Core concepts
Depreciation shelter
27.5-year straight-line + cost seg + bonus depreciation.
Deferral via 1031
Rolling gains into replacement property defers tax indefinitely.
Step-up at death
Eliminates all deferred gain and recapture for heirs.
Examples
- $300k property: $9k annual depreciation + cost seg → year-1 paper loss.
Practical applications
- All buy-and-hold investors.
- Wealth transfer planning.
Common mistakes
- Skipping cost seg on $400k+ basis.
- Selling instead of 1031-exchanging.
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