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Doctor uses cost segregation for optimal depreciation

Paresky Flitt & Company, LLP recently helped a Wayland, MA doctor save tax dollars on a building she constructed.  Typically, new construction is depreciated over 39 years, but there are certain items which can be depreciated over a much shorter time period.  Paresky Flitt, our client, and her contractor worked together to generate a cost segregation study.  We educated the client and contractor on the allowable period for the different elements of the construction.  The contractor could then itemize his invoice to split out the costs of the different components of the project to make sure we could deduct the building in the most beneficial method possible.  The contractor showed separately the cost of the items eligible for an accelerated depreciation deduction which allowed our client the necessary documentation to support her position.  We recommend that this be done prior to construction, as it is easier to identify the specific costs.

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