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When to act?

 

1. Ideally, when the property is placed in service (when you put it up for rent, for eg.), because that’s when the IRS says you can deduct depreciation.
    

2. For new developments or purchases, ideally upon acquisition. All necessary costs have to be documented (hard and soft costs); without this, you will not be able to do the CSS.
    

3. After construction or renovation, in order to capture the FULL value of all eligible components (assets) of the building/development.
    

4. When getting ready to sell, to increase the appeal to potential buyers, who will have a ready-made CSS to know what they can depreciate faster, as well as to calculate relevant ROI, ROE, and other key real estate performance metrics (NOI, for eg.).