Cost Segregation to offset Cap Gains?

[Adam Byrne]

Hi BP!

I'm evaluating a property that has had a lot of capital improvements and because of its location, are not reflected in the value of the property. 

I'm selling another commercial property and wondering if buying this new property and performing cost segregation for accelerated depreciation will help me offset the capital gains on the property I'm selling.

Questions are: 

#1) Is this a viable strategy to offset liabilities? (Knowing depreciation clawback will happen upon its eventual sale.)

#2) Does the purchase of the new property have to happen in the same calendar year to take advantage of the depreciation?

Thanks!

Adam