ASCSP NewsWhat’s going on in the world of cost segregation?
02 Nov Past ASCSP President Gian Pazzia CCSP and Geoff Gan speak with James Gould and Tuck Shumack from the CRANE Coalition Lyndsay Bryan CCSP wins a IWatch from the Board The Education Committee discusses court cases. 29 Sep Our public FORUM is open to all cost segregation industry professionals who want to discuss the topics of the day. more….
Who we areThe ASCSP is the pre-eminent professional organization for all cost segregation professionals.
Why should I join the ASCSP?The ASCSP was established as a non-profit corporation in response to the growing need for education, credentials, technical standards and a Code of Ethics within the cost segregation industry. Membership is open to all individuals that meet the standards currently set by ASCSP.
- AICPA Construction https://t.co/GSFWn9yv1B
- Four years ago in Dallas we had a large group- we'll be much larger next month in Las Vegas for Conference 2015. http://t.co/r90wjMPabA
- Are you sitting in? ASCSP monthly technical calls are the number one member benefit. Come join the conversation. http://t.co/AvDKtFLzhW
- Thanks to the Westin for a plug. See you in Las Vegas next month. https://t.co/I2zgOPQ1CG
- @CRSCostSeg see you in Las Vegas!Follow Us - @ASCSP
What Is Cost Segregation?
Cost segregation is the process of identifying property components that are considered “personal property” or “land improvements” under the federal tax code.
The primary goal of a cost segregation study is to identify all construction-related costs that can be depreciated over a shorter tax life (typically 5, 7 and 15 years) than the building (39 years for non-residential real property).
Personal property assets found in a cost segregation study generally include items that are affixed to the building but do not relate to the overall operation and maintenance of the building.
Land Improvements generally include items located outside a building that are affixed to the land and do not relate to the overall operation and maintenance of a building. Reducing tax lives results in accelerated depreciation deductions, a reduced tax liability, and increased cash flow.