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As of 2008, you can offset losses incurred on overseas property against Australian income. Have a look here. I can't work out why the Govt changed the rules, as unlike normal negative gearing, they get no stamp duty, land tax, CGT or tax on the profits made by banks. For all the above...

If I buy a house in the US today that cost $500k to build 3 years ago, is the value for depreciation: 1) $500k * 2.5% * current exchange rates; or 2) $500k * 2.5% * exchange rate from 3 years ago? Cheers Jonathon