@Vish_GKA , Having read through your post and the rep[l;ies/ questions from my colleague @DaveF1006 , I am still confused what you are trying to do. Generally , I would have assumed that your ;parents live in your foreign ( India ? ) property and pay very little -- not the standard fair market rent. If that is the case then you cannot claim this as income property. Therefore I need to understand what you want to achieve -- pay taxes on income from that foreign property & take advantage of depreciation ? Note that while depreciation helps you now reduce your tax burden, when you sell the prop. any gain up to accumulated depreciation is taxed at your marginal rate AND not at capital gain. Also your basis in the property is reduced by the accumulated depreciation allowable ( whether you took it or not ) , thus increasing your gain. Do you really want to do this considering that it is within the family.
I will circle back once I hear from you
pk
