Professionals always recommend conducting a study either immediately after the purchase of a property or after remodeling or construction. Otherwise, a cost segregation study can be conducted in the first year in order to maximize the tax benefits. Initially, there were separate categories for qualified properties like a restaurant property, leasehold improvement property, retail improvement property, etc. Both personal and real property qualified for the like-kind exchange treatment. After the changes brought by the TCJA, cost segregation became a major part of a tax strategy. It is essential for property owners to have an eye on the TCJA changes in order to reduce taxes and increase savings.