Depreciation Investment Use Foreign
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FAQ
If you itemize your deductions as an American living overseas, you can deduct foreign real estate taxes imposed by you by a foreign country. Unfortunately, you cannot take deduction for personal property taxes unless these taxes are incurred in a trade or business or in the production of income.
Is Foreign Property Depreciable? Yes. If your property is considered a rental property, you can depreciate it on your income tax returns. Unlike U.S. property, which is depreciated over 27.5 years, foreign residential property is depreciated over 30 years.
Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.
Your overseas property is depreciated over a 30-year or 40-year period, depending on when it was first rented, instead of the 27.5 years for domestic residential properties. Don't worry! An Expat Tax Advisor can help you determine how to best report your foreign rental property depreciation.
Unlike domestic residential properties, which are depreciated over a period of 27.5 years, your overseas property is depreciated over either a 30-year or 40-year duration, depending on when it was first rented. Depreciation might be unfamiliar to some US taxpayers.
