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Updated about 2 years ago on . Most recent reply
Maximize tax savings with investment property
Hi all,
I'm purchasing an investment property next month (December) (2 units). I want to maximize my tax savings when I file my taxes next April, so I was wondering what I should do til the end of 2022 to maximize my tax savings. I will be renovating this property so I'm assuming costs associating with improving the building are tax deductible? What sort of documentation should I keep when it comes to filing my taxes next year. I'm also purchasing a pick-up, which I'm hoping to tax advantage of Section 179 (vehicle over 6k pounds).
If anyone is willing to have a quick discussion, I would very much appreciate it.
Thanks
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Cost segregation to do an accelerated depreciation will get you the most tax savings. Consult a CPA who can recommend a cost segregation company.