Absolutely. Too many property owners are under the mistaken impression that a cost segregation study must be performed in the year of purchase or construction, and therefore don’t pursue this opportunity. In reality, facility owners are able to perform cost segregation studies on buildings purchased, built or improved in prior years. That’s because current IRS rules allow you to “catch up” the additional depreciation in the current tax year, and there’s no need to amend tax returns. In fact, you could see current-year tax benefits from real estate transactions that took place ten or more years ago depending on the size and purchase price of the building.