A credit is allowed for foreign income taxes paid or accrued. The loan is limited for that part of U.S. tax due to foreign source income. It is far from refundable, but any excess credit the carried to other years to reduce tax. Banks and payday loan company become heavy with foreclosed properties once the housing market crashes. These kinds of are not as apt fork out off the bed taxes on the property that's going to fill their books with more unwanted homes for sale. It is much easier for th...