Cost Segregation Accounting Change? timeframe

[Cameron Skinner]

Has anyone ever done Cost Seg for a building placed in service years ago and applied for accounting change? If so did IRS approve? how long did it take? 

[Yonah Weiss]

@Cameron Skinner As @Ari Lasky said you need to submit form 3115, which is change in depreciation method. Many cost segregation firms, provide the extra service at no additional charge, to fill out the form on your behalf. The form is submitted with your current years returns and allows you to retroactively claim accelerated depreciation, usually giving you a huge chunk in the first year!

You don't need to (and should not) amend past years returns. This form is a bit complicated and should not be attempted to tackle it on your own. Your accountant should be able handle this, and if they can't I can refer some good one's who can.