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Updated over 1 year ago,
Tradeoffs: amending taxes with cost segregation & bonus depreciation
When filing our 2022 taxes, our CPA did not mention or encourage us to do a cost segregation study to capture bonus depreciation on the two properties my wife and I acquired in 2022. Our goal is to invest aggressively and, hopefully, allow me to step back from a full time W2 within 5 years while my wife continues on with her W2. At that point I’d plan to have real estate professional status.
With this goal in mind, what are the tradeoffs of getting a cost segregation study done, amending our 2022 taxes, and capturing bonus depreciation? It’s feeling like a worthwhile move since we can put those added losses to work sooner than later given our goals and timeline. What are some arguments for and against?
Thank you in advance for additional insights and perspectives!