Can you amend a cost segregation study?

[Tripp Weaver]

Hey guys,

First time post but really enjoy reading all of your posts and insights it has been extremely helpful to my wife and I who run an STR in Oak Island, NC. We completed a cost seg. study on the year of the purchase and it was very beneficial for tax purposes. This year we have been fortunate and are making money and using it to renovate the house to offset some of the income we are receiving from the home and are currently looking for other ways to write off and offset some of the income. My question is since we are doing some pretty extensive renovations can we amend our cost seg. or do another one? Thanks in advance for any responses. Also, please feel free to share any other creative ways to offset income

Thanks

Tripp

[Natalie Kolodij]

A cost seg breaks out the components of the intiial house. 

Now you can dispose of any of those separated assets that were replaced via your renovation...and you don't need a new cost seg. 

You should have costs for the assets now becuase you just paid for them. 

If your initial cost segregation separated out $4,000 for appliances 

And you just spent $10k on new appliances, you need to dispose of the old assets, and replace them with the new. 

Same for all other assetes that were replaced via your renovation.