Our VSO said they are still processing claims so I'd imagine eligibility confirmation would be much easier. 

Since you bought the property in December 2024, your components fall under the old schedule, meaning 40% bonus depreciation applies in 2025.You’re right that building structure doesn’t qualify, but items from a cost segregation study (like appliances, flooring, furniture, and landscaping) still do, just at the 40% rate.So even though your placed-in-service date is May 2025, the purchase date controls eligibility for 100%.

If the property qualifies as a separate activity, you may be eligible to claim bonus depreciation through a cost segregation study, which can provide substantial upfront deductions — particularly beneficial if you are in a higher tax bracket.However, if your income level is lower, the cost of the study may outweigh the benefit.

Ever ask yourself why investors wait 27.5 years to get all their tax deductions — when they could claim most of them now? 

Smart planning now can significantly reduce your tax burden — and even open up opportunities to give back to your tenants or community in meaningful, deductible ways.Common Tax Deductions for LandlordsThe IRS allows landlords to deduct most ordinary and necessary expenses related to managing and maintaining rental properties.

You’ll file one joint return, but S-corp expenses don’t get “added” on Schedule A, they must be deducted inside the S-corp and flow through on the K-1. 

@Michael OverallQBI number is not some "loss" that you can benefit from.It's simply an FYI number that prevents you from taking a QBI deduction in the future because you had multiple years of prior losses.Short story: you're not missing on anything.

Possible, but only if the tiny house qualifies as depreciable rental property and you use cost segregation to break out shorter‑life components that may be eligible for current bonus depreciation; many “tiny homes” fail if they’re personal use, on wheels, or not placed/used as a rental.

Also I didn't realize you could deduct inspection fee for investment properties.

Quote from @Santos Lopez: I heard that there's a way to deduct short term rental losses against earned income (e.g.