Not everyone qualifies for bonus depreciation deductions by default.
“Any property could qualify for accelerated and bonus depreciation,” said Brandon Ford, a CPA and finance director at C3, a real-estate investment firm.
Determining the deductibleOnce you qualify for the deduction, you must determine how much you can claim from bonus depreciation.
To determine what Michael could deduct, he reviewed his property tax statement, a publicly available record on the county website.
In order to qualify for bonus depreciation, he ordered a cost segregation study, which is a third-party service similar to an appraisal.
Persons:
Michael Hyun, Eileen, Michael, what’s, ”, Eileen’s, Brandon Ford, Michael said, Ford, ” Ford, Hyun, —, That's
Organizations:
Business, Bay Area, IRS, CPA
Locations:
California, Bay, Alameda County