[ Offshore Tax ] Foreign Tax Credits for US income for Portugal tax residents

[ Offshore Tax ] Foreign Tax Credits for US income for Portugal tax residents.
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would I pay taxes in Portugal and use the foreign tax credit in the u.s or pay tax in the u.s and not pay any taxes in Portugal uh Jeffrey sorry I'm not sure what type of income we're talking about but if it is pension income which is uh what a lot of people ask about if it is that you're receiving like you have a 401k you have an ira and there's going to be a distribution from it they'll be subject to as Augusto said that 10 in Portugal and we will reduce we'd have to reclassify the income it's a bit of some tax alchemy that that international tax professional who is familiar with this situation would know how to do so there's a bit of alchemy involved so that income even though it's u.s source will be reclassified as a foreign source so that way we can uh apply the, uh we can use the tax credits for the taxes already paid to Portugal against any u.s liability so the bottom line is just stepping back and looking at the big picture is that you're not going to be paying tax twice you'll only be taxed one time on that income you're not going to be double taxed once your team knows what they're doing I hope that helps


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