All Forum Posts by: Casey Reuss

Thank you for your reply @Ashish Acharya

I found on https://www.federalregister.go... a section that speaks to property eligibility and is in-line with what you've stated. Since this property I purchased as primary residence (in 2016) was a used property and not a new home, I (the taxpayer) am not considered the original user of the property. 

I'm confused where it says (see below screenshot) "(1) The property was not used by the taxpayer or a predecessor at any time prior to the acquisition;.."    Is this stating that the taxpayer could not have used the property before it was purchased, like rented?  

Tax code is hard for me to read. After 8 times re-reading each sentence, only then I finally understand.

Thank you

@Ashish Acharya

@Ashish Acharya

Hi RE Investors and like-minded folks,

I moved out of my primary residence and turned it into a STR property. Placed into service this year, March 2022. I'd like to get a Cost Seg Study done on it to benefit from 100% bonus depreciation that ends after 2022. I'm all set to go with getting the cost seg study scheduled, but I had heard the Moneynista say that the property needs to be purchased for 100% investment purposes and cannot be used for personal use in the past. This piece of information makes me think my STR is an ineligible property for 100% bonus depreciation.

Does anyone have know if this is correct that past primary residential properties are ineligible to use 100% bonus depreciation?

Thank you, Casey

Bend, Oregon

Hi Everyone,

I'm seeking real estate investor opinions on this property that I'm steps away from submitting my offer. It's a 2,000 sqft home in a $600k - $1.2m surrounding home neighborhood on the river. Highly desirable location. We plan to do an owner-occupied flip, so live in it for at least 2 years as we've done with our first/current home. It's listed at $450k, and needs approx. $50k - $60k in repairs. My realtor performed a comp analysis and from that data it seems to have an ARV of about $650k. Maybe more because it's riverfront and there aren't any riverfront comps. Maybe less because it's an older home than these beautiful comps.

I need some advice. Should I put a competitive offer on this home to win the bid and try to negotiate during inspections and get this home at around $450k?

Thanks, Casey