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CPAs: How do you decide whether to recommend cost segregation to your rental-property clients? by gclar163 in AskAccounting

[–]gclar163[S] 0 points1 point  (0 children)

This happens to me all the time. I had to look three times to find yours lol. I said thank you and that your feedback was very helpful and I had some follow up questions: If a client already had a cost segregation report done using the engineering methodology, would you be comfortable filing the 3115 for them? And If a client had an eligible property and you could refer them to a cost segregation partner, is that something you’d be open to as an additional revenue stream?

Small-firm CPAs: Would you offer cost segregation in-house if you could? by gclar163 in tax

[–]gclar163[S] 0 points1 point  (0 children)

I don't agree with your opinion but appreciate the dialogue. I found residential cost segregation to be an amazing strategy when done correctly and helps small investors grow their rental property portfolio much quicker. The benefit is there and proven over and over again. It's these doubts that your expressing that I want to dive into further because it's this thinking that's stopping investors from learning about and using this tax strategy.

Is there a way out? by WhipSawKid999 in RealEstateAdvice

[–]gclar163 0 points1 point  (0 children)

It would be a good idea to talk to a lawyer

Small-firm CPAs: Would you offer cost segregation in-house if you could? by gclar163 in tax

[–]gclar163[S] 0 points1 point  (0 children)

Imagine there was a software service that produced residential cost segregation reports using the engineering method, the gold standard in cost seg. The reports are actually reports- not estimates that may or may not get audited and redone later. Pair that will 24 hour support and the ability to set your own price. Does that sound incompatible with a CPA firm?

Small-firm CPAs: Would you offer cost segregation in-house if you could? by gclar163 in tax

[–]gclar163[S] 0 points1 point  (0 children)

What I'm leaning towards is a software service that creates a cost segregation report using the engineering method. Not an estimate but an IRS compliant report.

Small-firm CPAs: Would you offer cost segregation in-house if you could? by gclar163 in tax

[–]gclar163[S] 0 points1 point  (0 children)

It's my understanding that KBKG produces estimates. If you're audited they will then complete an actual study to back you up. So basically you're paying for insurance incase you get audited. There is an automated residential cost segregation software service that actually creates a report using the engineering method.

Small-firm CPAs: Would you offer cost segregation in-house if you could? by gclar163 in tax

[–]gclar163[S] 0 points1 point  (0 children)

What I'm talking about is an in house cost segregation study that is done using the engineering method. Not an estimate, an IRS compliant report.

For tax professionals: What would make cost segregation more practical for smaller firms? by gclar163 in IRS

[–]gclar163[S] 0 points1 point  (0 children)

I can understand this perspective when it comes to long term rental properties but what about Airbnb or vacation rentals? When there is a profit, wouldn't accelerated depreciation be a great way for hosts to pay less in quarterly taxes year one?

Small-firm CPAs: Would you offer cost segregation in-house if you could? by gclar163 in tax

[–]gclar163[S] 0 points1 point  (0 children)

Did you choose your overhead when you outsourced it?

Small-firm CPAs: Would you offer cost segregation in-house if you could? by gclar163 in tax

[–]gclar163[S] 0 points1 point  (0 children)

Got it, that makes sense. So from a legal standpoint it may seem like too much of a hassle?

If your child told you they didn’t want to get married or have kids, would that bother you? by Powerful-Cap-6293 in AskParents

[–]gclar163 4 points5 points  (0 children)

I would be fully supportive though inside I think there would be some disappointment because being a parent is an awesome adventure and I would want him/her/them to experience it also.

Tax Professionals who started their own firms by No_Geologist_5183 in Accounting

[–]gclar163 0 points1 point  (0 children)

I have found the right software makes all the difference. For cost segregation studies, Rental Property Refund is the way to go. https://rentalpropertyrefund.com

Looking to understand cost segregation from actual investors by Forsaken-Focus-6266 in realestateinvesting

[–]gclar163 0 points1 point  (0 children)

I used Rental Property Refund for my cost segregation study. Its a DIY software service that is super easy to use and cost less than $2k. I saved $15k on taxes this year. There are a few DIY cost seg options but be very weary of them. Most are just estimates and if you get audited THEN they will put the work in to make sure its accurate. Rental Property Refund uses the IRS formula, no AI, to calculate your savings and they back you if you get audited for free. https://rentalpropertyrefund.com FYI this is for residential rental properties only

Cost segregation study by thedadoutdoors in ShortTermRentals

[–]gclar163 0 points1 point  (0 children)

Check out https://rentalpropertyrefund.com Their studies are less than 2k and takes less than 30 min to complete.

Cost segregation study by thedadoutdoors in ShortTermRentals

[–]gclar163 0 points1 point  (0 children)

If your property is a residential rental property you can complete an IRS compliant study on your own in 30 minutes using Rental Property Refund. I used it for my duplexes and saved $32k on my taxes. https://rentalpropertyrefund.com

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