Cost Seg Building

A Blog About Tax Savings for Building Owners

Month: September 2024

Piedmont QuikTrip C-Store Sells to Arizona Buyer

September 18, 2024 / / 0 Comments
Photo: Marcus & Millichap Listing Brokerage

If you’ve been to South Carolina, you know how much the people LOVE QuikTrip! They are awesome gas stations and convenience stores and they are all over the place here in the Upstate.

This QuikTrip in Piedmont just sold according to the GSA Report. It’s located at 2085 Highway 86, Piedmont. Terms of the deal were not disclosed. The property sits on 3.19 acres and was built in 2019. If I see the sale hit the tax record, I’ll update this post with the sale information, but for now, nothing is showing up. It must be a very recent sale.

According to the article in GSA Report, “Timothy Nichols, Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a South Carolina limited liability company, and procured the buyer, a Phoenix, Ariz.-based limited liability company, the release stated. Ben Yelm, broker of record in South Carolina, assisted in closing the transaction.”

Cost Segregation and Tunnel Car Washes Purchased in 2024

September 13, 2024 / / 0 Comments

Tunnel Car Washes and Cost Segregation – What you need to know about 60% bonus depreciation.

If you purchased a tunnel car wash in 2024, you’re going to want to cost segregate it. Back in 2022 when bonus depreciation was 100% many CPAs just marked it all as land improvement and took 100%. I get that. In 2023, the same thing happened but it was 80% bonus. Now in 2024, bonus is 60%. You are leaving money on the table if you don’t do cost segregation. In many cases it’s $300,000 – $500,000 you’re leaving on the table by not doing cost segregation.

I’ve had a custom tool built to specifically calculate and show you the year by year tax savings you’ll get from doing cost segregation vs. not doing cost segregation and just letting your CPA mark your depreciation schedule as all 15 year class life and taking 60%. Take a few minutes and learn as I try to demo this new calculator. If you have a property and would like me to run the numbers, let me know. Check out the 4 minute video explanation below.

Everyone who buys a tunnel car wash in 2024 and who has basis, should do a cost segregation study. Of course consult with your own tax advisor, but get armed first with the information. I think I’m the only one that I know of that has this tool to calculate this for you. If you purchased your car wash with all 1031 exchange funds then there’s no basis. If you purchased it partially with 1031 funds and have new debt / money, there may be enough basis to study. Let me run the numbers. I work all over the country.

If you aren’t doing cost segregation on a 2024 Tunnel Car Wash you may be leaving $100k on the table.

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