Don’t Mess with the IRS! Who would, right? The sad truth is that most do! Here’s what I mean. If you own commercial real estate or residential rental property, you are REQUIRED to use MACRS depreciation. No doubt you are scratching your head right now. What is MACRS? It’s an acronym for Modified Accelerated Cost…
What Is the IRS Depreciation Schedule for Commercial Real Estate? Commercial real estate is an asset qualifying for depreciation. It cannot be expensed as an ordinary method of write-off. However, in 2011, the US Congress passed legislation that allowed for 100% bonus depreciation on commercial real estate. In effect, this allowed for full expensing of…
Donor advised funds (DAFs) provide an immediate income tax deduction as well as four other tax benefits. Source: Income Tax Deduction and Other Tax Benefits from Donor Advised Funds
Does owning rental property help with taxes? In a word, yes! There are many ways to save on taxes, but owning rental property will definitely do so. Here are 3 categories where owning rental property will help. Accelerated Depreciation Accelerated depreciation uses the Modified Accelerated Cost Recovery System (MACRS) method of depreciation. This allows the…
IRC Section 1245 Definition: A portion of the Internal Revenue Code states that depreciable property that has been sold at a price in excess of it’s depreciated or salvage value may qualify for favorable capital-gains tax treatment.To find out more, go to… Source: Section 1245 Definition | Investopedia
What is accelerated depreciation? Well, in layman’s terms, it is the depreciation of fixed assets at a faster rate early in their useful lives. Accelerated depreciation reduces the amount of taxable income in the early stages of asset life. The result is, tax liabilities are deferred. The net effect of accelerated depreciation is the company…
Cost segregation and the IRS are likened to your hand fitting into your glove…snugly. Cost segregation actually came about as a result of Hospital Corporation of America suing the IRS…and winning! The Supreme Court of the United States heard arguments from opposing counsel and ruled that there are building components qualifying for shorter depreciation periods…5-years,…
Qualified Commercial Property Can cost segregation help list and sell more commercial property? Yes! Commercial property owners can employ cost segregation as a tool to help sell their properties. By offering the property with an engineered cost segregation study they do these things: 1) Give the buyer a MACRS-established property that… Meets the new Repair…
BoomerJacks in Bedford BoomerJacks uses cost segregation for huge income tax refund! Last fall we had the privilege of meeting with the owners of DFW favorite, BoomerJacks restaurants. Well known in the Dallas/Fort Worth area, BoomerJacks are known for their amazing wings and chicken fingers. On this fine, fall day, we met with Brent and…
CPAs & Cost Segregation Firms…really, a marriage made in heaven! Today more than ever, CPAs are in need of a good, quality cost segregation firm. The reasons are many… Added value benefit to suite of services Support the new IRS Repair & Maintenance Regulations Requirements Support the new IRS Repair & Capitalization Regulations Requirements Provide…
If you own Commercial Property, including leasehold improvements or rental houses, that was damaged or destroyed by the recent natural disasters, we can help you maximize your Federal tax benefits, saving you tens of thousands of dollars. You must act now before rebuilding. FREE consultation and benefit analysis. It’s your money, why wait.
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A member of our Disaster Recovery Team will contact you within 48 hours to initiate your tax credit.
