Does a cost segregation study require me to
amend my tax returns?
There is no need to amend the tax returns
of a building owned for multiple years.
The IRS allows a "catch up provision"
The difference between what was deducted and
what could have been deducted is known as
an IRC section 481(a) ADJUSTMENT. The Inception
to date catch up provision allows the entire
change in depreciation to flow through the
current year tax return WITHOUT AN AMENDED
RETURN! This is accomplished by utilizing
form 3115 in the current tax year.
What this means for you is that,
You can catch up on previous years missed
personal property allocation in one tax year.
To hear about how cost segregation simplified
used the power of the catch up provision on
one property owner's asset and caught up 13
years of past years deductions at a depreciable
value of more than 1.2mm;
Call your CSS representative for a free estimate
of savings and consultative session
