Need CPA for Bonus Depreciation
Hello BP community, I have multiple properties that I short term rent, I am also in the 32% tax rate for my W2, so I am looking for an investor friendly CPA who can help me with bonus depreciation and the STR loophole. I did a Cost Seg study on three of my properties to take advantage of accelerated depreciation.
If anyone knows a good CPA who would be able to help with this, please let me know.
Thank you!
Most Popular Reply
If the short-term rentals are treated as active, it will allow you to utilize the loss and offset it against other forms of income such as W-2 wages, interest, dividends, etc
A cost segregation study looks at a property and identifies components of the house that may be eligible for faster depreciation. It wll identify assets that the IRS classifies as 5 year, 7 year or 15 year life.
These items are eligible for bonus depreciation and a faster writeoff than the standard 39 years for short term rentals.
- Basit Siddiqi
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- 917-280-8544
