This episode is about bonus depreciation. It explains that certain assets, such as computers and fuel for cars, can be fully deducted in the year of purchase since their useful life is not more than one year. On the other hand, buildings have a longer useful life, typically 39 years for commercial properties and 27.5 years for residential properties, so their cost is deducted over time. However, there are components of buildings, like sidewalks and HVAC systems, that have shorter useful lives and can be depreciated faster. This is known as accelerated depreciation, and it allows for quicker deductions. The Tax Cuts and Jobs Act of 2017 introduced bonus depreciation, allowing 100% deduction of certain assets regardless of whether they were new or used. This change expanded the applicability of cost segregation studies, which identify and assign tax lives to individual components of a building, enabling taxpayers to benefit from significant deductions. If you think that your property or portfolio is eligible for a retroactive study, please visit https://www.recostseg.com to learn more.
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