Cost segregation

RD007
RD007 Member Posts: 4 Newcomer
edited December 2024 in Income

i am planning to buy a property and do cost segregation and take the accelerated depreciation to offset my W2 income. does freetax usa tax filing support this and help in filing. appreciate details on this. thanks

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Comments

  • KristineS
    KristineS FreeTaxUSA Agent Posts: 239

    Hi RD007,

    I'll assume you're referring to a rental property?

    We have a great article here in our Community on this topic. You'll need to run your own calculations and enter information in our software.

  • RD007
    RD007 Member Posts: 4 Newcomer

    are there any specific forms that needs to be used and does the software allow ?

  • KristineS
    KristineS FreeTaxUSA Agent Posts: 239

    You'll report this the same as other depreciable items on Schedule E for a rental. Keep detailed records should the IRS request supporting documentation.

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