Davin Manfredi
House Flipping Framework Bonus Content
6 January 2025 | 3 replies
Because I did not buy this on Biggerpockets, am I not able to access the bonus content.
Cindy Chan
Recs for Bonus Room/Sun Room Builders/Designers in San Diego, CA
10 January 2025 | 0 replies
Looking to talk to someone who’s had experience adding a bonus room/sunroom in San Diego.
Melanie Baldridge
Bonus depreciation ?
16 December 2024 | 0 replies
Bonus depreciation is just a special part of the US tax code.It allows you to take accelerated depreciation on portions of your property depending on when an asset is put into service.At the time of this writing, you can write off a huge portion (60% in 2024) of many qualified components that have a useful lifespan of 15 years or less.That means a certain percentage of things like landscaping, sidewalks, latches, appliances, fences, certain flooring, etc is depreciable in year 1.The bonus depreciation rate percentage changes yearly depending on the administration and the tax code.For years 2015 through 2017 first-year depreciation for all the items on a 15-year schedule or less was set to 50%.It was scheduled to go down to 40% in 2018 and 30% in 2019 and then 0% in 2020.But then Trump got elected, and he enacted the Tax Cuts and Jobs Act.That moved the bonus depreciation percentage to 100% from 2017 to 2022.In 2023 it went down to 80% and it’s currently at 60%.Depending on who gets elected again, 100% may be back on the table.Only time will tell.We know that the US government wants to incentivize more development and ownership of RE.They want Americans to continue to build and maintain our physical world.That’s why real estate is one of the most tax-advantaged assets in the US.Depreciation and bonus depreciation for RE are very positive and will likely continue in the years ahead.
Cherie Carr
Track Driving for Dollars?
10 January 2025 | 2 replies
I really would like an app or site that allows you to compile a list of properties with notes on the spot, and bonus points if it pulls up any info on the property as well.
Melanie Baldridge
Did you know this about Gas Stations?
7 January 2025 | 1 reply
The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the 2025 bonus depreciation rate at 40%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.
Karen Guzik
Is it ok to use the lease agreement that comes with the book bonus?
6 January 2025 | 0 replies
Just want to make sure it's ok to use the lease agreement since it says all rights reserved to bigger pockets. TIA
Steven Hsu
CPA in Dallas, TX
3 January 2025 | 5 replies
@Steven HsuBigger Pockets is a great place to find a real estate tax accountant.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.
Julio Gonzalez
Cost Segregation FAQ
31 December 2024 | 3 replies
Here’s an example of bonus depreciation.WHAT IS THE COST OF A COST SEGREGATION STUDY?
Julio Gonzalez
Asset Classifications for Cost Segregation
7 January 2025 | 6 replies
Window AC units can indeed be treated as tangible personal property with a 5-yr life and be bonus-depreciated or deducted under Section 179.
Todd David Crouch
Self Employed or W2??
12 January 2025 | 4 replies
Bonus, Overtime, and Commission income all typically need a 2 year average either at the same job or in the same line of work.