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Collect Depreciation Deductions Sooner

by Bill Dermody

 

As a commercial property owner, you're probably depreciating the building over 39 years. So every year, you get to deduct 1/39th of the property's value (excluding land) from your taxes.


That's a long time to wait to receive all the tax benefits. Fortunately, there may be a way to accelerate the deductions and reduce the current year's tax bill.

By conducting a "cost segregation study," you can dramatically speed up the depreciation process. That's because certain items that are part of the building may qualify for faster write-offs. Depending on the property, a cost segregation study takes a percentage of the cost out of 39-year depreciation and puts it into five, seven or 15-year depreciation recovery periods.

It's best to do a cost segregation study when a building is placed in service but there may be opportunities later on that are available to your company.

Our firm conducts cost segregation studies.
Contact us to find out if your building qualifies for this tax break. With a cost segregation study, you can improve cash flow by reducing your tax bill the very next time you file a return!


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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.