All Forum Posts by: Yonah Weiss

Welcome to BP @Gaspare Randazzo!

I have given many CPE credit webinars to CPAs, and the analytics from the polls showed that most were not actively involved in accounting, but wanted to keep the accreditation for various reasons. 

There are many great RE focused CPAs here in the forums, and just following certain keywords, you can learn a lot. I have also gained tremendously from @Brandon Hall's podcast/youtube channel The Real Estate CPA, as well as their FB group.

@Ross Y. as @Jai Reddy said, with the extra info you provided in the second comment, that your wife qualifies for REPS, you can certainly use the extra losses from cost seg, beyond your rental income, to offset your W2 as well as the other active gains. 

@David Pike Only one of you needs to claim REPS in order to take advantage of using the extra passive losses beyond your rental income to offset her W2. It doesn't make a difference if her name is on the title or that the RE is considered passive for her.

 Thanks for the mention! Happy to help :)

It doesn't have to do with zoning, it has to do with usage. For a "dwelling unit" to be considered residential (27.5 year depreciation), it cannot be used on a 'transient basis' see Tax code - 26 U.S. Code § 168 - Accelerated cost recovery system here: https://www.law.cornell.edu/us...

Actually it's different. STRs if the average stay is less than 30 days (which is the definition of STR) the depreciation schedule is 39 years, like commercial properties, as opposed to long term rentals which are on a 27.5 year schedule.

 I appreciate the mention Bernard! Happy to help. Feel free to DM me.

Looking forward to this @Chris Levarek! 

I will just comment on the California part of your question. It is true that on a state tax level, CA doesn't recognize 100% bonus depreciation along with a few other states); however, on a federal level you can still apply bonus depreciation to your income. 

 It's a great question. The water and septic systems will never be considered 'land improvements' from a depreciation standpoint, but if you don't own those infrastructure components, then they will not be included in your ownership (depreciable basis). If you do have POHs one could make the argument to consider them 5-year depreciation 'personal property' if they are still 'mobile', in which case the infrastructure attached to them could also potentially be 5-year.