Refined Cost Segregation is based in Milwaukee. We prepare residential cost segregation studies for 1-4 unit rentals and short-term rentals nationwide, and our home market is the one we know best: Milwaukee duplexes and fourplexes, Bay View and Wauwatosa single-family rentals, Waukesha County homes, and the Lake Geneva and Lake Country vacation rentals that keep the Walworth and Waukesha calendars full.

Local when it helps, documentary when it doesn’t.

Most residential studies don’t need anyone on site. We work from your closing statement, the land and building split, photos, and a 10-15 minute questionnaire, and every study goes through human review and a quality-control review before it ships. That keeps the process fast and the fee flat.

Some properties are different: a gut-rehabbed Riverwest duplex where the records don’t show what was replaced, a lake house with a boathouse and a long list of site improvements, a new build with a stack of contractor invoices. For properties in Milwaukee, Waukesha, Ozaukee, Washington, Racine, Kenosha, Walworth and Jefferson counties, we can walk the property with you, or sit down with you and your CPA, by appointment. We’ll tell you up front whether a visit would add anything to your file.

Wisconsin doesn’t allow bonus depreciation. A study still pays here.

Wisconsin decoupled from federal bonus depreciation in 2014 and did not follow the 2025 federal restoration. That trips up a lot of local investors, who conclude a study is federal-only. It isn’t. Wisconsin still recognizes 5-, 7- and 15-year class lives, so the property a study reclassifies comes off the Wisconsin return far faster than 27.5-year straight line, just over several years instead of one. One study gives your CPA both schedules. The worked $520K Milwaukee duplex example runs the federal and Wisconsin numbers side by side.

What we study in southeast Wisconsin.

  • Milwaukee duplexes, triplexes and fourplexes, including owner-occupied house hacks, where only the rental share is depreciable.
  • Single-family rentals and condos across Milwaukee, Waukesha, Ozaukee and Racine counties.
  • Short-term and mid-term rentals, from downtown Milwaukee units near the Third Ward to Lake Geneva and Lake Country lake homes.
  • BRRRR projects and renovations, where rehab dollars skew toward short-life property.
  • Larger multifamily is quoted individually.

What you get.

A report PDF, a per-asset fixed-asset schedule your CPA can import, and a one-page CPA implementation letter, delivered 5-10 business days after a complete questionnaire. Studies are audit-ready and prepared to the IRS Cost Segregation Audit Techniques Guide. Optional Audit Support is available. We work alongside your CPA, never around them.

Questions Milwaukee owners ask.

Do you work with Milwaukee-area rental owners in person?

Yes. We’re based in Milwaukee. Most studies need no visit, but across the eight counties above we can walk the property or meet you and your CPA by appointment when it adds something to the file.

Does Wisconsin allow bonus depreciation?

No. Wisconsin decoupled for property placed in service in taxable years beginning on or after January 1, 2014. It still recognizes 5-, 7- and 15-year class lives, so a study accelerates the Wisconsin deduction too, over several years instead of one.

Do I need a separate study for my Wisconsin return?

No. One study produces the classification your CPA uses for the federal schedule and the Wisconsin schedule reported on Schedule I.

What kinds of Milwaukee-area properties do you study?

1-4 unit residential rentals, single-family rentals, condos, and short-term and mid-term rentals across southeast Wisconsin and the state’s lake and vacation markets. Larger multifamily is quoted individually.

How long does a study take?

5-10 business days from a complete questionnaire. You see your projected savings and your flat study fee in the intake form before any payment.