@RoyV You have to look at your long term tax picture. You can take the big deduction for this year and it will greatly improve this year's tax position. But it adds nothing to the basis of the property and does not give you any future deductions. If you are certain that you aren't selling anytime soon (so the basis of the improvements wouldn't help since they would be fully depreciated anyway) and you don't feel like the additional deduction will be more helpful in the next five years then go ahead and take it now.
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