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    lenne45's Avatar
    lenne45 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 29, 2008, 07:38 AM
    Refund of foreign taxes
    I own shares in two Canadian royalty trusts which withhold 15% taxes from distributions. I received no credit on my 1040 for these taxes. Can I apply for a refund from Canada?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 16, 2008, 02:06 PM
    You can aply for a Foreign Tax Credit (Form 1116) to get a dollar-for-dollar tax credit on Form1040.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Apr 16, 2008, 08:30 PM
    The income from Canadian royalty trusts is taxable in Canada.

    If you are a U.S. citizen or resident, you must report this income on your U.S. tax return. You will also file Form 1116 to get credit for the taxes paid in Canada.

    Read: Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income
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