Commercial buildings are usually depreciated on a straight-line basis over 39 years. Rev. Proc. 87-56 enabled taxpayers to depreciate the Section 1250 real property (structure) of a gas station using the 150% declining balance method over 15 years. However, many taxpayers are unaware of another rule affecting convenience stores associated with many gas stations. In … Read More
Cost Segregation
Uncovering Tax Savings in Construction Projects
Everyone is interested in saving on taxes. Not everyone knows how.Many commercial property owners and tenants and residential income property owners who are constructing improvements are unaware of the substantial tax savings available to them through some of the recent and temporary legislation that has been passed in an effort to stimulate the nation’s economy.Today, … Read More