[abofh]

I still have an apartment in the US that's gone from being a primary residence to an investment property - so straight line depreciation on the asset offsets the rental income, then the mortgage interest and SALT deductions still exist on the property itself. It doesn't offset hundred/s/ of thousands of earned income on its own, but the left pocket takes the loss, the right pocket takes the gain so to speak. My first (income) taxable dollar to just above 200k when combined with the FEIE and everything else along the way. There will be capital gains to be paid if the housing market ever recovers and I sell without replacing, but in the mean time it keeps the cash in my accounts.