Slash Your Tax Bill by Investing in "GO Zone" High Rise Condos and Cash Flowing Real Estate

As the two year anniversary of Hurricane Katrina passes by, many of the major newspapers in the country (and the Las Vegas Review Journal in particular) are featuring articles reminding us how devasting that storm was by documenting the trials and tribulations of the rebuilding process in the Gulf region. If you're like most people, you read these articles and look at the pictures and think to yourself, "wow.. those poor people. It's horrible what they had to endure". Then we continue drinking our lattes, watching our favorite TV shows and getting on with our everyday routines... and thinking about what Las Vegas high rise project to invest in.

Very few people know there are investment incentives made available by the federal government that allow you to invest in the redevelopment of the Gulf area while slashing your tax bill in the process. It's called the "GO Zone Act", and many are calling it an investor's dream. "GO" as in "Gulf Opportunity", the "GO Zone Act" allows qualified individuals bonus depreciation of 50% in year one of owning their investment property. Plus, you can carry back any “net operating loss” for 5 years or forward 20.

How does it work? Let's say you purchase a GO Zone qualified rental condo priced at $500,000. You cannot depreciate the land, so if we estimate land value at 10%, you now have a basis of $450,000. Fifty percent depreciation would equate to $225,000 that you may deduct from your taxable income.

So, did you pay taxes last year? If so (and you probably did), how'd you like to get that money back and turn it into valuable cash-flowing property instead? The "GO Zone Act" incentives allows you to do just that. However, not everyone qualifies for the GO Zone inventives - and not every property qualifies as well. It is imperative that you speak with your tax lawyer or accountant to determine if you qualify for the program.

If you're currently investing in Las Vegas high rise condos (or condos in any area of the country for that matter), I would strongly urge you to consider adding some "GO Zone" properties to your portfolio. The www.gozoneprojects.com website features a variety of projects that may be of interest, many of which make excellent investments even without the "GO Zone" benefits. In addition you'll find links to a variety of "GO Zone" related information as well as a "GO Zone" Blog updated whenever "GO Zone" related news happens.

It's your money - why give it to the government? Use it or lose it.

Now you can read those articles and watch those news programs about the Hurricane Katrina affected area and think to yourself, "I'm helping out, and I'm making money by doing so!". Now go ahead and have that latte.