I just got into contract on Property #5!

22d ago in Tax

Hey all,

If you attended the meetup last night - you know that I am under contract as of yesterday for a duplex in TX.

I asked my Cost Segregation guy to give me an estimated Cost Segregation to give me an idea of what I could claim for Bonus Depreciation this year for this duplex.

Here is what he sent me.

I can claim close to $87,000 for bonus depreciation for this property. Since I'm closing at the start of December, I'll only have about $4000 of total rental income collected.

Meaning I'll be reporting close to $90,000 of passive losses from this one property - which should reduce my taxable income by $90,000 - and saving me about $35000 in taxes this year from this one property.

Just thought I'd share!

BTW: My cost seg guy is sam@resurefinancial.com - just let him know Michael Hyun sent you.

LETS GET SOME DEALS DONE THIS YEAR!

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