, in income taxes, you can deduct a buck from your US federal income tax liability. It prevents you from being taxed twice and is usually a much better deal using the income exemption because it can wipe out your federal tax liability and then some -- which you can carry forward and apply to future tax liabilities. [/QUOTE]
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