Taxes help build schools, hospitals, and infrastructure that you use every day if everyone avoids paying taxes then what? Only the poor man pays taxes, and the rich use everything the poor man pays for, is that good? Badman says I don't care, greed is good.
@@MrManny075 stay poor and pay more taxes. Remember when doing your taxes at the end of the year you can always pay more. Just remember this, a poor man has never given anybody a job.
@@wsmaga No one said to pay more just be honest and pay what you should, A greedy person never thinks of paying more he always tries to pay less, Remember this, a greedy rich man without the poor man, he wouldn't have a job in the first place, in fact, he wouldn't have anything
Toby, Thank you so much. I recently purchased 4 rentals and was struggling to understand the tax benefits between being passive, active, & a RE professional. IRS pub 527 didn't help. But in one sentence you made it clear. "Passive losses are only deductable from passive income." BOOM. Now I know which way to go. Thanks, Dirk
I've been doing these reports for almost 20 years. I still don't understand why more people don't use them. Every investor with an AirBnB or VRBO or even a regular rental property should be doing these.
Would you mind sharing how much the audit risk increases if you file the cost segregation report on a Schedule C? Also, what is the correct method for determining the value of improvements? For a newly purchased property, is it correct to use the purchasing price minus the land value shown in the newest property tax bill?
@@yingwu2143 if you have a professional do it properly, the audit risk is low. None of my reports have ever been audited, but then again I'm a licensed engineer and I'm exactly the type of professional that the IRS wants to see do these things. As a P.E. and a member of ASCSP and AACE, the methods for determining values are straightforward for me, but probably a mystery for the average person. Also regarding land, the IRS doesn't like to see assessed land values as the basis for land. They'd rather see comps or a full blown appraisal. There are also a small list of closing costs that can be incorporated into the final basis.
My gosh, the present value of the savings alone is massive, i.e. the more money I can keep today is worth more than the write-off tomorrow. I'm calling my CPA TODAY!
@@johnbarry8185 haha John. I can just see the auditor from the IRS setting up algos waiting for investors to visit their site, then tracking their IP address to their physical address, and then issuing an automatic audit notification to the investor. They be pretty sneaky like that, no doubt! They prolly coined the term "click bait"😆
Great information. I have two questions. 1. Who comes up with the list of items that can be segregated? Do you have a minimum amount? Say 5,000 for an item to be segregated? 2. Who comes up with the appropriate cost and depreciation period (5,7,15 yrs). Is that the accountant? This is especially important if it is for property that was purchased years ago. Do you use the cost from when the property (eg the carpet) was purchased or from today?
My wife and I retired. I made great pre-retirement decisions, and we are very comfortable and own our main home And a nearby cabin on a mountain. thinking of renting it or having a "management company" handle the rental and cleaning etc...Have No Idea what to talk to an accountant or lawyer about. Im getting hammered right now on the rising income tax on my "retirement."
If this is missed 90% of the time, then it means that it'll be challenging to find a CPA or Tax Return Preparer who can correctly do this. Should I even ask if this can be done using Turbo Tax? Great Video by the way. Thank you for this very informative video! We are contemplating on buying our first investment/rental property, so I am trying to research and talk to people who knows the nuances of this trade.
The "Economic Ninja" and "Real Estate Ninja" (YT Channels) have some advice ... though some is behind a paywall - though it is not always pricey ... I imagine this channel is selling things too - yet it is best to do your own research first - this video is a good first step. If you only have one rental property the tax savings may not amount to the hassle - though as always it depends, void where prohibited and your mileage will vary!
I pay $600 to cost seg a new single family that I paid around 200k for and the tax savings is about 50k so ANYTHING is worth a cost seg. On the flip side I paid $7,000 for a NNN property I paid 3M for and I got a $1,075,000 deduction. Bigger the better
Hi Toby, I sold a property in 2021 so I paid capital gain of 40K on top of my employment tax. Anyway we still amend it and pay a lesser tax? Thank you.
The only thing am still confused about is doing these strategies won’t affect your ability to qualify for loans if it shows as a loss if am still wanting loans to keep investing? Doing exactly this way won’t affect anything for loan qualification
Several minutes in and I hear you are relieved by the prospective rental not having a pool. I'm really wanting a pool, but also planned on my current home to become a rental when I move. What's the downside of having a pool in a rental? Thanks!
Toby, this was the absolute best video to understand cost segs!! Thank you first of all! Is there anyone in Michigan that you would recommend to use as our CPA or would your firm be willing to take us on to evaluate our situation with 4 rental properties that we have purchased in the past year alone, cash flowing well on all, and have set up our Trust and holding company accordingly... Much appreciate all of your time and education!
Hi Matthew, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation.aba.link/tobyss
Thank you for an amazing video ! If one does a cost segregation after selling the property, wouldn't they just be paying more taxes on their depreciation recapture when selling ? (unless they'd be doing a 1031)
Possibly, but generally if you are talking about rental property, most of our clients will either hold on to the property long term, or 1031 exchange the property for a new one.
Thank you!! Just bought a 2nd rental property and this exercise saved me thousands with a little bit of extra work with my accountant. I had overlooked this in previous years because of the hectic crunch time in tax season. Really appreciate you making this video! I’m a subscriber!
I recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Cost Segregation just means writing off assets over their actual useful life versus a default of 27.5 or 39 years. So your deduction does way up in earlier years and lowers in later years. What this means in a practical sense is you pay less taxes early on and more taxes later on - it is the time value of money that makes all the difference to an investor. A dollar today is worth more than a dollar in 5 years. So cost segregation is making sure we have more "today" dollars.
I was told Biden phasing cost segregation out after 2023- what do you know about this ? If I buy this year will I only be able to take advantage of CS in 2023?
Toby, what happens if I did a cost seg and I sold that property at year 3 or year 5 without any capital gains. How much tax would I have to pay back since I already used the cost seg as a tax deduction? Thanks
Good question! Anderson Business Advisors has a team of Attorneys and CPAs that work with the provisions of the Internal Revenue Code to ensure individuals and investors can minimize their tax burden. With evolving laws and tax code interpretation, we strive to adapt and develop new strategies for people to have the most asset protection and tax mitigation that the law provides.
Hi Andy, we recommend speaking with one of our advisors. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Thank you for all this info. If you can please answer this question: As an American real estate investor, does this apply if you purchase a rental in a different country? Can you still write any of that off like in this example?
How do you get the amount of each such carpet. cabinets, &landscape value amount at house purchase? by estimating or by having a professional to do that?
Wow, I have two rentals one I have had for 25 years and a new one for development. I can't even imagine how many mistakes I have made. My head is spinning. I just retired and intend to do more rentals. Now I'm worried.
We would love to recommend you register for a strategy session with us! We may be able to help you so please follow the link here: andersonadvisors.com/ss/
You mentioned this could be done on real estate you already sold. Then right at the end I believe you said “if you have access to it” can you elaborate?
Toby, I currently have two homes, one in upstate New York and another in Arizona. I use both as my residence, I travel back and forth. Can I still use your tax and WY LLC strategies even though they are not rentals? I have a lot of questions.
Great video! what about if the house has a mortgage ? can I deduct the same amount of this or just my equity? Also can I deduct the mortgage? Last question, so if I have a home, that I dont use or I lend it to a friend, can I ask him to leave the house November and write it off? or must to be the las time of the year?
Generally, this applies regardless of whether the property is financed or not. So, this applies to the full purchase price of the property, not just the equity. In addition to this depreciation, if the property is financed, you can often write off the interest being paid as well. If you are the legal owner of the home, you can use the depreciation as a loss, regardless of whether the friend stays or leaves in the property. Generally, as mentioned in this video, you may use up to $25,000 per year in the losses, or unlock all of the passive losses if you qualify as a Real Estate Professional. If you are seeking to take advantage of the short term rental real estate professional status, then yes, your friend would need to vacate the property, and you would need to self manage (if towards the end of the year).
Great video, Toby. Question: If a retired investor does not have any earned income, how much of the cost segregated depreciation can be deducted from other passive income such as other dividends, rentals, or capital gain income?
All of the tax savings from a cost seg can be applied to your other passive income, which means passive rental income and other passive investments like syndicated real estate deals. But not capital gain or investment dividends. Unfortunately those are in a 3rd and separate taxable bucket of "investment income", which your passive rental income losses can't offset (unless you qualify for one of several exceptions).
It appears this only works if I purchase/own the property in my name. But that means the liability is in my name. If I purchase and manage under a LLC does all of this still apply?
I really need to talk to you Toby. I am a long time real estate investor and need your advice. I really enjoy your videos. Lots of great info which I appreciate!
Great question, in order to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/tobyss
Can a person use the STR strategy to offset taxes resulting from a mega-Roth conversion from a Traditional IRA? I have an IRA that has way too much in it and I would like to do a Roth conversion this tax year. Is that possible to do?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/84a6a3
What If I make 80k but buy a 195k home. Your saying I write off all of the 195k that year! But I make 80k the write off is 195k though. Are saying the gov will refund me the negative balance
question: If I bought a work p/u for my son to use [he is a remodeler for a fire and restoration company but over the years he has only used a debit card so he has little or not credit, but I have perfect credit so the question is can I buy the truck and then lease it to my son so he would make his lease payments and build credit and I would have the lease payenmts to make the payments [which is received by me].
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
This is so wonderful. We can do this on a sold property? Sold a few weeks ago, no more access. :(. Maybe we can just do an amendment on the year I bought it ?
I'm glad you found the information helpful! To provide personalized advice and explore the options available for your specific case, I recommend scheduling a free strategy session. Visit: aba.link/84a6a3
Great question, in order to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/84a6a3
Great video!! Can you please refer a cost segregation company to us? We have a long term rental with 3 units we just completed and his sounds perfect for our situation.
Toby, it's videos like this that are pushing me into becoming an Anderson client! Dropping value for entertainment is one thing... how banging would it be for your team to consult on my planning and operations! Thanks 🙏
Can you refer me to a company that helps with cost segregation? I need to do this for my Real Estate purchased at the end of 2022. I need the extra tax savings to offset a partial 1031 exchange.
Toby and Team, this is freaking amazing. I would love a referal to a professional for a seg analysis asap please. Also, I'd love to get some help from a tax CPA/attorney please!
My Friend is a CA resident. tried to do the Re investing business but things didn’t go well for her. She had to sell a rental duplex in CA because she needed capital. Now needs a real tax advise on how to report that sale and 2 short sales. On in Texas and 1 in Georgia. She still owns 2 rental properties in FL with negative cash flow. It’s very complex situation. How can I contact you to talk about this ?
Claim Your FREE 45-minute consultation to receive business planning tips and asset protection. 👉 aba.link/84a6a3
ok oo
I could def use your help with my rental. Awesome information.
Taxes help build schools, hospitals, and infrastructure that you use every day if everyone avoids paying taxes then what? Only the poor man pays taxes, and the rich use everything the poor man pays for, is that good? Badman says I don't care, greed is good.
@@MrManny075 stay poor and pay more taxes. Remember when doing your taxes at the end of the year you can always pay more. Just remember this, a poor man has never given anybody a job.
@@wsmaga No one said to pay more just be honest and pay what you should, A greedy person never thinks of paying more he always tries to pay less, Remember this, a greedy rich man without the poor man, he wouldn't have a job in the first place, in fact, he wouldn't have anything
Toby,
Thank you so much. I recently purchased 4 rentals and was struggling to understand the tax benefits between being passive, active, & a RE professional. IRS pub 527 didn't help. But in one sentence you made it clear. "Passive losses are only deductable from passive income." BOOM. Now I know which way to go.
Thanks,
Dirk
The most valuable content on RUclips, hands down.
I've been doing these reports for almost 20 years. I still don't understand why more people don't use them. Every investor with an AirBnB or VRBO or even a regular rental property should be doing these.
Would you mind sharing how much the audit risk increases if you file the cost segregation report on a Schedule C? Also, what is the correct method for determining the value of improvements? For a newly purchased property, is it correct to use the purchasing price minus the land value shown in the newest property tax bill?
@@yingwu2143 if you have a professional do it properly, the audit risk is low. None of my reports have ever been audited, but then again I'm a licensed engineer and I'm exactly the type of professional that the IRS wants to see do these things. As a P.E. and a member of ASCSP and AACE, the methods for determining values are straightforward for me, but probably a mystery for the average person. Also regarding land, the IRS doesn't like to see assessed land values as the basis for land. They'd rather see comps or a full blown appraisal. There are also a small list of closing costs that can be incorporated into the final basis.
This is one of the most useful videos I've seen in RUclips
Glad you think so! Thank you so much for watching our content!
It's about time someone gives examples, clarify more for my self.Great job!
Thank you, let us know if you have any questions!
Thanku. As usual, you killed it!!! Appreciate your time and effort sharing such potent content 👏🏿
Thank you so much, Tobi!
The depreciation has to be recaptured when you sell it?
My gosh, the present value of the savings alone is massive, i.e. the more money I can keep today is worth more than the write-off tomorrow. I'm calling my CPA TODAY!
Im 56 minutes in and he's still describing the home...
Very informative. Thank you
If you owned a house for many years ( rental property ) and never did cost seg can you do the past 15 years now ?
@toby, please answer this! I’d love to hear your take and all the nuance involved. Thanks!
You should put in the show notes which IRS publication states the useful life of all of these items
You can look them up, at the IRS website(If you dare.) 🙂
@@johnbarry8185 haha John. I can just see the auditor from the IRS setting up algos waiting for investors to visit their site, then tracking their IP address to their physical address, and then issuing an automatic audit notification to the investor. They be pretty sneaky like that, no doubt! They prolly coined the term "click bait"😆
Hi, great video . I have a rent for 89 years already. But I didn’t do cost seg. Can you refer someone can do cost seg. Analysis in Orange County, CA?
Great information. I have two questions.
1. Who comes up with the list of items that can be segregated? Do you have a minimum amount? Say 5,000 for an item to be segregated?
2. Who comes up with the appropriate cost and depreciation period (5,7,15 yrs). Is that the accountant? This is especially important if it is for property that was purchased years ago. Do you use the cost from when the property (eg the carpet) was purchased or from today?
Thank you for the wonderful information and teaching; your shared knowledge is much appreciated
Thank you for watching!
Awesome presentation, Toby!
Thanks for watching us!
Wow!, great stuff Toby, thanks for sharing
Thank you for watching the content, Efren!
You will forever be in my prayers. Thank you so much for all you do and share
Wow I'm watching this a second time... This is really damn good info!!! Thank you!
Thank you!
Excellent information. My wife and I need to do cost segregation on property we already own
Interested in your Cost Seg referral, I'm in the DFW (Denton) area. Thank you for the excellent video(s)!!
What if you make rental to primary
My wife and I retired. I made great pre-retirement decisions, and we are very comfortable and own our main home And a nearby cabin on a mountain. thinking of renting it or having a "management company" handle the rental and cleaning etc...Have No Idea what to talk to an accountant or lawyer about. Im getting hammered right now on the rising income tax on my "retirement."
If this is missed 90% of the time, then it means that it'll be challenging to find a CPA or Tax Return Preparer who can correctly do this. Should I even ask if this can be done using Turbo Tax?
Great Video by the way. Thank you for this very informative video!
We are contemplating on buying our first investment/rental property, so I am trying to research and talk to people who knows the nuances of this trade.
The "Economic Ninja" and "Real Estate Ninja" (YT Channels) have some advice ... though some is behind a paywall - though it is not always pricey ... I imagine this channel is selling things too - yet it is best to do your own research first - this video is a good first step.
If you only have one rental property the tax savings may not amount to the hassle - though as always it depends, void where prohibited and your mileage will vary!
Good one Toby. Thank you
Cost Segregations are expensive. At what dollar figure is it worth it to do it to offset the cost of the segregation study?
I pay $600 to cost seg a new single family that I paid around 200k for and the tax savings is about 50k so ANYTHING is worth a cost seg. On the flip side I paid $7,000 for a NNN property I paid 3M for and I got a $1,075,000 deduction. Bigger the better
@@chadhewitt5650 do you mind sharing the contact info of the cost seg professional?
Thank you for your excellent video on cost segregation. Extremely interesting and enjoyable.
Wow you videos are amazing!
Hi Toby, I sold a property in 2021 so I paid capital gain of 40K on top of my employment tax. Anyway we still amend it and pay a lesser tax? Thank you.
Don't you eventually have to pay all those deductions after you get rid of the property?
Thank you Toby!!
The only thing am still confused about is doing these strategies won’t affect your ability to qualify for loans if it shows as a loss if am still wanting loans to keep investing? Doing exactly this way won’t affect anything for loan qualification
Again Tony Great Video, Information that Everyone of those new agents are going to hate>
87,000 of them...
Don't these techniques just move deductions from the future to the present? In the long term is there any advantage?
Hey Toby, if you do an asset segregation, and end up with the IRS owing you, for several years, is there anything special that needs to be done?
Several minutes in and I hear you are relieved by the prospective rental not having a pool. I'm really wanting a pool, but also planned on my current home to become a rental when I move. What's the downside of having a pool in a rental? Thanks!
Toby, this was the absolute best video to understand cost segs!! Thank you first of all! Is there anyone in Michigan that you would recommend to use as our CPA or would your firm be willing to take us on to evaluate our situation with 4 rental properties that we have purchased in the past year alone, cash flowing well on all, and have set up our Trust and holding company accordingly... Much appreciate all of your time and education!
Hi Matthew, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation.aba.link/tobyss
MI property does not rise. Barely stays flat & tends down. At least near Traverse area. Must be worse in UP.
Am I correct ?
Thanks for the video
Great video
Thanks for watching!
What if you get the property as an inheritance?
Thank you for an amazing video ! If one does a cost segregation after selling the property, wouldn't they just be paying more taxes on their depreciation recapture when selling ? (unless they'd be doing a 1031)
A 1031 doesn't relieve you from the clawback provisions if you do a cost segregation study and don't keep the property more than 6 or 7 years.
Possibly, but generally if you are talking about rental property, most of our clients will either hold on to the property long term, or 1031 exchange the property for a new one.
Thank you!! Just bought a 2nd rental property and this exercise saved me thousands with a little bit of extra work with my accountant. I had overlooked this in previous years because of the hectic crunch time in tax season. Really appreciate you making this video! I’m a subscriber!
I was a little overwhelmed but I think I followed most of this. Got any recommendations for a tax acct in Lake County. FL?
I recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Can you explain what happens in the years after you do the cost segregation?
Cost Segregation just means writing off assets over their actual useful life versus a default of 27.5 or 39 years. So your deduction does way up in earlier years and lowers in later years. What this means in a practical sense is you pay less taxes early on and more taxes later on - it is the time value of money that makes all the difference to an investor. A dollar today is worth more than a dollar in 5 years. So cost segregation is making sure we have more "today" dollars.
Do you have accountant recommendations for rental property in MS and CO?
Toby, you are the best!
30% deduction on average for year 1... how about year 2 deduction on average?
Great Video..👍🏼👍🏼👍🏼
I was told Biden phasing cost segregation out after 2023- what do you know about this ? If I buy this year will I only be able to take advantage of CS in 2023?
Hi Mr Mathis, I really like this segment. Can you refer someone who does cost segregation in Tampa Bay, FL. I really appreciate it. Thank you.
Hey, visit andersonadvisors.com/csa/ to request a FREE Cost Segregation Benefit Analysis
Toby, what happens if I did a cost seg and I sold that property at year 3 or year 5 without any capital gains. How much tax would I have to pay back since I already used the cost seg as a tax deduction? Thanks
Beautiful!
Such a helpful video. Thank you! Now, how do we find these CPAs that can do this...?
Good question! Anderson Business Advisors has a team of Attorneys and CPAs that work with the provisions of the Internal Revenue Code to ensure individuals and investors can minimize their tax burden. With evolving laws and tax code interpretation, we strive to adapt and develop new strategies for people to have the most asset protection and tax mitigation that the law provides.
Great video. Thanks!
Loved the video. I have a few ABNB's. Can you refer a tax firm that performs cost segregation work?
Hi Andy, we recommend speaking with one of our advisors. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Incredible share of info. We appreciate your experience and advice.
Thanks for sharing!
Our pleasure!
Thank you for all this info. If you can please answer this question: As an American real estate investor, does this apply if you purchase a rental in a different country? Can you still write any of that off like in this example?
How to assess the values, like carpets, cabinets, etc?
I'd love that referral to the CPA that does the cost segregation analysis. I have 7 properties and have only been doing 27.5 years depreciation.
You can visit andersonadvisors.com/csa/ to request a free cost segregation benefit analysis.
do you recommend a HELOC for single family home investments
Does this have the same effect on property that you've owned for over 30 years?
Does the 100% bonus depreciation expire this year?
How do you get the amount of each such carpet. cabinets, &landscape value amount at house purchase? by estimating or by having a professional to do that?
Wow, I have two rentals one I have had for 25 years and a new one for development. I can't even imagine how many mistakes I have made.
My head is spinning.
I just retired and intend to do more rentals.
Now I'm worried.
We would love to recommend you register for a strategy session with us! We may be able to help you so please follow the link here:
andersonadvisors.com/ss/
You mentioned this could be done on real estate you already sold. Then right at the end I believe you said “if you have access to it” can you elaborate?
How much will cost this study in NJ?
Toby, I currently have two homes, one in upstate New York and another in Arizona. I use both as my residence, I travel back and forth. Can I still use your tax and WY LLC strategies even though they are not rentals? I have a lot of questions.
Great video! what about if the house has a mortgage ? can I deduct the same amount of this or just my equity? Also can I deduct the mortgage? Last question, so if I have a home, that I dont use or I lend it to a friend, can I ask him to leave the house November and write it off? or must to be the las time of the year?
Generally, this applies regardless of whether the property is financed or not. So, this applies to the full purchase price of the property, not just the equity. In addition to this depreciation, if the property is financed, you can often write off the interest being paid as well. If you are the legal owner of the home, you can use the depreciation as a loss, regardless of whether the friend stays or leaves in the property. Generally, as mentioned in this video, you may use up to $25,000 per year in the losses, or unlock all of the passive losses if you qualify as a Real Estate Professional. If you are seeking to take advantage of the short term rental real estate professional status, then yes, your friend would need to vacate the property, and you would need to self manage (if towards the end of the year).
Great video, Toby. Question: If a retired investor does not have any earned income, how much of the cost segregated depreciation can be deducted from other passive income such as other dividends, rentals, or capital gain income?
All of the tax savings from a cost seg can be applied to your other passive income, which means passive rental income and other passive investments like syndicated real estate deals. But not capital gain or investment dividends. Unfortunately those are in a 3rd and separate taxable bucket of "investment income", which your passive rental income losses can't offset (unless you qualify for one of several exceptions).
It appears this only works if I purchase/own the property in my name. But that means the liability is in my name. If I purchase and manage under a LLC does all of this still apply?
I really need to talk to you Toby. I am a long time real estate investor and need your advice. I really enjoy your videos. Lots of great info which I appreciate!
This is a really good video!!
Thanks for the support!
Toby, if I’m eligible to be considered a RE pro, can the passive loss offset my T-bills interest? Thank you.
Great question, in order to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/tobyss
Great video bud, keep it up. We definitely appreciate your efforts... for sure
Good accountant that understands in my area oh
Would there be any benefit to donating to your own non-profit after the first year deduction?
Thanks Thanks and Thanks 🙏♾️
Super!!!!
What if you own a home and rent 4 bedrooms and live in the lower level of one of the homes you own?
Can a person use the STR strategy to offset taxes resulting from a mega-Roth conversion from a Traditional IRA? I have an IRA that has way too much in it and I would like to do a Roth conversion this tax year. Is that possible to do?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/84a6a3
Toby, always on the mark
Is cost segregation available for multitenant apartment buildings over 10 doors each building???
Yes! Cost segregation is a strategy available to larger multi-family properties as well.
Great info!
What If I make 80k but buy a 195k home. Your saying I write off all of the 195k that year! But I make 80k the write off is 195k though. Are saying the gov will refund me the negative balance
question: If I bought a work p/u for my son to use [he is a remodeler for a fire and restoration company but over the years he has only used a debit card so he has little or not credit, but I have perfect credit so the question is can I buy the truck and then lease it to my son so he would make his lease payments and build credit and I would have the lease payenmts to make the payments [which is received by me].
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Great information wish I knew This will work on personal property
This is so wonderful. We can do this on a sold property? Sold a few weeks ago, no more access. :(. Maybe we can just do an amendment on the year I bought it ?
I'm glad you found the information helpful! To provide personalized advice and explore the options available for your specific case, I recommend scheduling a free strategy session. Visit: aba.link/84a6a3
if you do the cost segregation this year, can you do it again next year?? or since you wrote off everything now then next year it can not be done??
Great question, in order to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/84a6a3
I spent 8k on HVAC, what about that!!??
Great video!! Can you please refer a cost segregation company to us? We have a long term rental with 3 units we just completed and his sounds perfect for our situation.
Toby, it's videos like this that are pushing me into becoming an Anderson client! Dropping value for entertainment is one thing... how banging would it be for your team to consult on my planning and operations! Thanks 🙏
7:35
7:35 😅 7:35
7:35
Can you refer me to a company that helps with cost segregation? I need to do this for my Real Estate purchased at the end of 2022. I need the extra tax savings to offset a partial 1031 exchange.
I would like a call from a cost segregation person. Thank you.
Toby and Team, this is freaking amazing. I would love a referal to a professional for a seg analysis asap please. Also, I'd love to get some help from a tax CPA/attorney please!
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Do you recommend whole life policies?
@Tobymathis I can't find any documentation that indicates that a full year of depreciation can be taken when you purchase during the year.
My Friend is a CA resident. tried to do the Re investing business but things didn’t go well for her. She had to sell a rental duplex in CA because she needed capital. Now needs a real tax advise on how to report that sale and 2 short sales. On in Texas and 1 in Georgia. She still owns 2 rental properties in FL with negative cash flow. It’s very complex
situation. How can I contact you to talk about this ?
I appreciate your trust in reaching out for tax advice. Feel free to contact my team through a free strategy session. Visit: aba.link/84a6a3