If I manage the property on my own next year (2025), will I be able to change the depreciation to bonus depreciation when I file my 2025 taxes and get the tax benefits of bonus depreciation?

Tax benefits2.

It’s also important to sit down (or have a virtual meeting) with your accountant on a quarterly basis to review your financials.Tax deductions are maximized.Ensure you’re getting proper tax planning done throughout the year, so you are minimizing taxes.

It isn't always 100% tax efficient to do this, depending on circumstance)

Also note the loan will show on your tax returns.

Hi Babu,A simple rental property balance sheet will have the following accounts:Assets: Cash, tax and insurance escrow, fixed assets and depreciationLiabilities: Credit cards, security deposits, and loansEquity: Opening balance equity, owner's contributions/distributions, retained earnings and net incomeThere could be a number of reasons that your balance sheet does not balance.

I can’t keep up with the taxes.

I challenge you to find a legitimate source that any of the above statements are not accurate.

If it's in disrepair and needs work before you can market it - things get rather unfriendly to you tax-wise.Next - what are your travel expenses?

For instance, if we had 5 AC units go out, I couldn't cover that on a dime without outstripping my capex and tax savings, but I could probably pay off in a few months.