Foreign Tax Credit Carryforward

[David]

TP worked in Canada several years and has been back in the US since 2014 with the same employer. He has a big FTC carryforward that will not be used. Is he able to deduct the remaining amount on Sch A in 2015? I wouldn't think so since he is a cash basis TP and the taxes were paid in 2014 and prior years. 

I thought I would check to see if there was any way for him to deduct those taxes instead of carry forward for years. 

Thanks.

 

[Max W]

The FTC can only be taken against foreign income.   If the client has brokerage accounts, he could have foreign dividends or interest against which the FTC could be applied.

[joanmcq]

You can't deduct the remaining c/f.  It just carries forward up to 20 years. 

[DevM]

I think carry forward is only for 10 years.