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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Supercharge Your Depreciation Deductions
How much extra did you pay in taxes not using the component method of depreciation because your accountant did not know about this powerful legal strategy? And, with little risk.
Use the Multi-Component/Land-Residual method. By componetizing you can substantially increase depreciation deductions by first identifying 5-year personal property and 15-year land improvements. Componetizing the depreciation components first is a also a way to arrive at a lower, leftover ("residual") land value. With this method, you do not start with the non-depreciable land. Instead, you start with the depreciable components that have the lowest recovery periods and therefore yield the largest depreciation deductions.
The last (or residual) allocation will be towards what's left over -- non-depreciable land. Here you allocate the property cost into four major components in this order: 1. Personal Property, 2. Land Improvements, 3. Building, and 4. Land. (You can also further segment the building into its structural components)
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NOTE: Please click on the charts below to enlarge them if [read more]
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