Good news!
Your building, whether it’s a rental property or your office, can likely put money in your pocket.
What’s more, you can start saving now with a building you already own, a building you plan on buying, or a building you are renovating.
How?
By using four money-saving strategies we’ll explain when you read my new article titled Tax Tips: Four Tax Strategies That Make Buildings Produce More Cash.
Strategy #1: Accelerate depreciation with a cost-segregation study. When you accelerate depreciation, you save money (thanks to the time-value of money). A cost-segregation study identifies the parts of your building you can deduct quicker. All will be explained when you read the full article.
Strategy #2: Take advantage of repair deductions. The nice thing about repair deductions is that they put instant cash in your wallet. And they’re worth a lot more than depreciation because you deduct repairs in a single year (unlike depreciation that you expense over many years). You’ll get all the details when you read the full article.
Strategy #3: Make money out of nothing! If you know how (and we do!), you can turn a non-depreciable asset into one that you can depreciate. That’s right. By making a proper cost-allocation between the land and the building (when you purchase the property), you can maximize your depreciation. Abracadabra! There’s extra money in your pocket. You’ll get all the information you need when you read the full article.
Strategy #4: Retire old building components. Thanks to new IRS regulations, you can now write off the remaining basis of components (like a roof, HVAC unit, or windows). You’ll get the whole story when you read the full article.