Can You Do Your Own Cost Segregation Study?

Hiring a cost segregation expert can cost up to $15,000. Can you instead save some money and do-it-yourself?

----------------
The money you save from having a cost segregation performed on your new rental property construction will far outweigh the fees associated with hiring a cost segregation study expert.

Plus, you also have the option of having the analysis cost built-in to the new construction price, normally at a reduced rate. Having an expert in the field perform the cost segregation study will ensure that it’s well-documented and correct, as well as done in such a way that will maximize your tax savings.

Here are a few reasons why having an engineer do a cost segregation study on your new single-family home or duplex rental property construction is the best way to go:

1) Allows for a professional and accurate assessment of classification and cost estimating of new construction projects, which will maximize your tax savings.
2) Experienced cost segregation specialists will have the ability to read blueprints, analyze architectural drawings, bid documents, and other crucial documents that play a part in the analysis.
3) Cost segregation studies are performed by a construction engineer with extensive knowledge of the tax law.
4) Provides asset classification organization, along with explanations, if needed – No research or guessing on your part.
-----------------
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.

[livinthedream]

For those here curious about the answer to the title, he says no you can't basically. Too time consuming and risky. You can move on to other videos.

[ntheq]

STATED EVERYWHERE: The IRS doesn't care if your accountant made a mistake. It's your tax return, so it's your responsibility. Even though you hired an accountant, you are liable to the IRS for any mistake.
IRS 1040 SIGNATURE STATEMENT: Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and
belief, they are true, correct, and complete.
So, you may sue your preparer for additional taxes, fines, and interest charged in an audit but the IRS is going to the tax payer and if you don't respond and settle, tax payer goes to jail.
The 1040 also protects the preparer by stating is based on all the information the preparer has.

[AkireMaru]

If we have short term rental property where we used rental arbitrage to obtain the right to use the facility, can we simply provide our accountant with a list of our furniture and can this accountant take bonus depreciation without submitting a cost segregation study?