Cost segregation form in excel

[Larry Watson]

Does anyone have an excel sheet that you use for "cost segregation"?

[Gita Faust]

OK guys, lets us talk about cost segregation. It is done when you purchase the property and ongoing either by yourself or a certified person/company. Remember it is not one time task, you have to track everything. It is a commitment - do not look for an easy option out, like syncing your bank accounts and entering the transaction. 

You can keep in any way you want it, paper and pencil, excel, on a napkin or an accounting software.

Saying that where do we get started? www.irs.gov website. Here is what you need:

- date of purchase

- where you purchased it from

- name of item, expiration date

- amount you paid 

- is it new, used or depleted

What do you need to learn to accelerate depreciation and apply to your tax return? You need to learn the law and rules. But why, get someone qualified in real estate to help you and knows what you are talking about.

Depreciation; Oh yes, immaterial of the value of the property investment can take advantage. For larger investment please get a certified person/company to do due diligence. Hire someone else to take care of the depreciation and tax returns. As long as you track everything, you can hand it to them and let them do the magic. 

AND do not forget to double check your tax returns. Always ask for a detailed depreciation schedule and enter the necessary adjustment into your accounting software. NOW you will know your book value. 

Getting closer to track your EQUITY in your business.

Happy Thanksgiving.

- Gita