Foreign Tax Credits

[S T]

Just a double check - Foreign Tax Credits on carryover on a deceased tax return can not be carried over to the beneficiary? I don't think so, but wanted to have a confirmation.

Thanks

Sandy

[JG EA]

Just a double check - Foreign Tax Credits on carryover on a deceased tax return can not be carried over to the beneficiary? I don't think so, but wanted to have a confirmation.

Thanks

Sandy

This is totally foreign to me.

Pub 514 oage 6:

Beneficiary. If you are a beneficiary of an estate or trust, you may be able to claim the credit based on your proportionate share of foreign income taxes paid or accrued by the estate or trust. This amount will be shown on the Schedule K-1 you receive from the estate or trust. However, you must show that the tax was imposed on income of the estate and not on income received by the decedent.

[FEDUKE404]

Correct!

Just a double check - Foreign Tax Credits on carryover on a deceased tax return can not be carried over to the beneficiary? I don't think so, but wanted to have a confirmation.

Thanks

Sandy

U R correct - it's "use it or lose it" for the decedent/estate, not unlike how unused capital loss carryforwards also "die" with the final 1040 of the decedent.

FE