Thanks for the tax break government

[OohPooPahDoo]

Since we bought a duplex in the "Gulf Opportunity Zone" this past year, we can elect a bonus depreciation of 50% of the value of the rental side - or 25% of the value of the house.

So according to the IRS, I took a 25k loss this year on rental property. Next year will also be close to that as there is plenty loss left to carryover!

Woo hoo!

 

[LibertyForAll]

cool story bro!

 

[Soggy in NOLA]

Since we bought a duplex in the "Gulf Opportunity Zone" this past year, we can elect a bonus depreciation of 50% of the value of the rental side - or 25% of the value of the house.

So according to the IRS, I took a 25k loss this year on rental property. Next year will also be close to that as there is plenty loss left to carryover!

Woo hoo!

If you had any integrity at all, you'd NOT take the loss and pay your fair share of taxes.

 

[OohPooPahDoo]

Since we bought a duplex in the "Gulf Opportunity Zone" this past year, we can elect a bonus depreciation of 50% of the value of the rental side - or 25% of the value of the house.

So according to the IRS, I took a 25k loss this year on rental property. Next year will also be close to that as there is plenty loss left to carryover!

Woo hoo!

If you had any integrity at all, you'd NOT take the loss and pay your fair share of taxes.

Hey genius, I have to pay it back in depreciation recapture if I ever sell the property. And if I never sell the property, that same amount would get depreciated over time anyway.

In fact, since my marginal tax rate is 15% but the recapture is 25%, the government actually winds up ahead if I sell the property any time soon. If I sold it next year, for instance, government gets back 25% of 25k but I only received 15% of 25k in tax benefit, netting government $2,500



Big business gets deprecation hand outs all the time. I fail to see what's wrong in the little guy getting them, too.