Real Estate Tax Strategy Deadline Approaching!

[Julio Gonzalez]

Did you know that you can claim up to 100% bonus depreciation for certain properties purchased in 2020?

If you’re not familiar with this tax savings strategy, bonus depreciation is a form of accelerated depreciation that allows you to immediately expense personal property under the first year 100% bonus depreciation deduction. Personal property includes tangible assets, such as parking, specialty electrical, finishes, flooring, interior landscaping, etc.

A cost segregation study can identify certain acquired tangible property that may qualify for bonus depreciation using the MACRS approach.

Bonus depreciation will be lost for any property purchased in 2020 if not claimed before the upcoming September 15 deadline, so don't forget to discuss this with your accountant.

Are you utilizing bonus depreciation on your real estate properties?