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| Look Back Studies |
Cost Segregation studies can be performed even if the property has been in service for several years. The IRS tax law allows for the taxpayer to perform a cost segregation study or “look-back” study to determine what depreciation was not utilized when the property was originally placed in service.
The difference between what was depreciated and what should have been is allowed as a one-time catch-up adjustment on the taxpayer’s current federal income tax return. This process is an automatic change and does not require amending the prior tax returns. |
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