Cost Segregation - After regular long term depreciation?

[Spencer Dixon]

I have a single family rental property that has been rented for two years. I've done the normal long term depreciation of the property.

My question: Can I do a cost segregation even though in previous years I've taken the standard depreciation

I am a real estate agent, self manage the property, should qualify for all the benefits of being full time in the business of real estate. I'm hoping to wipe out a substantial amount of my taxable income this year.

Any advice would be lovely

[Natalie Kolodij]

@Yonah Weiss is able to do cost segregations for clients all over the united states and does a great job. I'd start with reaching out to him. 

It sounds like you will likely qualify for real estate profesional status which means a cost seg could benefit you. As mentioned form 3115 will need to be filed to adjust the acocunting method with the IRS. This form is fairly substantial and will add cost to the return, as will the cost of having the cost seg done. 

Make sure to run down the potential write-off/savings benefits against the costs and see if it makes sense.