Second, taxpayers qualify for 100% bonus depreciation on both used and newly qualified property. Previously, only owners who constructed or purchased new property were eligible for the bonus depreciation. Now, it just needs to be the taxpayer's first use of the property, even if it is used.

“It's a big thing for real estate companies because now they buy a building and they carve out shorter-lived assets for a bonus deduction and they're taking a huge deduction right up front,” says Bertonaschi.

The IRS now also limits the amount of interest expense deduction to 30% of a business's income. Real estate companies can elect out of the interest expense limitation. However, Bertonaschi says if they do, they'll need to depreciate their assets over a longer time period, looking at the life of the asset as determined by the IRS.

If companies are operating at a loss, the tax expert says they may limit their interest expense. The limitation can carry forward and in the future the taxpayer may make the election and take all the interest expense deduction at once.

As a final tip, Bertonaschi says the maximum deduction for Section 179 expenses has increased from $500,000 to $1,000,000. “There are some nonstructural components of real estate that qualify for 179 where they wouldn't qualify for the bonus deduction,” he says.

Section 179 can apply to qualified real property, at the taxpayer's election. The IRS December 18, 2018 guidance to the TCJA amended the definition of qualified real property to include improvements to nonresidential real property, such as roofs; heating, ventilation and air-conditioning property; fire protection and alarm systems; and security systems.