Thanks, Trexie E

There’s your estimate.In most of my syndications the taxable income has been near zero in the first couple of years (we do cost seg so that juices it but even without cost seg the taxable income should be fairly low thanks to standard depreciation).  

Assuming this is just a plain vanilla rental, it should not be subject to self-employment tax, and it belongs on Schedule E, not Schedule C, where it sounds like your tax software is currently putting it. 

If there is a way for me to upload my calculator (pictured above) I will, or I can e-mail it to anyone who asks. 

., there was a technical error, and the section of the tax code describing 15-year property (Section 168(e)(3)(E)) was in fact not amended to include qualified improvement property.So for now, strictly-speaking, in 2018, qualified improvement property is regular old 39-year property that is not eligible for bonus depreciation.We do expect that a technical correction to the law will be made, but for now the IRS has actually stated that it cannot guarantee that absent legislative correction it will accept the legislatively intended change in recovery period and bonus eligibility.Anyway, this is neither here nor there since you have stated you are a landlord of residential rental property rather than non-residential real estate.And this does not affect the application of 100% bonus depreciation to both qualifying new and used property place in service after 9/27/17 and before 1/1/23 that @Yonah Weiss pointed out.

@James E.

Especially for E 83th St, how the overall safety in this area?

The zoning may be industrial but land use and other factors will determine whether you can build an additional dwelling, whether that is a house, garage apartment, w/e.

Reg.  1.408–2(e), which defines some of the responsibilities of a nonbank trustee.

@James E.