Depreciation for foreign residential rental property - Spidell

Depreciation for foreign residential rental property

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Message Board Depreciation for foreign residential rental property

This topic contains 2 replies, has 2 voices, and was last updated by Gerald Weiss 2 weeks, 6 days ago.

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  • #183113
    Anonymous

    One of our clients purchased a residential rental property (one unit in a condo) in Seoul, Korea in 2018. Is the foreign rental property depreciated over a 40-year period, instead of the current 27.5 years for domestic? I thought it’s 40 years w/ADS, but was it changed to 30 years w/ADS from 2018?

  • #183132
    Anonymous

    I have depreciated residential foreign rentals the same way as in the states 27.5 years
    have not read anything contrary to that.
    However, they cannot do a 1031 exchange

  • #183358
    Gerald Weiss
    Participant

    2018 Pub 946 ADS residental rental:   30 yrs,  with  40 years for property placed in service before January 1, 2018.