GO Zone 50% Bonus Depreciation

Discussion in 'US Taxes' started by Tax Tip, Oct 30, 2008.

  1. Tax Tip

    Tax Tip Guest

    The Gulf Opportunity Zone Act established a 50% bonus depreciation
    allowance as a tax incentive to rebuild the economies devastated by
    hurricanes Katrina and Rita.

    To qualify for the bonus depreciation, the property must be listed
    within the GO Zone, new, acquired after Aug. 27, 2005, and placed in
    service before Dec. 31, 2008.The 50% bonus depreciation method must be
    selected before any other depreciation deductions have been made.

    To learn more about Depreciation and how it affects your properties,
    take a look at RealTaxTips.com. It’s a forum for real estate investors
    to learn how others are saving money on their real estate investments,
    and it’s an easy way to get prepared for taxes.

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    Tax Tip, Oct 30, 2008
    #1
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