First time I've run across this and it seems cut & dried, but I'd like to ask if anyone would care to comment. Taxpayer from Germany is legally living & working in the US. Prior to this year, he deducted interest income & property taxes on the US home he's buying plus a home he owns in Germany.
After having some major renovations done, last year he began renting the home in Germany to someone, so now it's a rental property. I was surprised to learn that unlike domestic rentals, foreign rental property must be depreciated over 40 years. (In fact, I ran across it by accident).
I assume that the 40-year rule applies to any type of foreign property (commercial or residential rental) and would like to ask if anyone can confirm that for me.
After having some major renovations done, last year he began renting the home in Germany to someone, so now it's a rental property. I was surprised to learn that unlike domestic rentals, foreign rental property must be depreciated over 40 years. (In fact, I ran across it by accident).
I assume that the 40-year rule applies to any type of foreign property (commercial or residential rental) and would like to ask if anyone can confirm that for me.
Comment