The Tax Benefits Of Real Estate Investing

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A credit is allowed for foreign income taxes paid or accrued. The credit is limited to that part of U.S. tax due to foreign source income. It's not refundable, but any excess credit the carried to other years to reduce tax. There's an impact between, "gross income," and "taxable income." Revenues is just how much you actually make. taxable income is what federal government bases their taxes as a result of.

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