GO Zone

[RightOn]

Has anyone here heard of the "GO Zone"? It is being called one of the best tax break ever. People on this board are well-known to be very knowledgeable. I would like to know you guys' opinion. It will be greatly appreciated.

[DaveO]

Gulf Opportunity Zone

Taxpayers located in the areas affected by Hurricane Katrina and to a lesser degree Wilma and Rita have a variety of tax breaks. There is something for most taxpayers. Consult IRS Pub 4492 for complete details.

[RightOn]

Taxpayers located in the areas affected by Hurricane Katrina and to a lesser degree Wilma and Rita have a variety of tax breaks. There is something for most taxpayers. Consult IRS Pub 4492 for complete details.

Suppose you invest in a Go Zone rental property and the investment is $100,000,

In the first year, you will get 50% bonus depreciation which is 50,000 plus the regular depreciation. Supposed the regular depreciation is 3,000, the total depreciation expense that you can claim in the first year is 53,000. Is it correct?

[Bees Knees]

In the first year, you will get 50% bonus depreciation which is 50,000 plus the regular depreciation. Supposed the regular depreciation is 3,000, the total depreciation expense that you can claim in the first year is 53,000. Is it correct?

That is correct.