50% GO Zone Bonus Depreciation | Property Depreciation Tax Deductions

The Gulf Opportunity Zone Act established a 50% bonus depreciation allowance as a tax incentive to rebuild the economies devastated by hurricanes Katrina and Rita.

To qualify for the bonus depreciation, the property must be listed within the GO Zone, new, acquired after Aug. 27, 2005, and placed in service before Dec. 31, 2008.The 50% bonus depreciation method must be selected before any other depreciation deductions have been made.

This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. 50% GO Zone Bonus Depreciation | Property Depreciation Tax Deductions is brought to you by SimplifyEm Pay Rent Online and Property Management Software

Welcome back! What did you think of our Property Management Software? Are you subscribed to our feed and receiving email updates?

You might also want to read:

1. Property Depreciation Property depreciation is a deductible periodic accounting charge that represents the recovery of capital investment over the useful life of property used in a trade or business or other income producing activity. Land is not included, as it does not depreciate. For depreciable properties acquired prior to January 1, 1981,......
2. Tax Depreciation Tax Depreciation Tax Depreciation Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the rental real estate property. Most types of tangible property (except,......
3. Actual Expense Method – Auto Expenses You Can Actually Deduct | Vehicle Deduction Tax Tips Vehicle expenses paid exclusively for rental activity can be fully deductible. Using the actual expense method instead of standard mileage might be more beneficial if your vehicle incurred a lot of expenses during the year. Usually the largest vehicle expense that you can deduct is depreciation, which allows you to......
4. Segment Property Depreciation, Accelerate Real Estate Tax Deductions Save thousands of dollars by segmenting depreciation deductions. Identify your property’s short life assets so you can depreciate them sooner, and by accelerating your deductions you can save money on taxes. People normally depreciate their properties using a straight-line deduction over 27.5 years, so for a property with a $275,000......
5. Depreciation – Rental Income Tax Deduction IRS Form 4562 By maximizing depreciation deductions, you minimize taxable liability and save money on taxes. Since you cannot immediately write-off the purchase cost of investment property, you must deduct the acquisition cost over the life of the property using depreciation. Most rental owners are able to turn profits after collecting rent and......