All Forum Posts by: Yonah Weiss

Like the others mention, it is very common to have a large passive loss, when doing a cost seg. Perhaps the CPA is worried about it being a 'suspended' passive loss, that may be less beneficial, even though it carries forward, and can be used in the future years against passive income.

Thanks for the mention @Taylor L. & @Mohammed Rahman

@Will Bert have no fear, we will respond. It has been a busy time of year. Thanks for the patience. :)

@Jon Kim it's a very interesting question if I understand it correctly. 

The main concern is that STRs depreciate on a 39 year schedule, and LTRs on a 27.5 year schedule. Whether or not you'll have to change that if there is a change of use, I'm not sure about.

 Really depends on a lot of factors, but in general you can find 50-80% of the tax basis (purchase price minus land) being eligible for 100% bonus depreciation.

 The fee does sound a little much from my experience. I'm sorry to hear that you haven't had much responsiveness, despite following up. One thing I could say, (as I know is true with our company, the biggest national cost seg firm) is that the 3/15 tax deadline has is an extremely busy time. Feel free to DM if you'd like another quote.

 Thanks for the mention Bruce!

 Most companies will provide a free estimate upfront for any property, so you can see for yourself if it could be beneficial. To maximize the benefit, you or your spouse would need to be classified as a real estate professional, to be able to use the depreciation deductions to offset income beyond your rental income. 

Thanks for the mention @Ashish Acharya!

@Matt Heath happy to answer any specific questions you have, feel free to DM me, we work nationwide.

 Yes. It doesn't matter what kind of loan you used, if you are using it as a rental property, you can claim depreciation (and cost seg). The one thing to be careful about, is if you actually use it as a vacation home for more than 14 days during the year, or more that 10% of the total rented days. If you do, then your depreciation will be diminished.

I never get tired of listening to Tom Wheelright.