Daniel HonanFounder, Profitable Painter CPA PLLC · I help painting contractors increase profits & cash flow while reducing taxes♦ Bookkeeping ♦ Tax

Painting Business Owners: Discover if you can bonus depreciate real estate.

Name: Painting Business Owners: Discover if you can bonus depreciate real estate.
Uploaded: 2024-07-02T13:00:07+00:00
Duration: 21 s
Channel: Daniel Honan
Description: In this brief segment, the speaker addresses a frequently asked tax question from painting business owners: whether bonus depreciation can be applied to…

2 Jul 2024 · 0 min

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0:21

In this brief segment, the speaker addresses a frequently asked tax question from painting business owners: whether bonus depreciation can be applied to real estate. The answer is that bonus depreciation does not apply to real estate itself. Land is never depreciable, and buildings are subject to standard depreciation schedules—27.5 years for residential property and 39 years for commercial property. The speaker emphasizes these special rules as the correct approach for handling real‑estate depreciation in a painting business context.