Maximize tax savings with investment property

[Andrew M.]

Hi all,

I'm purchasing an investment property next month (December) (2 units). I want to maximize my tax savings when I file my taxes next April, so I was wondering what I should do til the end of 2022 to maximize my tax savings. I will be renovating this property so I'm assuming costs associating with improving the building are tax deductible? What sort of documentation should I keep when it comes to filing my taxes next year. I'm also purchasing a pick-up, which I'm hoping to tax advantage of Section 179 (vehicle over 6k pounds).

If anyone is willing to have a quick discussion, I would very much appreciate it. 

Thanks

[Dominick Johnson]

Cost segregation to do an accelerated depreciation will get you the most tax savings. Consult a CPA who can recommend a cost segregation company.