I emigrated from China to the U.S. and became a U.S. taxpayer in 2020. Before becoming a U.S. taxpayer in 2020, I bought a residential property in China for $100,000 in 2010, lived in it until 2015 and and then rented it out from 2015 to the present. How should I claim depreciation? For every year from when I started to rent it out in 2015 OR for only for the years since since I became a U.S. taxpayer in 2020? What is my basis for U.S. tax purposes? The price I paid for it in 2010 plus improvements made when rented out OR its value in 2020, when I became a U.S. taxpayer, which had increased to about $500,000?
