Cost Segregation study- Aberdeen WA

[Sophie Wall]

Hello all,

I am looking to get a cost segregation study done on my newly purchased 8-plex in Aberdeen, Washington.

Does anyone have any recommendations for me?

Any tips or things to think about moving forward?

This will be my first time using the cost segregation strategy- so any insight is helpful.

Thank you, 

Sophie

[Basit Siddiqi]

Quote from @Robere Istatia:

Hello Sophie, 

It can be very advantageous to get the cost segregation done now while the property is new in your portfolio. If you wait you will need to amend returns retroactively. 

The main advantage to doing a cost segregation is to speed up depreciation to lower your taxable income on the in recent years rather than in the future. There will be other opportunities to lower your income in the future so I would focus on if you need your taxable income reduced and if so by how much for the next 3-7 years, then you can determine if a cost segregation approach is best or an alternate. I am a CPA and there are several others on here that can help with the details.

Best of Luck, 

This is incorrect advice. You do not amend past tax returns when you do a cost segregation on a property after it was placed into service in a prior tax return.