CUSO
Level 3
04-08-2023
03:57 PM
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My client sold inherited property in Ireland. They processed the transaction and Ireland withheld capital gains tax.
My question is how do I get their foreign income tax credit to apply toward the capital gain transaction? I can fill out the 1116, however I don't know how to get it to offset the capital gain where tax was already paid so they are not double taxed on the transaction. I use ProConnect Tax Online if that helps!
Thank you!