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WS05: How Opting for Cost Segregation Can Result in Enormous Tax Benefits for Real Estate Investors with Yonah Weiss

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Summary:

In this episode, Whitney interviews Yonah Weiss, a cost segregation expert with Madison SPECS. Yonah shares little known facts about cost segregation – an accounting principle that can help real estate investors save thousands of dollars in taxes. Yonah reveals the various benefits of cost segregation as compared to straight-line depreciation. You will learn how cost segregation relies on accelerated depreciation to let you write off your expenses at a faster rate. But, is it really expensive to hire a cost segregation firm? And, can you know your tax savings before paying for a cost segregation study? Tune in to find out. Watch now.

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Time Stamped Show Notes:

  • 00:34 – Whitney introduces Yonah to listeners
  • 01:11 – Yonah transitions from teaching into cost segregation
  • 03:43 – Understanding depreciation can help you write off property value and save taxes
  • 05:05 – Yonah explains how standard straight-line depreciation is applied to residential properties
  • 06:41 – How to properly conduct cost segregation as per IRS guidelines
  • 09:28 – How cost segregation instead of straight-line depreciation can save you significantly in taxes
  • 11:09 – When is the right time to contact a cost segregation firm?
  • 11:27 – What is bonus depreciation? At what stage of your investment cycle can you claim it?
  • 12:45 – Will folks with higher incomes and in the higher tax bracket benefit more from cost segregation?
  • 14:18 – Is there any benefit in hiring a cost segregation firm before you close a property?
  • 15:36 – Typically, how long will a full cost segregation study take?
  • 16:32 – Do cost segregation firms collaborate with CPA’s to ensure their client’s best interests?
  • 18:06 – Would a small CPA firm be aware of the benefits of cost segregation?
  • 18:51 – How much do cost segregation firms typically charge? Is it a fixed amount or on a commission basis?
  • 20:42 – Why doesn’t the IRS encourage you to opt for cost segregation?
  • 21:57 – Learn how a FREE feasibility analysis can help you determine your savings via cost segregation
  • 24:45 – Yonah share his contact information – yonahweiss.com
  • [spp-timestamp time=”25:27″] – Review and subscribe to the Real Estate Syndication Podcast
  • [spp-timestamp time=”25:36″] – A special thanks to our sponsor, Life Bridge Capital

In this episode, you will learn:

  1. The benefits of opting for cost segregation over straight-line depreciation
  2. How to hire a cost segregation firm
  3. How to determine if cost segregation can actually save you money

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