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Don’t Forget About Cost Segregation for Estate Planning

By MarksNelson on July 14, 2016 in Cost Segregation, MarksNelson in the News, Tim Ernesti CPA, CGMA
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Kansas City Business Journal, Don’t Forget About Cost Segregation for Estate Planning, July 14, 2016

A cost segregation study can be a useful tool to accelerate the tax benefits from the “step up” in basis for real estate inherited by heirs. When real estate is inherited, an heir’s basis in the property received is the fair market value of the property on the date of death. This basis “step up” is not taxable to the decedent but is depreciable by the heir.

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MarksNelson LLC works with clients to help safeguard and grow their businesses. Our ultimate goal is to help our clients to Move Forward. The firm provides Assurance, Accounting Services and Business Advisory, Business Valuation, Consulting, Cost Segregation, Employee Benefit Plan Audits, Litigation Support, Forensic Accounting, International Tax, State and Local Tax and Tax planning, advisory and compliance services. MarksNelson is a member of The Leading Edge Alliance, the second-largest international professional association of independently owned accounting and consulting firms, serving clients who need additional resources on a national or international level. MarksNelson has significant accounting and business advisory experience in the auto dealership, construction, insurance, manufacturing, distribution and real estate sectors. The firm was named among the 2014 Best Accounting Firms for Leadership Equity by the 2014 Accounting MOVE Project for its dedication to gender equity.