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Updated over 2 years ago,
100% Bonus depreciation on prior primary residence - now STR
Hi RE Investors and like-minded folks,
I moved out of my primary residence and turned it into a STR property. Placed into service this year, March 2022. I'd like to get a Cost Seg Study done on it to benefit from 100% bonus depreciation that ends after 2022. I'm all set to go with getting the cost seg study scheduled, but I had heard the Moneynista say that the property needs to be purchased for 100% investment purposes and cannot be used for personal use in the past. This piece of information makes me think my STR is an ineligible property for 100% bonus depreciation.
Does anyone have know if this is correct that past primary residential properties are ineligible to use 100% bonus depreciation?
Thank you, Casey
Bend, Oregon