Would you rather get your deduction for construction costs today or over the next 39 years? This is an interest free loan from the U.S. government.
As a general rule, 20-30% of the costs of a new building should not be classified as long-lived real property.
Opportunity: Clients are able to realize larger depreciation deductions. This quicker recovery of the costs of constructing the building allows for significant tax savings up front.
Implementation: ThreeFive produces these tax savings for clients using a seasoned, diverse team of professionals with over 50 years of experience creating reports that include engineering, accounting, legal and architectural costs. These reports examine the different structural components of a newly acquired or constructed building, identifying the optimal array of assets, placed-in-service date, methods and conventions for depreciation purposes. Results typically include identification of land improvements and embedded personal property that would not be otherwise known.
Result: A comprehensive report with detailed schedules ready for immediate implementation into any fixed asset software program and/or presentation to the taxing authority as needed. Our compensation is based upon your savings.
Nestled in the heart of the Twin Cities on Lake Calhoun, ThreeFive has fostered a work environment to attract key talent that is second to none in addressing corporate tax benefit opportunities for its clients.