James Lamont and Lamont Financial Services Offer Cost Segregation Services

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Tax savings available for commercial building owners

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James Marten Lamont, principal of Lamont Financial Services, a leading Marin County-based wealth management focused firm, announced the availability of cost segregation services for commercial property owners.

Cost segregation refers to IRS rules that allow building owners to accelerate depreciation of “personal” building assets. Personal assets for a commercial building are basically anything that can’t be removed from the building. Things like plumbing, lighting, electrical systems, machinery, and landscaping (even outdoor hardscape that is not part of the building) qualify.

“For most buildings, 25-35 percent of a building’s assets qualify as personal assets,” said James Marten Lamont. “Property owners can depreciate those assets faster, and it’s even possible to catch up now if they haven’t used cost segregation in the past.”

Standard depreciation for commercial real property is 39 years. The IRS allows personal property, depending on the nature of the assets, to be depreciated over 5, 7, and 15 years. Dividing property into separate asset classes allows owners to accelerate depreciation tax deductions, reducing their tax liability, and increase cash flow.

The IRS requests a Cost Segregation Study in order to document assets and depreciations. These are specialized engineering studies that classify all of a building’s assets. James Marten Lamont and Lamont Financial Services offer Cost Segregation Study services in partnership with Core Solutions Group. Core is one of the nation’s most trusted authorities on cost recovery for commercial real estate owners and investors. Free assessments are available to see if cost segregation would be right for property owners.

About James Marten Lamont and Lamont Financial Services

Lamont Financial Services is a wealth management firm focusing on retirement planning, investment selection, risk management, and tax strategies. Founder and principal James Marten Lamont has over 25 years of experience as a financial consultant and is dedicated to helping his clients achieve their goals in all areas of finance.

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