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I posted this in the tax Thread but thought since it is last minute I would put here too, If you bought residential rental real estate last year in the areas affected by Katrina you can get bonus depreication of 50% of the basis in the first year, see here for more info. I just found out about this yesterday, thought it might help somebody, it saved me a bunch and made me wish I would have bought more.
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A quick self bump, if you filed already, consider ammended return if this applies to you, it can be a huge deduction.
I believe you can still buy property in 2008 and get the 50% depreciation bonus....
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