Need a CPA who understands Coseg study and bonus depreciation

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Need a CPA who understands Coseg study and bonus depreciation

J Giraldo
Linden, NJ · Member since 2016 · 9 posts · 5 votes

Looking to buy a short term rental and want to connect with a CPA that understands Coseg Study, 100% bonus depreciation that will qualify me to offset my W2 income. 

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Amit Shukla
Beaverton, OR · Member since 2017 · 37 posts · 21 votes
1y

I’m looking for one too

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  • Mohamed YoussefBusiness Member
    Accountant · Brea, CA · Member since 2018 · 123 posts · 67 votes
    1y

    @J Giraldo I will be happy to help. Please feel free to check out my business profile and let me if you have any questions.

    [email protected]714-684-6840
    Nexus Square555 Reviews
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    1Reply
  • Amit Shukla
    Beaverton, OR · Member since 2017 · 37 posts · 21 votes
    1y

    I’m looking for one too

    1Reply
  • Fulton Abraham Sanchez
    CPA| New Clients Welcome| 50 States · Member since 2016 · 440 posts · 97 votes
    1y

    @J Giraldo, hi. Great move looking into STRs with a cost seg and bonus depreciation angle. If the property qualifies and you materially participate, the depreciation can definitely help offset W-2 income. The key is structuring it right and documenting hours. Lots of investors are using this strategy successfully.

    1Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    1y

    There are a lot of great real estate CPAs on here. You'll want to be guided on the transaction in terms of documentation needed. With something as big as the short term rental loophole, you want to make sure documentation is buttoned up and you know the tax consequences at the outset. 

    [email protected]
    Brick House CPAs53 Reviews
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  • Josh L.
    USA · Member since 2023 · 145 posts · 84 votes
    1y

    Plenty on BP. Happy to help. 7 material participation rules (just need to meet one) with the first criteria being you participated in the activity (ie STR) for more than 500 hours. More nuances from there.

    1Reply
  • J Giraldo
    OP
    Linden, NJ · Member since 2016 · 9 posts · 5 votes
    1y

    Thank you all for the feedback. I learned that one of the participating rules are that I am involved for at least 100 hrs and more than anyone else. Correct?

    1Reply
    • Josh L.
      USA · Member since 2023 · 145 posts · 84 votes
      1y
      Quote from @J Giraldo:

      Thank you all for the feedback. I learned that one of the participating rules are that I am involved for at least 100 hrs and more than anyone else. Correct?

      Pretty much there >

      You participated in the activity for more than 100 hours during the tax year, and you participated at least as much as any other individual (including individuals who didn’t own any interest in the activity) for the year.

      As far as your other post I think there are SaaS options. You'd want to dig into the specifics with your tax professional to ensure all those activites you listed do indeed count as hours.
      1Reply
  • J Giraldo
    OP
    Linden, NJ · Member since 2016 · 9 posts · 5 votes
    1y

    What is the best way to document material participation?

    I'm using the app clockify to log in time and date of research, attorney meeting,  property tours, bookings, etc.

    Any other recommendations?

    1Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    1y

    Have a conversation with the accountant on cost segregation firm recommendations. Furthermore, have a conversation to see what is required to treat a property as active instead of passive.

    Best of luck to you!

    [email protected]917-280-8544
    Basit Siddiqi CPA4.880 Reviews
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