A Blog About Tax Savings for Building Owners

Month: October 2024

Spinx Market & Eatery – Make Convenience Stores Fun Again!

SPINX MARKET & EATERY Greenville SC

The much anticipated Spinx Market & Eatery has opened in downtown Greenville’s West End. What a delight it is!

Ever since I saw the initial renderings for this I was very interested in seeing it in person. It really is fabulous. The retro design is a wonderful throwback and innovative all at the same time. It is a much needed business in this area of Greenville. It’s in the former space for Cook’s Station which moved to brand new space at 515 Buncombe Rd.

Spinx of course is one of South Carolina’s largest developers and are known for gas stations and C-stores throughout South Carolina. This is a new concept for them and one that I believe they could use to expand certainly across South Carolina, but I would think this could do really well in other towns and cities that are like Greenville where you have a very walkable downtown area.

They do serve limited hot food but you can show up for a hot breakfast sandwich or buy their Spinx chicken of course. They also serve drinks believe it or not so if you need something late in the day or after work, they have you covered.

There is lots of outside seating. At the front of the building is a covered patio. That’s shaded in the morning. If you want sunshine, head out back to the patio there where the sun is plentiful.

Steve Spinx has said that with many of the goods that they are selling in the store, that they have tried to use local providers where possible. It’s a nice touch.

When I was there this morning, I asked several people what they thought both as they were coming into the store and leaving. To a person they all said it was great and they had this genuine smile on their faces – like the smile I had as well. The really like it. The response was instinctual in a way. It’s why I am saying that what Spinx has done with their new Spinx Market & Eatery is make commercial real estate fun again with these beautiful new design and concept.

Congratulations to the entire team at Spinx and their design and construction partners who pulled this off!

Can Cost Segregation Be Applied to a Building that Has Been Owned for Several Years?

Yes they can. Generally speaking if you’ve owned the building for more than 12 years or so, it’s probable that it may not be worth studying. But that said, I always encourage owners to let us take a look. It could be that there is still enough basis to make it worth your while. It also could be that we identify capital costs that could be converted to expenses – i.e. the capitalization to expense study.

Cost segregation studies can typically be applied retroactively for properties that have been placed in service within the past several years. Specifically, you can:

  1. Go back as far as 1987: The IRS allows cost segregation for properties placed in service after 1986, when the Tax Reform Act of 1986 was implemented. However, practical and useful applications are usually focused on more recent properties.
  2. Catch up with a retroactive study without amending returns: If a property has been in service for several years, a cost segregation study can be performed now, and the missed depreciation can be “caught up” by filing a Form 3115, Change in Accounting Method. This allows you to claim the cumulative missed depreciation in the current tax year without having to amend prior-year tax returns.

About 40% of the studies we do at CSSI are “look-back” studies where the owner has owned the property for a year or more. I’d be happy to talk with you to see if it might make sense for you to do cost segregation on your property.

John Murphy CSSI

John Murphy CSSI Cost Segregation Specialist

Here’s a bit more information about me as you look to engage a cost segregation specialist. I bring a unique background of sales, market, management and real estate to my work consulting with building owners. I can do studies in all 50 states in the U.S. across all building types and classes. CSSI also does R&D Tax Credits and 179D energy efficiency studies. I’d be happy to help you with those as well.

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