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Updated over 1 year ago,
Bonus Depreciation treatment with non-spouse LLC Partnership, one is REP?
My business partner (non-spouse) and I are 50/50 owners in an LLC that owns a residential ST rental. We purchased the property in 2021 and put into service, after a renovation, in Nov 2022. Opting for residential rental 27.5 years since > 30 days avg rental in first year of service (could be <30 days in future). I qualify for REP, my business partner does not. My question is whether I can benefit from loss offset, primarily from Bonus Depreciation stemming from our renovation, while my business partner can capture loss carry-forwards?