Situation: A client sold a property outside the US. After selling the property, the client paid 6% for the property tax to the country where the property was located. I understand that a client has to pay 20-25% for the tax here in the US. So my question is/are:
First: What form should I use to report the income?
Second: If...
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Income from a Sold Property outside US
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Dependent Care Credit and Foreign Earned Income Exclusion
US taxpayer working in Canada. Qualifies to exclude some foreign earned income on Form 2555. Taxpayer also incurs dependent care expenses while in Canada.
Does taxpayer have to reduce dependent care expenses eligible for the credit by the fraction of excluded foreign income over total foreign income?