How many people here have heard of or know of the GO zone opportunity available to real estate professionals? I know HF has a handful of realtors and investors along with many others in RE related fields.
I am mostly interested to see how many of you guys that claim 'real estate professional' on taxes or are tax attorneys/CPA's have knowledge of it.
The gist: to boost the housing options for hurricane affected areas of recent years, the gov't is offering MASSIVE depreciation incentives. IE Buying a newly built property in hurricane affected counties along the gulf coast (Harris being one), having it 'in service' by year's end, and being a real estate professional.... you can depreciate 50% of the building's value in the first year on as many properties as you like. The writeoffs can be taken 5 yrs going back and 20 yrs going forward, or all on this yr.
I have heard CPA's and tax attorneys call it one of the largest tax opportunities they have ever seen.
I am mostly interested to see how many of you guys that claim 'real estate professional' on taxes or are tax attorneys/CPA's have knowledge of it.
The gist: to boost the housing options for hurricane affected areas of recent years, the gov't is offering MASSIVE depreciation incentives. IE Buying a newly built property in hurricane affected counties along the gulf coast (Harris being one), having it 'in service' by year's end, and being a real estate professional.... you can depreciate 50% of the building's value in the first year on as many properties as you like. The writeoffs can be taken 5 yrs going back and 20 yrs going forward, or all on this yr.
I have heard CPA's and tax attorneys call it one of the largest tax opportunities they have ever seen.
