Hello,
I am looking for a rental property but want to fully understand the bonus depreciation for the first year and years to come. So, if I purchase the rental property at $1,000,000 and the market depreciation rate is 3% for the standard 27.5 years. Does that mean I can amortize that over the 27.5 years and claim 60% of that amount for 2024. How can I calculate what that amount will be?
Also, since this will be in a single member LLC, this would also deduct my tax liability on my personal W2?
Thank you!
