bonus depreciation help/questions

[Adam Zuar]

My parents bought a short term rental property in Cape Coral Florida in 2021. From what I understand, they can use bonus depreciation once a cost segregation study is done. Unfortunately they did not get a cost segregation study done, or use bonus depreciation while filing their 2021 taxes.

1. Are my parents still eligible for bonus depreciation? and if so, how does using bonus depreciation in "year 2" (i.e. 2022) differ from using bonus depreciation in "year 1" (i.e. 2021)?

2. I heard that once your modified adjusted income is over 100k or 150k that you might not be eligible for bonus depreciation. Is that accurate? Assuming it is accurate, perhaps the best approach would be to put the house in a LLC before doing their 2022 taxes?

Source for this assumption: https://www.therealestatecpa.c...

Lastly, is there a real estate CPA that someone can recommend in the Cape Coral Area?

Thanks!! 

Adam