Issue with CPA understanding Real Estate Professional

[Julie Washburn]

I am a Real Estate Professional, but I seem to be having trouble with my CPA understanding how to account for this. 2022 was my first year as a Real Estate Professional. My husband has a W-2 job with a large amount of tax withheld. In 2022 we did a cost segregation study to capture a massive amount of depreciation on multiple properties, so there's a lot of bonus depreciation to be taken. Our tax structure has each property in an LLC that is owned by an S Corp, and my husband and myself both own the S Corp. Our CPA is telling us that she did not see any additional ‘basis' or money that you personally invested in the LLC's, so we cannot claim the depreciation from the properties. She is also saying that she set us both at the "no limitation non-passive status" so the Real Estate Professional status is "immaterial".

I would love any help I can get here! I was at the MidTerm Rental Summit this past week and checked in with others, confirming that she doesn't seem to know how to do this. But am I missing something here? I've invested a lot into the cost segregation studies, and I really want to figure out how to capitalize on these tax incentives.