How Much Does Your Rental Property Really Owe Uncle Sam?
Tax filing season is one of the most important times in America especially to those who have invested in some businesses. As much as Uncle Sam wants its money, business owners also aim to save as much money as possible. One of the most popular industries in America is the rental market and those who have invested in it knows that the smartest way to find ways to save money during the tax season is by conducting a cost segregation study. What exactly is cost segregation? A cost segregation study is the practice of identifying and categorizing assets and finding out its worth for federal tax purposes. For example, those who are rental property owners need a cost segregation residential rental property study in which a professional would have to assess their building and identify which part can be classified as a personal property or as land improvements. A rental property doesn’t only consist of a building but also the land where it sits on, improvements made such as lands