Updated almost 4 years ago on . Most recent reply
Newbie Question about Accelerated Depreciation
Trying to get some information on how taxes work because I may need to hire the professional this year. I have a W2 job, self employment and then my rental properties. I have used TurboTax for the last few years as it seemed my taxes were logistically manageable. But I just acquired another rental property, dropped $25k in the renovation at the end of 2021. Through my W2 job, I have already paid about $17k in taxes and it appears I will owe another few thousand. Through turbotax I get the standard depreciation, but I have been hearing about accelerated depreciation and it seems that can bet the best way to lower my tax burden. I will likely hire a professional CPA to take care of my taxes, but want to understand if the accelerated depreciation will help me. Also, if you have any referrals for tax pros in Hawaii, please let me know.