All Forum Posts by: Yonah Weiss

Also, STRs should be on a 39 year schedule, even though they are residential properties, because they are treated as commercial.

@Marcelle Abel there are many accountant here on the platform that work nationwide and deal with STRs. Try: @Natalie Kolodij @Daniel Hyman @Ashish Acharya

@Greg Heden You 'can' do a cost seg on a property owned for that long, but since almost half of all the depreciation has already been taken, you will have much left to work with. Take a look at your most recent depreciation schedule (or have an expert look) and see what the remaining tax basis is. 
Doing what we call a 'look-back study' allows you to catch up the accelerated depreciation that you could have taken that you missed, without having to amend previous years' tax returns. You will need to file a form 3115, a change of accounting method.

@Liz VanGrunsven @Daniel Hyman is local to Milwaukee. 

Plus one for @John Woodrich 💪

Thank you @Michael Plaks & @Chris McCormack for the mention. Always happy to help.

 I highly recommend all of them as well, and will tag them for you:

@Natalie Kolodij @Daniel Hyman @Mark Perlberg @Nicholas Aiola @Ashish Acharya

Congrats on the deal! Keep us posted on how well you execute your plan.

@Lien Vuong is awesome, so I thought I'd tag her here :)

@Michael Plaks thank you for sharing the additional methods. A few accountants have mentioned to me recently that they use a 20% land allocation for all properties, based on a 'safe-harbor'. Are you aware of the source for their claims, and can that be relied upon?

Depreciation begins when the property is placed in service by the new owner. 

When it comes to cost segregation and bonus depreciation, the age of the property does matter somewhat, because there is calculation made between the 'real useful life' of those components as compared with the 'tax useful life'. It is usually a small difference.