The real estate community received a tremendous tax boost from the passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act in April.
Real estate investors can amend their 2019 tax returns to immediately expense Qualified Improvement Property, which was previously depreciated over 39 years. The additional deductions this creates could create losses which can be carried back to previous tax periods to generate refunds. The most important tax changes and how they can be coupled with cost segregation to generate refunds are summarized below.
Julio Gonzales
Engineered Tax Services
jgonzalez@engineeredtaxservices.com
www.engineeredtaxservices.com
561-253-6640
