Bought Property in 2017, is it too late to start Cost Seg 2023?

[Phil Contreras]

Hey all,

I bought a property in 2017 and just started understanding what cost segregation is. My question is, is it already too late to start conducting cost segregation on my home for the tax year 2023?

Thank you.

[Michael Plaks]

Quote from @Phil Contreras:

I bought a property in 2017 and just started understanding what cost segregation is. My question is, is it already too late to start conducting cost segregation on my home for the tax year 2023?

We have to assume you are talking about a rental home you bought in 2017 and have been renting since. (If you're talking about your personal home - cost segregation does not apply.)

You can still do cost segregation today and apply it retroactively to 2017. Whether or not it is beneficial to you is case by case.

The process of applying it to the past years is not simple and should not be DIY-ed. This is on top of the cost of cost segregation itself.

Also, read this post for a better understanding of cost segregation: https://www.biggerpockets.com/...