The secret of using gas station tax benefits

[Administrator]

 

[Andrew Mason]

Hopefully Bonus Depreciation returns to 100%.... My Question is: If I purchase a (NNN) Chevron or a Circle K gas station Can I claim the bonus depreciation and turn around and put in my Charitable remainder trust to get additional tax deduction?

 

[Gas_Biz]

https://twitter.com/x/status/1836885066909171816

Here’s your answer

 

[Administrator]

In case you do not have X here are the comments received.

- By bonus depreciating the entire asset, you will take your basis to zero.You could still put it in a trust, but you will not receive any additional deduction
- 12 years tax prep experience here. The only way I can see that happening is high buy the gas station, take the deduction next year on your taxes, and then talk to
@markkohler
about the Charitable Remaindet Trust and what it can be used and for what purpose. His firm does dozens of them a year.
- There are special rules here. You can get a charitable deduction for the donation to CRT but are subject to income reduction (reduced benefits) for the recapture that is tagged to that property. Contributions of depreciable property to CRTs come with baggage

 

[Andrew Mason]

In case you do not have X here are the comments received.

- By bonus depreciating the entire asset, you will take your basis to zero.You could still put it in a trust, but you will not receive any additional deduction
- 12 years tax prep experience here. The only way I can see that happening is high buy the gas station, take the deduction next year on your taxes, and then talk to
@markkohler
about the Charitable Remaindet Trust and what it can be used and for what purpose. His firm does dozens of them a year.
- There are special rules here. You can get a charitable deduction for the donation to CRT but are subject to income reduction (reduced benefits) for the recapture that is tagged to that property. Contributions of depreciable property to CRTs come with baggage

Thank you, good sir. I follow Mark Kohler on YouTube!!! Grateful to be a part of your wealth building community. Happy Friday and Happy Investing

 

[Mr1031]

I'd like to tell you something: I believe the 1031 exchange is the 8th wonder of the world. It is a gift given by our Government to real estate investors (and business owners like yourself).

This 100-year-old “cheat code” creates vastly more wealth, far faster than by outright selling your investment property and it’s not even close.

I've dropped in some resources for you to learn more about 1031s and - of course - I'm here to engage and help!