Dear Congress and Mr. Presidnet - thanks for the 25k write off

Discussion in 'Politics' started by OohPooPahDoo, Jan 21, 2012.

  1. OohPooPahDoo
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    OohPooPahDoo Gold Member

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    Found out that since my new duplex is in the Gulf Opportunity Zone, I get to take 50% of the cost basis of the rental side and depreciate it all in one year. For a loss of about 45k. Only 25k will apply to this year's taxes, and the rest to next year.

    So according to the IRS I lost 25k renting the rental side of my duplex in the past year.

    Woo hoo!
     

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