@Drake HamiltonNew or used items are eligible for deducitons.You just want to read the rules on bonus depreciation / section 179 expense as they may require the item to be new for you to claim bonus depreciation / section 179 expense.Best of luck!

If they beat the deadline, they are rewarded with a bonus.

Not only whether you capitalize versus expense, but things like recovery period, section 179 bonus depreciation, de minimis safe harbor for immediate expensing and even just how to establish basis in the first place.

If you do not offend sellers with offers over your career, you are making too generous offers!

@Chris K.Pool is a "land improvement" and, as such, is normally eligible for the 100% bonus depreciation = full immediate deduction.However, adding a pool to an investment property, even an STR, is a questionable business decision.

List it immediately and have your real estate agent put in the broker's notes on the MLS that there is a $x bonus to the selling agent if the property closes escrow by a date 3 or so days before your loan is due. 

It really does takes a bonus, paid up front, to get steady guys to hump like this over the holidays.This is all part of the riddle's answer, and also part of the reason why so many non-specialists fail in renovation-heavy real estate investing, most especially down in C-class.

If it is an RS with one ADU, then you can do an additional affordable ADU which will then allow another market rate bonus ADU as well.

Wife and I have paid a lot of federal income taxes in 2021 (W2) and was wondering if anyone has any recommendations on structuring taxes (bonus depreciation/upfront depreciation) to get reduce our taxable income.

The purchase of the property may allow for some sort of depreciation / bonus depreciation in the year of purchase.