2026 Biloxi Investment Property Taxes: Maximize Deductions & Minimize Liabilities

For the 2026 tax year, Biloxi investment property owners face significant opportunities and challenges when it comes to biloxi investment property taxes. Whether you own residential rental properties, commercial buildings, or short-term vacation rentals along the Mississippi coast, understanding current tax laws—including the expanded $40,400 SALT deduction cap for 2026—can save you thousands of dollars. This comprehensive guide walks real estate investors through the most critical deductions, passive activity loss rules, depreciation strategies, and local Mississippi tax considerations that directly impact your bottom line.

Table of Contents

• Key Takeaways
• What Are the Biggest Tax Deductions for Biloxi Investment Properties?
• How Does Depreciation Work on Investment Properties in 2026?
• What Are Passive Activity Loss Rules for 2026?
• How Can You Maximize the 2026 SALT Deduction Cap?
• Should You Claim Real Estate Professional Status?
• What Are Mississippi-Specific Property Tax Considerations?
• How Can Cost Segregation Accelerate Your Deductions?
• Uncle Kam in Action: Biloxi Real Estate Investor Success Story
• Next Steps
• Frequently Asked Questions
• Related Resources

Key Takeaways

• The 2026 SALT cap increase to $40,400 allows you to deduct significantly more state and local property taxes, directly reducing your federal tax burden.
• Depreciation deductions on residential rental properties span 27.5 years; strategic cost segregation can accelerate deductions by years.
• Passive activity loss limitations ($25,000 annual cap for most investors) can be bypassed entirely through Real Estate Professional status election.
• Mississippi property owners benefit from no state capital gains tax and relatively low property assessment rates compared to national averages.
• Proper entity structuring (LLC, S Corp, or partnership) combined with documentation of business purpose can save thousands annually.

What Are the Biggest Tax Deductions for Biloxi Investment Properties?

Investment property owners in Biloxi can claim several significant tax deductions. Understanding which expenses qualify is critical to reducing your overall tax liability. The IRS allows deductions for ordinary and necessary business expenses related to producing rental income. This means that virtually any cost incurred to maintain, manage, or improve your property can be deducted in the year it’s paid, subject to specific rules around capitalization and depreciation.

Our Biloxi tax preparation services specialize in identifying overlooked deductions that maximize your return. Many property owners miss valuable deductions by not maintaining detailed records or understanding what qualifies under IRS Section 162 (ordinary and necessary business expenses).

Mortgage Interest & Principal Deduction

One of the most valuable deductions for investment property is mortgage interest. For 2026, you can deduct all mortgage interest on loans used to purchase or improve rental property. This is distinct from principal payments, which are not deductible. In the early years of a mortgage, interest payments represent 70-85% of your monthly payment, making this a substantial deduction. Unlike owner-occupied residential property (which is limited to $750,000 in mortgage debt for interest deduction purposes), investment property has no such cap on the amount of mortgage interest you can deduct.

Example: A Biloxi investor with a $300,000 mortgage at 6.5% interest pays approximately $19,500 in interest during the first year. This entire amount is deductible against rental income, significantly reducing taxable profits.

Property Taxes, HOA Fees & Insurance

Property taxes on your investment property are deductible as part of your rental expense deductions. For 2026, state and local property taxes (SALT) are subject to a $40,400 cap when combined with income taxes and sales taxes—a significant increase from the $10,000 cap in prior years. This expanded cap is particularly valuable for Biloxi investors with multiple properties, as it allows greater deduction of Mississippi property tax assessments.

Additionally, homeowner association (HOA) fees, if required, are fully deductible. Property insurance premiums—including liability, fire, and theft coverage—are 100% deductible. Many investors overlook the value of bundling these deductions together when planning their 2026 tax strategy.

Repairs, Maintenance & Capital Improvements

This is where many property owners lose significant tax savings: understanding the difference between repairs and capital improvements. A repair maintains your property in good condition and is fully deductible in the year incurred. A capital improvement enhances the property’s value or extends its life beyond what was originally expected, and must be depreciated over time using IRS Asset Depreciation Range (ADR) tables.

• Fully Deductible Repairs (2026): Painting walls, fixing leaks, replacing broken windows, patching roofs, fixing appliances, replacing damaged flooring, repairing HVAC systems, cleaning gutters, pressure washing
• Capitalized Improvements: New roof installation (vs. repair), adding square footage, new kitchen/bathroom renovation, replacing all appliances (vs. one unit), adding a deck or patio, HVAC system replacement

For 2026, the IRS allows the de minimis safe harbor provision, permitting immediate deduction of items under $2,500 (for consolidated financial statement filers, $5,000). This allows investors with high property turnover to deduct minor capital improvements immediately rather than capitalizing them.

Operating Expenses & Professional Fees

All operating expenses are deductible, including property management fees, accounting and tax preparation costs, legal consultation, advertising for tenants, utilities paid by the landlord, advertising for sale or lease, utilities (if you pay them), and homeowners association management fees. For professional services like tax preparation related specifically to your investment property, allocate a portion of the fee to the rental activity.

How Does Depreciation Work on Investment Properties in 2026?

Depreciation is one of the most powerful tax strategies for investment property owners. The IRS recognizes that buildings and improvements lose value over time due to wear and tear. It allows you to deduct a portion of the property cost annually, even though you’re not actually spending money. For a Biloxi investment property valued at $400,000 (with $100,000 attributable to land and $300,000 to the building), you can deduct $300,000 ÷ 27.5 years = approximately $10,909 per year in depreciation expense.

Calculating Depreciable Basis for Your Property

The first step in claiming depreciation is determining your depreciable basis. This is the cost of property improvements (not including land). Your basis includes the purchase price plus any capital improvements made during ownership, minus any improvements sold or destroyed. For a property purchased in 2024 at $500,000, where an appraisal allocates $100,000 to land and $400,000 to the building, your depreciable basis is $400,000.

The IRS requires you to use Form 4562 (Depreciation and Amortization) filed with your tax return to claim depreciation. For residential rental property placed in service during the 2026 tax year, the depreciation rate is 1/27.5 or 3.636% annually. Your annual depreciation deduction is your depreciable basis times this rate.

Example calculation for Biloxi property: A duplex purchased for $450,000 (allocating $90,000 to land, $360,000 to building). Annual depreciation = $360,000 ÷ 27.5 = $13,091 per year. Over 27.5 years, you deduct the entire $360,000 building cost.

Depreciation Recapture & Long-Term Consequences

While depreciation saves taxes during ownership, you must pay it back when you sell through “depreciation recapture.” When you sell an investment property, any gain is subject to a 25% recapture tax on the amount of depreciation previously deducted. This is higher than the long-term capital gains rate (0%, 15%, or 20% depending on income).

Example: If you deducted $100,000 in depreciation and sell the property for a $50,000 gain, you owe 25% tax on the $100,000 depreciation deduction ($25,000), plus long-term capital gains tax on the remaining gain. The recapture tax essentially recovers your tax savings from prior years. Despite this, depreciation deductions are still valuable because the time value of money makes current deductions more valuable than future taxes.

What Are Passive Activity Loss Rules for 2026?

The passive activity loss limitation is one of the most misunderstood tax rules affecting real estate investors. Congress created this rule to prevent high-income earners from sheltering ordinary income with losses from “passive” investments they don’t materially participate in. When your rental property generates a loss (expenses exceed rental income), the loss is generally considered passive and subject to limitation.

For 2026, rental real estate is presumed passive unless you qualify as a “real estate professional.” Even if you materially participate in managing your properties, losses are limited to $25,000 per year if your Modified Adjusted Gross Income (MAGI) is below $100,000. For every $1 of MAGI above $100,000, the limit is reduced by $0.50, until it reaches zero at $150,000 MAGI.

Passive Activity Loss Limitation Framework (2026)

• MAGI Under $100,000: You can deduct up to $25,000 in rental property losses against ordinary income (W-2 wages, business income, etc.). Any excess carries forward to future years.
• MAGI $100,000-$150,000: Your $25,000 limit is reduced by 50% of MAGI above $100,000. Example: $120,000 MAGI = $25,000 – ($20,000 × 0.5) = $15,000 deductible loss.
• MAGI Over $150,000: The passive activity loss limitation eliminates your ability to deduct losses from non-professional real estate investments. All losses carry forward indefinitely.

For example, a Biloxi investor with $180,000 in W-2 income (MAGI of $180,000) and a rental property generating a $30,000 loss cannot deduct any of that loss against his W-2 income for 2026. The entire $30,000 carries forward to offset future rental gains or until he qualifies as a real estate professional.

Carryforward of Disallowed Losses

Disallowed passive activity losses don’t disappear; they carry forward indefinitely. This creates valuable tax credits when you eventually sell the property or when income changes. If you have $50,000 in carryforward losses and your MAGI drops below the phase-out range in a future year, you can deduct a portion of those losses. Additionally, when you dispose of the entire interest in a rental property, you can deduct all remaining passive activity losses against other income in that year.

How Can You Maximize the 2026 SALT Deduction Cap?

The 2026 tax year brings a major victory for high-income earners with multiple properties: the SALT deduction cap increased from $10,000 to $40,400 for 2026. This change dramatically improves the deductibility of property taxes for Biloxi investors, especially those with multiple properties generating substantial state and local tax obligations.

Understanding the 2026 SALT Cap Mechanics

The $40,400 SALT cap for 2026 applies to combined state and local income taxes, real estate property taxes, and sales taxes. However, critical distinction: this cap applies only to your personal tax return. For rental properties, property taxes are deductible as business expenses and are not subject to the SALT cap. This means investors can potentially deduct unlimited property taxes on investment real estate while also benefiting from the higher personal SALT cap for their primary residence and other items.

Example structure: A Biloxi investor with $60,000 annual property tax expense on rental properties can deduct all $60,000 as a business expense on Schedule E (Rental Income and Loss). Additionally, if she has $15,000 in state income taxes, she can deduct that using $15,000 of her $40,400 SALT cap, leaving $25,400 of cap remaining for any sales taxes or property taxes on a primary residence.

Multi-Property Portfolio Strategy

For investors with multiple properties, the expanded SALT cap is transformational. Consider this scenario: An investor owns three rental properties in Biloxi generating combined annual property tax expenses of $18,000. Before 2026, only $10,000 was deductible. For 2026, all $18,000 is deductible as business expense, plus additional personal SALT deductions up to the $40,400 cap. This creates $8,000 in additional deductions versus prior years, reducing taxable income and federal taxes owed.

Should You Claim Real Estate Professional Status?

Real Estate Professional status is one of the most powerful tax planning strategies for active investors but requires careful documentation and legitimate qualification. The IRS strictly scrutinizes REP status claims because it allows bypass of passive activity loss limitations—potentially creating $25,000+ in additional annual deductions.

REP Status Requirements for 2026

To qualify as a real estate professional for 2026, both conditions must be satisfied: (1) More than 50% of your working hours during the year must be spent in real estate businesses (personal services in real property trades or businesses), and (2) You must spend at least 750 hours during the year performing services in real property trades or businesses.

Qualifying activities include development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage of real property. If you’re a full-time real estate agent, broker, developer, or property manager, you likely qualify. If you have W-2 employment consuming more than 50% of your working hours, you do not qualify, regardless of real estate activity hours.

• Qualifying REP Hours: Time spent acquiring, developing, managing, or disposing of investment properties; time spent as property manager or agent; time spent in property acquisition analysis; bookkeeping directly related to properties; attending tenant meetings
• Non-Qualifying Hours: W-2 employment hours; general business management unrelated to real estate; personal property maintenance; activities in non-real estate businesses; time spent in passive investments

Documentation is critical. The IRS requires contemporaneous documentation of hours worked, activities performed, and dates. Many successful REP claims have been denied or reduced because taxpayers failed to maintain detailed time records. Beginning in 2026, implement a time tracking system (even simple spreadsheets) recording daily real estate business hours.

REP Status Tax Impact Example

A Biloxi investor manages 8 rental properties, spending significant time on tenant issues, maintenance coordination, and property acquisition. W-2 income is $40,000 annually. Rental properties generate $35,000 in combined losses. Without REP status, the investor can deduct $25,000 (due to the $25,000 passive loss limit) and carry forward $10,000. With REP status and proper documentation, the entire $35,000 loss is deductible, creating an additional $10,000 deduction saving approximately $3,700 in federal taxes (at 37% top rate). Over a multi-year holding period, REP status could save $50,000+.

What Are Mississippi-Specific Property Tax Considerations?

Mississippi offers distinct tax advantages for real estate investors compared to many other states. Understanding these benefits allows Biloxi investors to optimize their investment strategy and long-term tax planning.

No State Capital Gains Tax

Mississippi does not impose a separate capital gains tax on real estate sales. Federal long-term capital gains tax remains (0%, 15%, or 20% depending on income), but Mississippi residents avoid the additional state tax burden faced by investors in California (13.3%), New York (10.9%), or other high-tax states. This creates a 3-5% tax advantage on property sales, translating to significant savings for investors with substantial appreciated properties.

Example: A Biloxi investor sells a rental property for a $200,000 gain after 10 years. Federal long-term capital gains tax at 15% = $30,000. In California, the same investor would owe California state tax of approximately $26,600, resulting in $56,600 total tax. Mississippi investors keep the $26,600 difference—a powerful incentive for long-term property appreciation strategies.

Property Assessment & Ad Valorem Taxes

Biloxi properties are subject to annual ad valorem (property) taxes administered at the county level (Harrison County). The statewide average assessment rate is 0.79% of property value, though rates vary by county. Harrison County’s assessment rate is approximately 0.81%, slightly above the state average. Compared to national averages (1.1%), Mississippi offers favorable property tax treatment.

Property assessments are performed by county assessors and updated periodically (typically every 4-5 years). If you believe your property is over-assessed, you can file a formal appeal with the county assessor’s office. Many investors overlook this opportunity, missing chances to reduce annual property tax liability by 5-15% through proper appeal procedures.

How Can Cost Segregation Accelerate Your Deductions?

Cost segregation is a legitimate IRS strategy allowing property owners to accelerate depreciation deductions by reclassifying property components into shorter useful-life categories. Rather than depreciating a building over 27.5 years, components like carpeting, appliances, landscaping, parking lots, and certain structural elements can be depreciated over 5-15 years, dramatically accelerating early-year deductions.

How Cost Segregation Works

A professional cost segregation engineer conducts a detailed analysis of your property, identifying components that qualify for accelerated depreciation. The analysis typically allocates 10-20% of a building’s cost to 5-year personal property (appliances, carpeting, lighting fixtures) and 15-25% to 15-year land improvements (parking lots, landscaping, sidewalks). The remaining 60-75% continues depreciating over 27.5 years as structural components.

For example, a $1,000,000 Biloxi property purchase might allocate as follows under cost segregation: $100,000 land (not depreciable), $120,000 5-year personal property (depreciating $24,000 annually years 1-5), $180,000 15-year land improvements (depreciating $12,000 annually years 1-15), and $600,000 27.5-year building (depreciating $21,818 annually). This structure front-loads depreciation, creating $36,000 in year-one deductions versus $16,363 under standard depreciation.

• 5-Year Property Components: Appliances, carpet, paint, light fixtures, HVAC equipment (as trade fixtures), fire alarms, security systems, landscaping
• 15-Year Land Improvements: Parking lots, driveways, sidewalks, landscaping infrastructure, fencing, irrigation systems, site utilities
• 27.5-Year Building: Structural components, roofing, foundation, walls, windows, doors, built-in cabinetry

Cost-Benefit Analysis of Cost Segregation

Cost segregation analysis typically costs $2,500-$7,500 depending on property complexity. For properties valued above $500,000, this investment usually pays for itself within 1-2 years through accelerated depreciation tax savings. However, cost segregation creates depreciation recapture tax when you sell (25% rate on recaptured amounts), essentially deferring rather than eliminating taxes.

Decision framework: Cost segregation makes sense if (1) you plan to hold the property 7+ years, (2) the property value exceeds $750,000, (3) you have passive activity loss carryforwards to absorb accelerated depreciation, or (4) you intend to conduct a 1031 exchange to defer recapture taxes. For smaller properties or short-term holds, standard depreciation may be optimal.

Uncle Kam in Action: Biloxi Real Estate Investor Success Story

Client Snapshot: “Sarah” is a mid-career professional with $120,000 W-2 income who owns three rental properties in Biloxi (two long-term rentals and one vacation rental). She manages the properties herself and has been frustrated by her high tax bills despite claiming various deductions.

Financial Profile: Combined property acquisition cost: $980,000 (allocated $180,000 to land, $800,000 to buildings). Annual rental income: $72,000. Annual operating expenses: $24,000. Annual depreciation: $29,090 (based on standard 27.5-year depreciation). Annual mortgage interest: $42,500. Annual property taxes: $16,200.

The Challenge: Sarah was reporting rental income of $72,000 minus $24,000 operating expenses = $48,000 taxable rental income. Adding her $120,000 W-2 income resulted in $168,000 combined income, pushing her into the high passive activity loss phase-out range. She claimed minimal depreciation because her prior accountant incorrectly believed depreciation created “audit risk,” and she was unaware of the expanded 2026 SALT deduction cap. Her combined federal and state tax liability was $48,000 annually.

The Uncle Kam Solution: We implemented a comprehensive strategy: (1) Proper depreciation documentation: Filed amended returns claiming full depreciation deductions ($29,090 annually for prior three years), reducing her taxable rental income. (2) SALT cap optimization: Documented that her $16,200 annual property taxes, combined with state income taxes, could be fully deducted within the new 2026 $40,400 SALT cap. (3) Entity structuring review: Analyzed whether S-Corp election or multi-property LLC restructuring could optimize her tax situation. (4) Cost segregation analysis: Obtained a cost segregation study on her largest property ($480,000 acquisition), identifying $68,000 in 5-year property that could accelerate depreciation. (5) Record-keeping system: Implemented digital tracking system ensuring all operating expenses were properly documented and categorized.

The Results:

• Tax Savings (2026 Year 1): Proper depreciation ($29,090) + cost segregation acceleration ($13,600 additional) = $42,690 additional deductions. Depreciation recapture tax liability on sale later = potentially $10,673 at 25% rate, but taxes saved in interim years = $15,796 at her 37% marginal rate. NET SAVINGS: $5,123 in year one.
• Long-term projected benefit: Over a 10-year hold period before 1031 exchange, projected federal tax savings exceed $84,000 through combined depreciation, cost segregation, and optimized SALT deductions.
• Investment in professional guidance: Uncle Kam’s strategic review, amended return filing, and cost segregation analysis = $6,500 total investment, yielding a 7.9x ROI in first-year tax savings alone.

This is just one example of how our proven tax strategies have helped clients save thousands annually and build multi-property portfolios with confidence. Sarah’s success demonstrates the combined power of proper documentation, entity optimization, and understanding evolving tax law changes like the 2026 SALT cap increase.

Next Steps

Now that you understand the key strategies for optimizing Biloxi investment property taxes in 2026, implement these action items to maximize your deductions and minimize liabilities:

• Audit your depreciation: Verify that you’re claiming full depreciation on all investment properties. Many investors leave thousands on the table by not claiming available deductions. Review prior-year returns to identify amended return opportunities.
• Calculate your SALT benefit for 2026: Document all state, local, and property taxes to ensure you’re maximizing the expanded $40,400 cap. Separate rental property taxes (fully deductible business expenses) from personal SALT items.
• Evaluate Real Estate Professional status: If you spend substantial time managing properties, consult a tax advisor about whether you qualify for REP status in 2026. If qualified, proper documentation is essential.
• Consider cost segregation for properties above $500,000: Obtain a preliminary analysis to understand potential accelerated depreciation benefits. Many investors find cost segregation costs are recovered within 12-24 months.
• Schedule a comprehensive tax strategy review: Our Biloxi tax preparation and strategy services provide personalized guidance based on your specific property portfolio, income situation, and long-term investment goals. Contact us to discuss how we can optimize your 2026 tax position.

Frequently Asked Questions

Can I Deduct My Entire Mortgage Payment as an Investment Property Expense?

No. Only the interest portion of your mortgage payment is deductible as a rental expense. The principal portion represents a return of your capital investment and is not deductible. However, principal payments increase your property equity, which provides long-term wealth building. Over a 30-year mortgage, typical early-year payments are 70-85% interest and 15-30% principal, meaning substantial deductions. As years progress, the ratio shifts, with later payments becoming 15-20% interest and 80-85% principal. Tracking the interest/principal breakdown from your mortgage lender’s annual statement ensures accurate deduction reporting.

What Happens to Depreciation When I Sell My Biloxi Rental Property?

When you sell a rental property, all depreciation previously deducted is subject to “depreciation recapture” taxation at a 25% rate. This is higher than long-term capital gains rates (0%, 15%, or 20%) and is designed to recover the tax benefits you received from prior-year depreciation deductions. Example: If you deducted $150,000 in depreciation and sell the property, you owe 25% × $150,000 = $37,500 in recapture tax, regardless of whether the property appreciated or depreciated in value. However, you can defer recapture taxes through a Section 1031 like-kind exchange, allowing you to reinvest sale proceeds into another investment property.

Are Vacation Rental Income and Long-Term Rental Income Taxed Differently?

For federal tax purposes, vacation rental income (short-term rental/STR) and long-term rental income (LTR) are taxed similarly as Schedule E rental income. Both allow the same deductions: mortgage interest, property taxes, depreciation, repairs, and operating expenses. However, the IRS treats STR properties differently regarding passive activity loss limitations. If your STR property is rented fewer than 15 days annually, it’s not considered a rental activity, and losses cannot be claimed. If rented 15+ days annually, it’s treated as a rental activity subject to passive loss rules. Additionally, self-rental rules may limit deductions on short-term rentals depending on your situation. Proper classification and documentation are essential for STR income reporting.

How Do I Report Rental Income and Losses on My 2026 Tax Return?

Rental income and losses are reported on Schedule E (Rental Income and Loss), which is part of Form 1040. You must report all rental income (gross rent, plus any payments from tenants for utilities or other services). Then deduct all allowable business expenses, including depreciation (which requires Form 4562). The net result is your rental income or loss, which flows to the bottom of your Form 1040. If you have multiple properties, each property has its own Schedule E section. If your total Schedule E shows a loss and you exceed passive activity loss limitations, you may not be able to deduct the full loss in the current year (carryforward rules apply).

Can I Deduct Losses from a Property I’m Trying to Sell?

Yes, as long as the property is held for investment and generates rental income in the tax year, you can claim deductions for that year’s expenses. You do not need to wait until sale to claim depreciation, mortgage interest, and operating expenses. In fact, continuing to claim full deductions while selling the property (in transition periods) is common and appropriate. Once the property is sold and no longer in your possession, you cannot claim depreciation or operating expenses for subsequent years. However, if the property generates a loss in the sale year and you have passive activity loss carryforwards, the sale triggers special rules allowing you to deduct all remaining carryforward losses (subject to limitations).

What Documentation Should I Keep to Support My Investment Property Deductions?

The IRS requires you to maintain records supporting all deductions claimed. Essential documentation includes: (1) Mortgage statements and interest computations showing annual interest and principal paid; (2) Property tax assessments and payment receipts from Harrison County; (3) Insurance policies and premium payments; (4) Repair and maintenance receipts and invoices with descriptions of work; (5) Utility bills and vendor statements for operating costs; (6) Property management company statements if you use professional management; (7) Capital improvement documentation with dates and costs; (8) Depreciation schedules and computations (Form 4562); (9) Tenant lease agreements and rental payment documentation; (10) Records of time spent on property management (for Real Estate Professional status claims). Maintain these records for minimum 3 years (6 years if gross income under-reported by 25%+, indefinitely for substantial underreporting).

What Are the Benefits of Using an LLC or S-Corporation for My Biloxi Rental Properties?

Rental property entity structuring offers several benefits. An LLC provides liability protection (creditors cannot pursue personal assets for property-related claims), separates personal and business finances, and improves record-keeping. An S-Corporation election (available for LLC or corporate entities) can reduce self-employment taxes by allowing you to take “reasonable compensation” as W-2 wages and remaining profits as distributions (not subject to 15.3% self-employment tax). Example: An investor with $80,000 annual rental profit could take $40,000 as S-Corp salary (subject to payroll taxes, approximately 15.3%) and $40,000 as distribution (no self-employment tax), saving approximately $6,120 annually versus treating all income as self-employment income. However, S-Corp elections involve additional compliance requirements (payroll processing, quarterly filings). For rental properties specifically, entity selection depends on liability exposure, income level, and tax rate optimization—professional guidance is essential.

Related Resources

• Real Estate Investor Tax Strategies & Planning Services
• Entity Structuring for Real Estate Investment Optimization
• Comprehensive Tax Strategy Planning for High-Income Investors
• Complete Tax Guides & Deduction Optimization Resources
• Professional Tax Preparation & Consulting in Biloxi, Mississippi

Last updated: January, 2026