All Forum Posts by: James Parla

@Bonnie Griffin Kaake

Okay so I guess my question should be where/ who do I go to in order to get the estimate you’re talking about. I guess where’s my starting point? Any company recommendations to do so?

Hey all. I've been looking online but cant seem to find a great answer. I'm trying to find a good estimate of what I can expect to pay for a cost segregation study on a single family home in Connecticut with a purchase price of $272,000. It would be the first one I will have done so if anyone has a past experience/ story about running one for a similar scenario I'd love to hear it. Any feedback would be great. Thanks in advance

@Julio Gonzalez thanks Julio, just trying to educate myself as much as possible before talking to my accountant

@Ashish Acharya yup I was planning on it. Just trying to gather as much info as I can before hand. Thanks again

@Ashish Acharya are those the 750 hours, 50% of time and the materially participate rules? Or are there some other ones that I haven’t found out about yet? Also thanks so much for the help, really appreciate it

@Ashish Acharya so if I am able to get the real estate professional designation I’ll be able to claim the depreciation loss year 1 from a cost segregation study against my 1099 income from the year? Seems way too good to be true but that seems to be my understanding. Do I have the right understanding of that?

Hey all, this is my first time posting on bigger pockets, hope I'm doing this right. I've been learning about real estate for over a year now and bought my first LTR in February. I'm under contract right now for a second single family house that will be a BRRRR. After listening to the last podcast 689 I wanted to ask the question of am I considered a real estate professional? I have my own construction business so I receive 1099s. I frame new construction homes and after listening to the podcast I thought hey maybe I'll qualify and then be able to run a cost segregation study on one if not both of the properties and then take that deprecation/loss against my 1099 income. Any help would be great. Thanks everyone

I posted this in a different forum and then thought this may be a better spot, thanks again

 thanks for the repsonse adam. In the podcast, the accountant that was on said that "construction" is one of the "real property trade or businesses" that would qualify someone as a real estate professional in the IRS's eyes which is more of where im looking for answers

Hey all, this is my first time posting on bigger pockets, hope I'm doing this right. I've been learning about real estate for over a year now and bought my first LTR in February. I'm under contract right now for a second single family house that will be a BRRRR. After listening to the last podcast 689 I wanted to ask the question of am I considered a real estate professional? I have my own construction business so I receive 1099s. I frame new construction homes and after listening to the podcast I thought hey maybe I'll qualify and then be able to run a cost segregation study on one if not both of the properties and then take that deprecation/loss against my 1099 income. Any help would be great. Thanks everyone