Bonus accelerated depreciation on a fix and flip

[David Pike]

Hello,

I have a question related to getting accelerated depreciation. Assuming I meet the IRS guidelines for a real estate professional, can I do a cost seg and claim accelerated depreciation for a fix and flip property if I hold it for over a year?

Or can I list it as a rental property with zero income?

I'm assuming I would have to rent an apartment nearby and claim this as our primary residence.

I know that accelerated depreciation is intended for buy and hold rental properties but surely people have bought with the intention to rent, claimed accelerated depreciation, then changed their minds and either sold or lived in the place. What happens in that scenario?