Introducing RE Cost Seg:
Real Estate Cost Segregation in Illinois
Cost Segregation is a powerful tool for Illinois real estate owners to save money on taxes. It increases your cash flow by reducing your taxable income.
Cost Segregation is a powerful tool for Illinois real estate owners to save money on taxes. It increases your cash flow by reducing your taxable income.
We help real estate owners identify faster-depreciating assets and reclassify them into their IRS - approved categories.
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Cost Segregation reduces your taxable income. You pay less tax and hold on to your money for your next investment.
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Cost segregation can help you maximize the value of your real estate investments and increase profitability
Based on regional tax regulations, the state of Illinois does indeed offer the opportunity for businesses to utilize the strategic tax planning tool known as Cost Segregation. This valuable method allows companies to maximize their tax benefits by identifying and classifying distinct components of their properties, leading to accelerated depreciation deductions. By employing this effective technique, enterprises in Illinois can potentially reduce their tax burdens and enhance cash flow, ultimately fostering growth and economic prosperity within the region.
Does Illinois Conform to Federal Bonus Depreciation Rules?
For assets obtained and put into use between September 27, 2017 and January 1, 2023, Illinois permits a full deduction of 100% for bonus depreciation as per I.R.C. § 168(k). Taxpayers are not obligated to disclose any federal tax deductions claimed. However, if qualified assets were acquired before September 27, 2017 and put into service in 2018, Illinois necessitates an adjustment for the deduction of 40% bonus depreciation under I.R.C. § 168(k).
However, tax laws and regulations may change over time, so it's essential to verify the current status with up-to-date sources or consult a tax professional.
Schedule a call with a ReCostSeg expert to discuss your options.
Understanding the intricacies of your site is paramount, and we leave no stone unturned. Our site visits, offered both virtually and in-person, are designed to ensure you receive a comprehensive evaluation, every time.
With the power of technology, our virtual site visits provides a convenient, efficient, and thorough assessment of your location. Leveraging high-definition video conferencing, interactive tools, and our seasoned team's expertise, we analyze your property from every angle. Perfect for those who appreciate quick turnarounds and minimal disruptions.
Our in-person site visits offer an unparalleled deep dive into your property's specifics. Our experts will walk the grounds, interact with key personnel, and provide firsthand insights, ensuring that every detail is accounted for. It's the traditional approach, redefined with the Recostseg touch.
This case highlights the tangible advantages of employing strategic tax planning and cost segregation for real estate investors in Illinoise's dynamic market, underscoring the importance of informed financial strategies for long-term success.
In 2023 our client acquired a Self Storage Warehouse in Illinoise for $1,225,000 with the land valued at $183,750. To maximize their investment and optimize tax benefits, they engaged our team to conduct a comprehensive cost segregation study. Our analysis allowed us to identify and accelerate depreciation on various building components.
The results were remarkable, with an impressive 47:1 payback ratio, leading to an estimated first-year tax savings of $96,963. By strategically reclassifying assets and shortening the depreciation timeline, the cost segregation significantly reduced the investor's tax burden and enhanced their overall return on investment.
At RE Cost Seg we believe quality works comes from quality experience. Our team of engineers has the expertise to provide you the maximum level of tax savings.
Fill out the contact form on our website with as much information as possible so that we can build a custom proposal with your estimated tax savings.
Once you sign we collect any supporting documentation. No appraisal? No problem. Let our team know and we will work to evaluate your property with only the documents you already have.
Scheduling a site visit is fast and easy. We use video conferencing to tour your property at your earliest convenience. For larger properties ask us about white glove service - we will fly to you to get it to quickly and pain-free.
We evaluate your property and build a fully engineered study. Once completed we provide a final pdf report as well as the fixed asset schedule to share with your accountant.
We can help you identify and claim valuable tax deductions on your property.
Our team of experts will work with you to identify potential savings and make the process easy and hassle-free. Contact us today to learn more!
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We help real estate owners in Illinois save money on their taxes every year.
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