Did you file an extension for 2021?
If you filed an extension for 2021, you still have time to get a cost segregation study done before the September and October tax filing deadlines to mitigate some or all of what you owe.
September 15 Tax Deadline
Our Cost-Segregation partner’s Internal Deadline is July 22, 2022 – All relevant data to complete the project must be received by this date in order to ensure timely delivery of the study for the 9/15 tax deadline. Relevant data needed include the site survey, building cost basis/depreciation schedule, blueprints (if available), appraisal (if available), and construction/improvement cost detail (if applicable).
October 17 Tax Deadline
The Deadline is August 22, 2022 – All relevant data to complete the project must be received by this date in order to ensure timely delivery of the study for the 10/17 tax deadline. Relevant data needed include the site survey, building cost basis/depreciation schedule, blueprints (if available), appraisal (if available), and construction/improvement cost detail (if applicable).
- If you have a building that you have already filed on in 2021 or owned prior to 2021, you can file Form 3115 Change of Accounting Method. our Partner can prepare that for you. This will allow you to apply cost segregation and get “catch up” savings in 2021.
If you renovated your property in 2021 that was in service in 2020 or prior, you are eligible for additional tax savings with Partial Asset Disposition (PAD). This MUST be taken in 2021 or you lose the opportunity to write off the remaining depreciable basis of what you ripped out/removed. In other words, there is “Cash in the Trash”!
45L tax credits and 179d tax deductions are still available in 2021. If you made energy-efficient improvements to your property, please reach out and we will let you know if you qualify.
Do you have W-2 employees and your business was impacted by COVID due to a government shut down, supply chain, or revenue drop of 20% or more? Ask more about ERTC or ERC (Employee Retention Credits). Up to 26K per W2 is available.
Do you have questions about the 100% Bonus and how that will change in the coming years? Please don’t hesitate to ask.
Please Contact Us for further information regarding your Cost Segregation needs.
Randolph is a Multifamily Investment Sales Broker with eXp Commercial servicing Multifamily Buyers and Sellers in the Greater Chicago Area.