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4/15 filing deadline for Forms 1040, 1041, and 1120 is now closed. Perfection period in progress! Check out Hot Topics here.
4/15 filing deadline for Forms 1040, 1041, and 1120 is now closed. Perfection period in progress! Check out Hot Topics here.
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Foreign rental home by US resident
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Anglis
Level 3
03-15-2026
02:24 PM
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Hello Community,
I have a tax client that moved here from New Zealand, and owns a rental property in that area. We have been reporting the income and property on schedule E. He now tells me that he is moving back to New Zealand and will no longer need my services after 2026. Do I just sell property off and recapture the depreciation as ordinary income? He will be filing a return for 2026, and then moving out of US.
Thank you for feedback,
Angela
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sjrcpa
Level 15
03-15-2026
02:57 PM
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No sale. No depreciation recapture. Enter sale date = date it stopped being rental. No sales price.
If he's a US citizen or resident alien he needs to continue to file US income tax returns.
The more I know the more I don’t know.
