Does Section 1245 Property Include Real Property? Section 1245 property does include personal property. Assets such as computers, desks, chairs, copiers, etc. are all personal property falling under Section 1245. However, Internal Revenue Code Section 1245 does include real property assets. Let’s have a look. Section 1245 Property as Real Property The property must be…
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…
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…
What are the new tangible property regulations? Many of you know, and just as many don’t know, there are new tangible property regulations. The IRS has been working on these tangible property regulations over 4 years. They were finalized and enacted last January, 2014, just to be rescinded last fall. In effect, the accounting community…
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…
CPA is ecstatic with cost segregation results for her office! We have worked with Chandler & Knowles, CPAs, for many years and recently completed a cost segregation study on their corporate offices in Flower Mound, Texas. After providing the CPAs with our free benchmark estimate, our analysis showed about $20,000 in federal income tax credit.…
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…
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.
[cf7form cf7key=”disaster”]
A member of our Disaster Recovery Team will contact you within 48 hours to initiate your tax credit.
