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Updated about 3 years ago,
Should I close in 2021 or 2022?
I am a successful mortgage loan officer and I had a very good 2021. I am closing on an investment property in the next week or so. I can either close late December or early January. Is there any benefit for me to close in 2021 vs 2022 for tax writeoff purposes? I have heard about being able to claim 20-25% of depreciation in the first year through cost segregation, but Im not sure if this applies to me or if it would lower my taxable income (since my largely main source of income was non-real estate related). Important to note that I did not have significant rental income this year and I am not a "Real estate professional" for tax purposes. I am simply a mortgage loan officer who is about to own 2 properties. Thanks all!