The independent CPA who reads the numbers your pro forma skips, before you buy and when you sell. Not a cost-seg firm selling a study. Not your fund admin. A former Big 4 fund auditor who checks the seller's T-12 and your underwriting before close, and models the after-tax LP return net of depreciation recapture and the §469 passive-loss trap most decks skip.
Illustrative model on a fictional deal, not a forecast. Your read runs on your own numbers.
The same independent read, from whichever side of the table you're on.
The after-tax LP number your deck never nets out, the recapture waiting at exit, and the seller's T-12 pressure-tested before you close.
See sponsor services →Can you actually use the year-one loss, what's your real after-tax return once recapture hits, and how big is the exit-year tax bill. Read from your seat, before you wire.
The LP read →I don't sell deals, take a commission, or push a cost-seg study, and I don't give legal advice. As a CPA, this is independent, non-attest work with no product behind it, so the read stays the same whether or not you buy.
Before you close, the seller's T-12, rent roll and your underwriting, checked line by line. At exit, the give-back the pre-tax IRR never nets out: §1245 ordinary recapture versus §1250 capped at 25%.
The same rigor that signed off on institutional real-estate funds, now reading your deal before your LPs do.
A sample projection on a fictional deal, in the same format a client gets on their own.
A one-time tax read on a deal you're raising, independent diligence on a deal you're buying, or a standing quarterly review alongside the CPA you already have. See the full service menu & pricing →
The after-tax LP IRR the pre-tax deck never shows, the recapture waiting at exit, and a straight go/no-go on whether a cost-seg study pays for itself. Own it already? I check the depreciation a Form 3115 §481(a) catch-up can still recover in one year.
Book a Strategy Call →Under LOI? Before your earnest money goes hard, I test the seller's T-12, rent roll, and bank statements against the pitch, rebuild the pro forma, and hand you a findings memo: what the deal really earns and what to renegotiate. Independent buyer-side diligence, not an audit.
See what's covered →Year-round tax strategy and a quarterly review that works alongside your existing CPA, not instead of them: cost-seg and 1031 planning, §721 contribution-vs-sale structuring, and coordinating the annual filing with the preparer who files it.
Book a Strategy Call →Generic spreadsheets treat tax as a flat percentage. I built an institutional-grade engine that models debt-yield constraints, §469 passive-loss banks, accelerated-depreciation recapture, and multi-tier LP waterfalls in real time. It's the model I run on your deal, and it's free to download and run yourself.
How the numbers are checked →No. This is advisory and non-attest work: no returns, no audits, no reviews. I model the after-tax outcome at underwriting and work alongside the CPA who files, not instead of them.
Your CPA files after the year closes and looks backward at what already happened. I model forward, at underwriting, before you sign, so the tax outcome informs the go/no-go instead of surprising you at K-1 time. I work alongside your filing CPA, not instead of them.
A cost-seg firm sells you the study, so the answer is always yes. I have nothing to sell you at exit. The read stays independent of whether a study actually pays for itself on your deal.
The deck or offering memo, the rent roll or T-12, and the debt terms. From that I model the pre-tax and after-tax LP return, the recapture at exit, and the go/no-go on cost seg.
A flat $750: one price, no hourly meter, and no markup on a cost-seg study. You get the pre-tax and after-tax LP return, the recapture at exit, and a clear go/no-go before you commit capital.
A few business days from the time I have the deck, rent roll and debt terms. If you're up against a signing deadline, tell me and I'll work to it.
Both. Mostly sponsors and GPs pressure-testing a deal they're about to raise on, but also LPs who want an independent read on a sponsor's projected returns before they wire.
Yes, two ways. If I run the projection for you, your deck, rent roll and debt terms are confidential client material: I never share them with third parties, and I'm glad to sign an NDA before you send anything. If you'd rather keep the file in-house, the engine itself runs 100% local on a Windows desktop, so the deal file never leaves your machine and never touches a server.
Yes: an active California CPA (license 139270) and a former Big 4 real estate auditor. This is advisory, non-attest work, so what I hand you is analysis to use alongside your filing CPA and counsel, not an audit or a tax return.
Yes. On an aged hold I check the depreciation a Form 3115 §481(a) catch-up can still recover in a single year, plus the recapture math on a sale or 1031 exit.
Plain-English write-ups on the after-tax number, the recapture trap, and where a pro forma stops one dimension short.
Cost seg is a loan from the IRS. It bites hardest at exit on land-heavy assets, and the deck never nets it out.
Read →Re-underwriting fixes the OM's mistakes but inherits its blind spot: the after-tax LP return was never on the page.
Read →Where a like-kind exchange actually works inside a partnership, and where §704(c) and the drop-and-swap quietly break it.
Read →More reading: After-tax returns · Pressure-test your pro forma
Cost seg on your deal: how much of the year-one loss a passive LP can actually use.
Run it →What a sale really costs: recapture, capital gain, NIIT and state, and what a 1031 would and wouldn't defer.
Run it →What a good answer sounds like before you wire, and the answers that should make you pause.
Read →I'll tell you honestly whether I can add value and what it would cost. No obligation.
Book a free 15-min intro call → Prefer email? kasing@credevsim.com · Call or text (415) 617-5270