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All Forum Posts by: Jerome Skinner

Jerome Skinner has started 1 posts and replied 2 times.

Post: Bonus Depreciation Question

Jerome Skinner
Posted
  • Posts 2
  • Votes 5

Thank you all for you responses! This answers my question and more. To answer your question Julio, it was that episode and I placed my rental into service this year. And Bonnie, I just bought it in 2021, so the benefit has only been lowered by 1 year. I'm lacking funds to continue my real estate investing journey and this seems like a perfect way to get a tax break sooner to help with that.

Post: Bonus Depreciation Question

Jerome Skinner
Posted
  • Posts 2
  • Votes 5

Hey all! After listening to the last episode about bonus depreciation, it left me thinking about my home I recently converted form primary to rental. In the episode it was said that bonus depreciation had to be taken in the 1st year, but am I able to take it in the 1st year of conversion from primary to longterm rental property? Or does it have to be the 1st year of purchase?