Can carry-forward FTC be used if the foreign source instrument is sold/liquidated at a profit? And can one amend a prior year return to do so? Thanks in advance, John
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The FTC carryover is independent of any particular investment, so yes, a carryover survives the sale of the investment that gave rise to it. (It doesn't work like PAL carryovers).
Yes, if a FTC carryover was available in a prior year, but it wasn't claimed, an amended return should be filed .,.. if the year in question is still open.Roland Slugg
"I do what I can." -
Thanks Roland; I also agree with folks re the helpfulness of the Board. This is my first year here after many years with the ATX community that was slashed mid season last year. Further question re FTC: Because the taxes are withheld on the divds at the time of payment, if there is a carry over because of the liability percentage limit can the FTC be taken if the liability from foreign income is increased by the sale at a gain of the instrument or in this case a PPT? Again thanks to all who participate. John in (today) sunny upstate NY.Comment
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