Adulting Is Easy: Making Personal Finance & Real Estate Easy artwork

AIE 119: Cost Segregation for Real Estate Investing

Adulting Is Easy: Making Personal Finance & Real Estate Easy

English - March 28, 2023 11:00 - 26 minutes - 43.2 MB - ★★★★ - 7 ratings
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Previous Episode: AIE 118: Friends, FOMO, Financials with Money with Katie
Next Episode: AIE 120: Go to the Investing Gym But Don't Get An Investing Tattoo

Cost segregation is about bringing depreciation forward, and it is literally in the tax code. It’s basically an engineering study, but don't worry! Yonah demystifies it. Owners hire someone, like Yonah's firm, to categorize expenses. Depending on the category, depreciation schedules vary. Short-term rentals offer a unique opportunity for owners, if they’re materially participating, to take passive income losses against active income losses. Yonah breaks it all down in an approachable way. He even covers the complicated concept of real estate professional designation, and whether it's needed. Lauren and Yonah talk tax impacts on rental arbitrage, property managers, and co-hosts. They cover other real estate tax benefits.You may need to educate your accountants, or frankly change accountants after this, but it will be worth it.  


If you liked this episode, you may also like Episode 125: Getting Started in STRs and How to Get Direct Bookings and Episode 112: How to Set Up Your Airbnb, Step by Step  


About Yonah:  


Yonah Weiss is a powerhouse with property owners' tax savings. As Business Director at Madison SPECS, a national Cost Segregation leader, he has assisted clients in saving hundreds of millions of dollars on taxes through cost segregation. He has a background in teaching and a passion for real estate and helping others. He’s a real estate investor and host of the top podcast Weiss Advice.  


Book mentioned: Tax Free Wealth by Tom Wheelright  


Sponsored by TouchStay Digital Guidebooks: https://touchstay.com/ 


Connect with Yonah:  


Twitter: https://twitter.com/YonahWeiss 


Instagram: https://www.instagram.com/yonahweiss/ 


https://www.linkedin.com/in/cost-segregation-yonah-weiss/ 


Yonah's Podcast on Spotify: https://open.spotify.com/show/1Aq7SJ91d7cSU55nyJOwhU 


Yonah's Podcast on Apple: https://podcasts.apple.com/us/podcast/weiss-advice/id1515387561?uo=4 


Donate to the show: https://cash.app/$AdultingIsEasy 


Connect with Lauren:  


https://twitter.com/AdultingIsEasy 


https://www.instagram.com/adultingiseasyreal/

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