Income Tax Benefits are important to each of us so it is my pleasure to introduce you to Cost Segregation Services Inc. (CSSI) and its representative Greg Perkins. Greg was referred to me about 2 years ago by a close friend in the industry and Greg and I have been in contact during that time period either directly or at National Conventions. Our new tax professionals were familiar and supportive of the services provided by CSSI and we recently received very beneficial income tax deferral from their core service of Cost Segregation utilizing accelerated depreciation. Furthermore, the knowledge and consulting provided by CSSI and Greg as to the new IRS Regulation T.D. 9636 (Tangible Property Regulation) and their source document reports allowed our CPA’s to bring us impressive additional deductions and tax benefit. Having completed recent significant remodeling and renovation that involved disposing of portions of our buildings, we were informed of and took advantage of partial disposition write downs and removal cost expensing. Some of these benefits are time sensitive, so it was providential that CSSI and our CPA could consult and execute for these benefits and not miss this opportunity.
If you have owned your real property for 15 years or less or even if you have owned for a greater timeframe but have done significant improvements to your property in the last 15 years, I would recommend you take advantage of the free analysis that CSSI provides to see if there are benefits for you. It truly is a free look for you and your tax professional to review. Also make sure your accounting support is familiar with or consulting with a company such as CSSI on the new regulation and its new rules about what you can expense and what has to be capitalized.
You can trust these services and trust CSSI and Greg to properly consult and provide these services.
Cost Segregation greatly accelerates the depreciation on our funeral home properties through identifying and quantifying the various components of the real property. A portion of our property is reclassified from 39 year depreciation into 5, 7, and 15 year depreciation which has a tremendous impact on cash flow. Essentially they provide an IRS compliant source document that allows your tax professional to change your depreciation in a favorable manner. Now here is a bonus – if you have owned your property from 1-20 years, you can catch up missed deprivation and bring it all into the current tax year without amending past returns. Speaking of bonus, if you have built a new property their service facilitates Bonus Depreciation; if you just bought an existing property, their service facilitates Section 179 depreciation. Even if you have an older depreciated property but have done substantial improvements, they can help with that improvement cost.
I have done a study on my new building with this company and they have greatly benefited my financial situation, working very closely with my CPA. This can be done on new or existing properties. They provide an initial review that is free which conservatively projects the potential benefit and quotes a fee for their study should you decide to contract. It is truly a free analysis and you should at least take advantage of that.
I first engaged CSSI in August 2011 for cost segregation on one of my self-storage properties. I again engaged CSSI for 4 more properties in April 2014; three of which were self-storage and one was a strip shopping center. All my studies have helped me greatly with deferring income tax. Their reports provided the necessary component detail and IRS Compliance for my tax professional to use on my behalf.
Greg, who is a former banker, will work very closely with you and is very responsive. I can recommend him and his company to you if cost segregation could benefit your income tax situation. They provide an initial no cost analysis along with a definitive study fee for your review and decision process.
Cost Segregation greatly accelerates the depreciation on our hotels properties through identifying and quantifying the various components of the real property. A portion of our property is reclassified from 39 year depreciation into 5, 7, and 15 year depreciation which has a tremendous impact on cash flow. Essentially they provide and IRS compliant source document that allows your tax professional to change your depreciation in a favorable manner. If you have owned your property for several years, you can catch up missed depreciation and bring it all into the current tax year. If you have built a new property, their service facilitates Section 179 depreciation.
I have done nine studies – some existing properties, some new properties – with this company and they have greatly benefited my financial situation, working very closely with my CPA. They provide an initial review that is free which conservatively projects the potential benefit and quotes are fee for their study should you decide to contract.
It is important to realize that this study is beneficial only if you are not selling in the near future…
As new commercial property owners, we did not realize all that goes into the first years of ownership and how it affects our bottom-line. We were pleasantly surprised to find a great way to maximize our cash flow legally with the help from Greg Perkins with Cost Segregation Services, Inc. (CSSI). Our CPA had knowledge of cost segregation and the benefits that are IRS approved so we were ready to listen!
Basically, Greg studied our new building and was able to accelerate our depreciation into a shorter time frame, rather than the usual 25 to 30 year period. Greg evaluates the materials, costs, blueprints of our investment and is able to layout a schedule that identifies items that can be depreciated at a much faster rate. In turn we generate added revenue needed to put more into our business while helping us on our tax return.
Greg has had a seasoned banking and financial career in Alabama and came to us with the highest of recommendations. After just filing our taxes we know the benefit of his services and of CSSI. We endorse his experience and qualifications on every level. We are very satisfied customers and believe in cost segregation and Greg!
Terry and Nina Roberts
The Roberts Group, Inc. Crystal Mountain Water Huntsville, AL
November 23, 2015