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?
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.
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
You must be logged in to reply to this topic. If you don't have an account, you can register here.
