I just attended a webinar on Cost Segregation which can provide tax savings in the early years of ownership of a property.
Cost Segregation is a strategic tax savings tool that allows companies and individuals, who have constructed, purchased, expanded, or remodeled any kind of real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes.
What are the benefits of a Cost Segregation Study?
Generates immediate increase in cash flow through accelerated depreciation deductions.
Reduces income taxes and can also reduce real estate property taxes.
Provides an easy opportunity to claim ‘catch up’ depreciation on previously misclassified assets (you may be able to deduct depreciation that was not taken in the years you have already owned the property).
Provides an independent third-party analysis (engineering study) that will be available to withstand IRS review.
Contact us at 216-621-1120 if you would like to determine if your property is a good candidate for a Cost Segregation study. We can arrange to have this study performed for you which might lead to significant tax savings.
www.wddcpa.com for your real estate tax and accounting needs
Friday, January 30, 2009
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