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Our client came to us with a new office building purchase that was the back end of a 1031 Exchange. He was looking at a big tax bill, even after the Exchange, and was relying on the cost seg study to add significant depreciation to offset additional income and be able to knock down the bill. The challenge we had was that the lowered tax basis of the property because of the Exchange also decreased the value of the cost seg. We worked with our colleagues at Madison 1031 to really understand all of the numbers involved and, together, we came up with enough additional depreciation that it greatly lowered the tax bill and added cash flow to his pocket.
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