Had to forego on bonus depreciation (had done a cost seg) because I'd end up paying more tax for my 2024 return due to the recapture rules.

Very generous of you!

Honestly, we should have been easy clients - we came to him with a plan in place wanting his help on claiming REP status, setting up a cost segregation for a rental property bought and functioning in 2022, so that we could file for 100% bonus depreciation for that tax year.

I want to pay my credit cards off ($15k) and adopt children (estimated to cost $10-15k) My company will reimburse me the adoption fees, but not until it's finalized so I am hoping to do a HELOC so I can re-use that monies later on for bonus items like a pool or something fun for the kids.

Honestly, we should have been easy clients - we came to him with a plan in place wanting his help on claiming REP status, setting up a cost segregation for a rental property bought and functioning in 2022, so that we could file for 100% bonus depreciation for that tax year.

In many cases the light source was an added bonus but today, unless the bathroom is really designed appropriately for having a window, it is most often is misplaced in a shower/tub set up. 

With cost seg and bonus depreciation, we can save around 20K in taxes.Will eventually convert to a ltr.

We currently have the below "bad debt" positions:Student loans - 50k (6%)Car loan - 29k (7.09%)2nd lien (current primary home) - 80k (6.08%)401k loan - 30k (9% - paid to yourself)401k loan - 20k (9.25% paid to yourself)Household income of 267k (not including bonus), roughly 100k cash currently and save around 6k a month not including yearly bonus's (33k + 14k = 47k net/yr) + 72k/yr (6k/mo x12) savings = 119k total net savings per year (rough estimate not including current rental)Should we pay off existing debt with the exception of our home loans (not including 2nd lien) or invest in a 250k townhome* that can rent anywhere from $2,000-$2,750/mo?

Assuming that John’s wife is managing the Airbnb Rental and qualifies as a material participant, John Doe’s family can deduct $150k from their w2 income for the year 2022 (Bonus depreciation 100%).This would equal $33,000 in a tax refund for the family.

Get wealthy + be extra generous.