When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that land itself is not depreciable.

Now add on my primary unit in Brooklyn and I’ve really exhausted most tax deductions. 

The best way to ease the burden is to create or buy something that generates business or passive income — because business owners and investors get to deduct everything it takes to earn that income.2.

The LLC pays the full amount of $300,000.Umbrella insurance policy ($10,000 deductible/$1,000,000 coverage): The dwelling insurance picks up the liability max.

Justin, for clarity when you say you want to take advantage of the 100% bonus tax depreciation that Section 179 allows you to expense the full purchase price of eligable business property (farm equiptment for example), however "real property" like a single family or duplex does not qualify for the full expensing or depreciation.

That means cost segregation and bonus depreciation are already available, and those deductions can offset other income if the owner materially participates (already similar to the "STR loophole").

The final version of the bill includes some major wins for real estate investors including:A permanent extension of lower individual tax ratesAn enhanced and permanent qualified business income deduction (Section 199A)A temporary (five-year) quadrupling of the state and local tax (SALT) deduction cap, beginning for 2025Protection for business SALT deductions and 1031 like-kind exchangesA permanent extension of the mortgage interest deduction⚡️ What’s else is Back? 

I’d also appreciate any advice on: Whether it’s better to hold this as a BRRRR-style long-term project or refinance and scale into new builds.Financing strategy suggestions (I’m eligible for VA and possibly FHA options).What red flags or hidden costs to look out for on a deal like this.  

Lastly, if you turn into a rental and it continues to appreciate you might lose the tax deduction in the future.

That means even transferring the property to yourself can trigger a tax bill.No Basis from Debt:S-Corp shareholders don’t get basis credit for company debt, which limits depreciation and loss deductions on rental properties.