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Ledgerline clients Gulfstream Development Partners

CPA packet

C corporation · FL · tax year 2026 · Tampa, FL · contact Peter Lindqvist, VP Finance

Download CPA packet (.zip)

This page is the detail your CPA works from, so it uses tax terms. You don't need to read it: the Home page tells you what to do next.

Packet status

0 of 8 studies final

One click downloads everything: the summary, Lacerte / ProConnect fixed-asset import files, a generic file for other tax software, bonus elections by class, method-change lines and the review log. A study is final only after your CPA reviews and releases it; everything else is marked DRAFT.

  • Draft Faster depreciation (cost segregation) · Harbor Pointe Apartments (180 units) (Screened)
  • Draft Energy-efficient home credit · Harbor Pointe Apartments (180 units) (Screened)
  • Draft Energy-efficient building deduction · Harbor Pointe Apartments (180 units) (Screened)
  • Draft Faster depreciation (cost segregation) · Bayshore Medical Office (62,000 sq ft) (Screened)
  • Draft Property tax appeal · Bayshore Medical Office (62,000 sq ft) (Screened)
  • Draft Inventory cost rules for homes you sell · Seabreeze Condominiums (64 presold units) (Screened)
  • Draft When home-sale income is taxed · Seabreeze Condominiums (64 presold units) (Screened)
  • Draft Research and development credit · Seabreeze Condominiums (64 presold units) (Screened)
Builder Tax StrategiesReady for your CPA's review

Prepared for CPA review · Ledgerline CPA Group

Gulfstream Development Partners: tax study packet, tax year 2026

Prepared Oct 26, 2026 · scenario moderate · rates federal 21%, state 5.5%, discount 8% · data f4ce0f152e2da742

01Summary

StrategyCash 2026PVFeesPV after fees
Cost segregation$1,885,000$1,186,076$9,900$1,176,176
45L energy credit$450,000$450,000$6,300$443,700
179D energy deduction$144,131$100,232$3,750$96,482
Property tax appeal$0$91,539$1,950$89,589
263A capitalization$145,856$145,856$2,950$142,906
460 contract method$1,073,330$122,917$0$122,917
R&D credit$0$0$0$0
Loss limits (461(l) / NOL)−$1,651,279−$122,317$0−$122,317
Total$2,047,039$1,974,303$24,850$1,949,453

In CPA terms, every amount opens its rule, inputs and source, and says when it is an estimate or unverified.

02Form 4562 data sheet (depreciation)

Harbor Pointe Apartments (180 units) · placed in service May 1, 2026 DRAFT

ClassMethod / conv.Cost basisBonus179Year-1 MACRS
5-yr personalGDS 200DB HY$2,085,409$2,085,409$0$0
15-yr personalGDS 150DB HY$5,140,772$5,140,772$0$0
27.5-yr residential rentalGDS SL MM$36,615,880$0$0$832,279
39-yr nonresidential realGDS SL MM$1,357,940$0$0$21,795

Bayshore Medical Office (62,000 sq ft) · placed in service Mar 1, 2024 · ESTIMATE, NOT A STUDY DRAFT

ClassMethod / conv.Cost basisBonus179Year-1 MACRS
15-yr personalGDS 150DB HY$3,099,200$1,859,520$0$61,984
39-yr nonresidential realGDS SL MM$17,700,800$0$0$359,857

03Form 3115 data sheets (accounting method changes)

Bayshore Medical Office (62,000 sq ft) · cost seg look-back · DCN 7

Year of change 2026. Part IV line 25 (481(a)): −$1,896,803 (negative 481(a): taken in full in the year of change).

Rev. Proc. 2025-23 sec. 6.01 (impermissible to permissible depreciation). Who files: The taxpayer that owns the property (individual, partnership, S corporation or corporation) files Form 3115 with its timely filed original return for the year of change (incl. extensions); the CPA prepares it; a duplicate goes to the IRS (Ogden) no earlier than the first day of the year of change and no later than when the original is filed. Partners and S corp shareholders do not file their own 3115.

  • Cost segregation study as of the placed-in-service date
  • 481(a) computation by asset (byClass)
  • Prior depreciation schedules
  • Statement of the change (Part II / Part IV)

Seabreeze Condominiums (64 presold units) · 263A · DCN 224

Year of change 2026. Line 25 (481(a)): −$396,800, spread over 1 year(s): 2026 −$396,800

Rev. Proc. 2025-23 (DCN 224 per library interest_capitalization_263a_f). Automatic change. attach to the timely filed (incl. extensions) return for the year of change; duplicate copy to IRS Ogden; CPA signs

04Credits and deductions (Forms 8908, 7205, 6765)

  • 45L · Harbor Pointe Apartments (180 units): 180 homes, credit $450,000, claimable $450,000; 0 homes earn none (cutoff or certification).
  • 179D · Harbor Pointe Apartments (180 units): $3.69/sq ft, deduction $686,340, reference ASHRAE 90.1-2007.
  • R&D · Seabreeze Condominiums (64 presold units): QREs $609,000, credit $52,977 (asc). Needs CPA review.
  • 460 · Seabreeze Condominiums (64 presold units): CCM deferral value (PV) $124,592.

05Elections and positions

  1. Harbor Pointe Apartments (180 units): claim bonus depreciation on 5-, 7- and 15-year property (no election out); original return, Form 4562.
  2. Bayshore Medical Office (62,000 sq ft): claim bonus depreciation on 5-, 7- and 15-year property (no election out); automatic change, DCN 7, year of change 2026.
  3. Seabreeze Condominiums (64 presold units): Form 3115 DCN 224 (Rev. Proc. 2025-23 (DCN 224 per library interest_capitalization_263a_f)); 481(a) over 1 year(s).
  4. Seabreeze Condominiums (64 presold units): completed-contract method for home construction contracts (460(e)); keep the look-back record if PCM is used for any contract.
  5. Seabreeze Condominiums (64 presold units): 280C(c) choice: reduced credit (on a timely filed original return). CPA review: R&D is marked "needs review".
  6. Harbor Pointe Apartments (180 units): owner claims 179D (Form 7205); basis reduced by the deduction.

06Loss limits

461(l) and NOL roll-up at business income $6,400,000 held flat: NOL carried past the last modeled year $0. Excess business loss 2026: $0.

07Documents

  • Harbor Pointe Apartments · Job cost ledger / general ledger: provided
  • Harbor Pointe Apartments · Contracts, subcontracts and change orders: missing
  • Harbor Pointe Apartments · AIA G702/G703 pay applications: missing
  • Harbor Pointe Apartments · Invoices for owner-furnished equipment (appliances, FF&E): missing
  • Harbor Pointe Apartments · Drawings and specifications (as-built): missing
  • Harbor Pointe Apartments · Photographs / site visit record: provided
  • Harbor Pointe Apartments · Land evidence (appraisal, closing statement, land ledger): provided
  • Harbor Pointe Apartments · Placed-in-service evidence (certificate of occupancy, first lease): missing
  • Harbor Pointe Apartments · Construction start / binding contract evidence: missing
  • Harbor Pointe Apartments · Engagement letter and fee arrangement: missing
  • Bayshore Medical Office · Job cost ledger / general ledger: missing
  • Bayshore Medical Office · Contracts, subcontracts and change orders: missing
  • Bayshore Medical Office · AIA G702/G703 pay applications: missing
  • Bayshore Medical Office · Invoices for owner-furnished equipment (appliances, FF&E): missing
  • Bayshore Medical Office · Drawings and specifications (as-built): missing
  • Bayshore Medical Office · Photographs / site visit record: missing
  • Bayshore Medical Office · Land evidence (appraisal, closing statement, land ledger): provided
  • Bayshore Medical Office · Placed-in-service evidence (certificate of occupancy, first lease): missing
  • Bayshore Medical Office · Construction start / binding contract evidence: missing
  • Bayshore Medical Office · Engagement letter and fee arrangement: missing

08Open questions for the CPA

  1. Seabreeze condos: R&D project narratives not started
  2. Bayshore Medical: tenant improvement allowance split not uploaded
  3. conservative: 450000 of 2026 general business credit carried back to 2025 (39(a)(1)); the refund is claimed after 2026 (Form 1139/1045 or an amended 2025 return): CPA files
  4. moderate: 450000 of 2026 general business credit carried back to 2025 (39(a)(1)); the refund is claimed after 2026 (Form 1139/1045 or an amended 2025 return): CPA files
  5. aggressive: 502977 of 2026 general business credit carried back to 2025 (39(a)(1)); the refund is claimed after 2026 (Form 1139/1045 or an amended 2025 return): CPA files
  6. Section 179 expensing of qualified real property (179(e)) and building-related 1245 property (Harbor Pointe Apartments (180 units)): C corporation lessor: 179 possible on 1245 items in residential rental property, limited to business income (B6). Residential building components are not 179(e) property.
  7. Section 179D energy efficient commercial buildings deduction (incl. designer allocation) (Bayshore Medical Office (62,000 sq ft)): Construction began 2023-01-10, on or before 2026-06-30. Needs energy modeling; the deduction reduces basis and must not double count cost seg components (S5). Property is already on 2 returns: 179D is claimed for the placed-in-service year, so only an amended return within the refund statute works; CPA to confirm.
  8. Completed contract method (CCM) for homebuilders and the Shea Homes subdivision-completion position (Seabreeze Condominiums (64 presold units)): CCM is not available for the pre-OBBBA condo contracts; it is available only for contracts entered in a tax year beginning after 2025-07-04 (DCN 275 cut-off change). Confirm which contracts fall after the cut-off.
  9. Section 41 Research Credit for Builders, Designers and Contractors (with 174A) (Seabreeze Condominiums (64 presold units)): Builder reports genuine design/engineering experimentation not funded by a customer: screen for 41 credit (high risk; 174A and 280C(c) interplay).
  10. Electing real property trade or business (163(j)(7)(B)) vs ADS depreciation: the interest-vs-depreciation trade-off: Not a small business: compare PV of interest deduction gained vs depreciation lost (ADS, QIP bonus) before electing RPTOB. OBBBA's restored depreciation add-back to ATI reduces the need.
  11. [cost_segregation_new_construction] For a project begun before 2025-01-20 and placed in service in 2025-2026, can any 1245 components be treated as separately 'acquired' after 2025-01-19 (component election under Notice 2026-11 sec. 3.05 applies to larger self-constructed property that is itself qualified property)?
  12. [cost_segregation_new_construction] Is the taxpayer a small business exempt from 263A and 163(j) for this year?
  13. [bonus_depreciation_168k] For projects straddling 2025-01-19, is the component election or a separate-property argument available for later-installed 1245 items?
  14. [bonus_depreciation_168k] Should the client elect 40% under 168(k)(10) for 2025 (e.g., to use expiring credits/NOLs or smooth income)?
  15. [unicap_263a_overview] For exempt small builders, which indirect costs still must be capitalized to real property held for sale under 263(a) and basis rules even though 263A does not apply?
  16. [unicap_263a_overview] Is the client's GAAP capitalization policy the right starting point for section 471 costs?
  17. [interest_capitalization_263a_f] Does 460(c)(3) still require interest allocation for small-contractor exempt residential contracts even though 263A(i) exempts the taxpayer from 263A?

09Deadlines

  • Jun 30, 2026 · 45L sunset: homes acquired after this date earn no credit (passed)
  • Jun 30, 2026 · 179D sunset: construction must begin by this date (passed)
  • Jan 1, 2027 · Next lien date (FL)
  • Sep 8, 2027 · Property tax appeal deadline (FL)
  • Oct 15, 2027 · Form 3115 (DCN 224) for 2026
  • Oct 15, 2027 · Form 3115 (DCN 7) cost seg look-back for 2026

10Disclaimers

Research tool for CPA review; not tax advice. Planning estimates at the builder's rates; a CPA confirms every item before filing.

Prepared with deterministic code from the taxpayer's records and cited sources. No AI computed any amount. Items whose sources say estimate, assumption or unverified rest on that data. Benchmark estimates are not studies and must not be filed.

Preparer status (6694) and taxpayer consent (7216) are pending review before any real client use. Sample data: all names are fictional.

11Sign-off

Prepared by

Marco Ruiz, EA · Senior

Date:

Not signed

Reviewed and approved by

Dana Whitfield, CPA · Tax partner

Date:

Not signed

Until a CPA reviews and releases a study in the app, its pages read “Ready for your CPA's review”.