Expert Fixed Asset Review Services and Solutions

A fixed asset review is an engineering-based analysis that examines property components and asset classifications to ensure accurate depreciation schedules and optimal tax treatment. Our reviews identify assets that qualify for accelerated depreciation under IRS guidelines, reclassifying them from standard 27.5 or 39-year schedules into shorter 5, 7, or 15-year timeframes. This process involves detailed property inspection, component identification, cost allocation using engineering methodologies, and comprehensive documentation that supports the classifications. The result is a detailed fixed asset schedule that maximizes your tax deductions while maintaining full IRS compliance and audit defensibility.

Fixed asset review costs vary based on property size, complexity, and type. Entry-level properties ($300K-$1M basis) typically cost $3,000-$12,000, medium properties ($1M-$3M) range from $10,000-$20,000, large properties ($3M-$10M) cost $15,000-$30,000, and very large properties ($10M+) range from $30,000-$60,000 or more. However, the return on investment typically exceeds 10:1, with many clients achieving 10-25:1 ratios—meaning for every dollar spent, you receive $10-$25 in tax savings. We provide a free preliminary analysis to determine your potential savings and ensure the study fees are justified by the tax benefits you'll receive.

Any income-producing property with a depreciable basis qualifies for fixed asset review services. Eligible properties include residential rentals (single-family homes, condos, multifamily properties, apartment complexes), commercial real estate (office buildings, retail centers, industrial facilities, self-storage), hospitality properties (hotels, motels, resorts), specialized properties (medical offices, automotive facilities, gas stations, assisted living facilities), and mixed-use developments. Properties must be held for business or investment purposes—personal residences don't qualify. We serve property owners, investors, and businesses across all 50 states, with studies available for properties with building basis starting at $300,000 excluding land value.

Absolutely. Our lookback fixed asset review service allows you to claim missed depreciation deductions on properties placed in service within the last 15 years without amending prior tax returns. Using IRS Form 3115, we facilitate a change in accounting method that lets you claim all previously missed accelerated depreciation in a single year. The lookback review process is identical to current-year studies, including engineering analysis, comprehensive reporting, and lifetime audit defense. If original construction records are unavailable, we can reconstruct information using industry databases and historical cost data. Lookback studies cost about the same as current-year reviews and often deliver substantial immediate tax benefits.

Our standard fixed asset review process takes 2-4 weeks from initial consultation to final report delivery—significantly faster than the industry standard of 4-8 weeks. The timeline includes a free consultation and savings estimate, virtual or on-site property inspection with documentation collection, engineering analysis and component classification, and comprehensive report preparation with supporting schedules. For clients with urgent timing requirements or approaching tax deadlines, we offer rush service that can deliver studies in as little as one week, though rush premiums apply. Virtual property tours typically result in faster completion (2-3 weeks) compared to on-site visits (4-6 weeks) while maintaining the same engineering precision.

Essential documentation includes the property purchase agreement showing acquisition cost, closing statements with cost breakdowns, architectural drawings or building plans, construction or renovation invoices detailing component costs, previous depreciation schedules from your tax returns, and property tax assessment records. If you don't have complete records—which is common for older properties—don't worry. Our team can reconstruct missing information using industry databases, historical cost data, and engineering estimation techniques. During the free consultation, we'll discuss your available documentation and determine the best approach for your specific situation to ensure accurate analysis and maximum tax benefits.

Fixed asset reviews conducted using proper engineering methodology have a low audit risk profile because they follow established IRS guidelines and industry best practices. Our studies are engineered to withstand scrutiny, with detailed documentation, supporting photographs, cost reconciliation workpapers, and comprehensive narrative reports explaining classification decisions. Should an audit occur, every study includes our lifetime AuditDefense guarantee at no additional charge—we defend the report, provide supporting documents, answer IRS inquiries, and handle all audit communications for as long as you own the property. If an audit reveals a material issue with our study, we can even refund your study cost, demonstrating our confidence in our methodology.

We provide comprehensive CPA coordination and implementation support to ensure seamless integration with your tax preparation process. Our deliverables include fixed asset schedules formatted specifically for tax professional use, organized depreciation schedules showing annual deduction amounts by category, cost reconciliation workpapers proving all allocations, and completed Form 3115 for lookback studies. Post-study, we coordinate directly with your accountant to review findings, answer questions, and provide implementation guidance. This support is included at no additional charge and ensures your CPA can confidently incorporate the accelerated depreciation into your current tax return or amended filings without additional research or uncertainty.