All Topics / Overseas Deals / Claiming australian depreciation on US property

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  • Profile photo of dhferdhfer
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    @dhfer
    Join Date: 2011
    Post Count: 2

      Is anyone able to comment on if there are any specific ATO rulings or publications around claiming Australian depreciation on overseas properties? particulary as an example a newer foreclosed property may have cost 50k to purchase but the actual cost of the building and parts alone may be worth 140k.  Applying the current depreciation rules for newer properties in Australia, it may be possible to depreciation say 8k a year?  

    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    I’m a noob when it comes to OS investments but aren’t you required to lodge a US tax return before you can repatriate any funds to oz? If that’s the case, then US tax law would apply.

    Profile photo of dhferdhfer
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    @dhfer
    Join Date: 2011
    Post Count: 2

    you have to lodge both a US and an Australian tax return, whilst depreciation can be claimed on both returns, US depreciation is calculated differently from that of Australia

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