Cost Segregation in Florida

[Sam Parr]

Hey Everyone, 

Apologies if I'm bringing up a subject that has been answered, but I couldn't find anything particular in the forum about this. 

I've got a large single family portfolio in Florida and haven't taken advantage of cost segregation to accelerate my deductions. Big mistake! 

1. Can anyone recommend a cost segregation provider in Southwest Florida? 

I'm struggling to understand the following: 

A. I purchased a bunch of property pre-2017.  All of the property is under $200K each.  Can I apply Cost Segregation analysis and accelerate my depreciation even to property that isn't new? Or is this too late since I've already filed tax returns on these properties and it was pre-Tax Cut and Jobs Act? 

B. I've purchased a bunch of property this year. All of this property is under $300K. I'm trying to understand what I should expect in terms of accelerated deductions for this? 

C. What should I pay for a Cost Segregation analysis? 

Thank you

[Yonah Weiss]

@Sam Parr these are great questions. To answer your first question, I am not able to recommend anyone due to forum rules ;)

A. You are allowed to do cost segregation on properties that you have already filed taxes on, however you are required to file form 3115 which is a change of accounting method, which will catch up the accelerated depreciation you could have taken during those years. As to your question about TCJA, if the properties were purchased before  that point, they are not eligible for 100% bonus depreciation. (As to whether or not this may be beneficial, I can't say, but most companies will run a free feasibility analysis.)

B. For SFRs you can usually expect15-20% of accelerated depreciation, of the tax basis (purchase price minus land allocation).

C. This price varies per company, but for Single-family portfolios, they are usually priced much less.