I just got done with a very interesting Zoom presentation for anyone that owns income property. It was put together by a title company but the presenter was from a consultant. Most people are focused on the PPP part of CARES but it did some other things to help building owners. According to the presenter CARES opens up a revenue stream to income property owners in the form of tax returns by allowing accelerated depreciation on certain components of the property up from the previous 40 years to 5, 10 & 15 years depending on the component as well as tenant improvement expenses. You have to have a detailed analysis done on the property to identify the qualifying components and expenses for your CPA to use but it's retroactive so you can look back and amend/correct your 2019 taxes to capture the money which can be substantial even on moderately valued property. He said to expect the process to take somewhere in the 90-120 day range to turn into cash in your account. I'm waiting on the slides from the presentation but if anyone is interested shoot me a line and I'm happy to forward when I receive them. I hope everyone is staying safe and healthy!
