Takeaways from meeting with my accountant

[Dan Shelhamer]

The other day I met with my accountant to do some year-end planning, especially since this is my 1st year owning investment properties. A few things that I took away from this meeting are listed below, and I was just looking for some feedback from other’s who have gone through this.

• He mentioned that if your total income is above $160,000 that you will not be able to take the deprecation on the property, but will rather be taken all at once whenever the property is sold. I had never heard this before so I just wanted to hear from everyone if this is a State of Illinois rule or a Federal one.
• He mentioned that after speaking with some other investors, the 1031 exchange would be going away in 1-2 years. Is this true?
• I had asked him if their is any software that makes it easy to track receipts for the different properties instead of having to add everything up manually. He said there are a few, but he didn’t know the names. Any other investors use software of apps like this?

Thanks!