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Get your taxes done using TurboTax
pk and DaveF1006 -- Many thanks for your responses! I have a couple follow-up questions:
(1) If I understand correctly, I can claim depreciation starting from when the foreign residential property was converted to rental use in 2015 even though I did not become a U.S. taxpayer until 2020. How do I claim depreciation for 2015-2019?
(2) I have seen differences of opinion of tax experts about whether the depreciation period for foreign residential rental property put in service before 2018 should be 30 years or 40 years. Has this been clearly settled?
3 weeks ago