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Investors & landlords
you have a tax issue. for foreign residential rental property placed in service before 2018 the life is 40 years (about $782 per year).
and while the method is still straight line MACRS it's under the ADS (alt) method which prescribes the longer life for foreign rentals. to correct this issue you need to file form 3115 and you are required to pick up as income the excess depreciation. see a tax pro
‎January 10, 2022
10:53 PM