TGCI 45: Cost-segregation study. Magic words that make REI so lucrative.
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Summary:In today’s show, Pancham interviews cost segregation expert, Chris Wetherall.

Cost segregation can help you save your tax-dollars thus making real estate investing an incredibly lucrative proposition. There are many nuances to this accounting practice that need to be thoroughly understood so that you do not get into trouble with the IRS.

How can you do an accurate cost segregation so that none of your deductions are disallowed? How fast can you depreciate a property? Is it possible for you to claim deductions that your CPA missed out in previous years? How do bonuses help you save your tax dollars? 

For all this and much more, do not miss this special show where Chris shares some extremely nuanced information.

Enjoy!

Timestamped Shownotes:
  • 01:00 – What makes real estate an IDEAL investment?
  • 02:02 – Pancham welcomes Chris to the show and shares his background information
  • 03:13 – How did Chris learn the ropes of real estate and cost segregation?
  • 06:50 – How fast can you depreciate a property? Chris explains the three-time scales, and reveals which properties fall under each one
  • 09:44 – How your end use determines your deductions and tax savings 
  • 10:58 – Why is IRS giving real estate owners the option to use cost segregation to save their tax dollars?
  • 12:08 – Do the various incentives make real estate the best possible investment?
  • 13:40 – Real Estate – the backbone of the economy
  • 17:11 – Why meticulous documentation is critical for a proper cost segregation
  • 18:23 – Benefits of a fully engineered and fully accounted cost segregation study
  • 21:06 – When is the right time to contact Chris and commission a cost commission study?
  • 22:17 – Considering the deduction and tax savings, is it more beneficial to develop a barren piece of land?
  • 28:47 – How can bonuses help you save your tax dollars?
  • 30:15 – Can you use deductions that your CPA missed in previous accounting years? Is it possible to get refund checks?
  • 33:05 – If you are installing a new roof, what is the amount of yearly deduction that you can claim? What is the amount of tax that you can save every year?
  • 40:13 – Is the depreciation schedule reset every time the title changes hands?
  • 47:02 – Is it costly to maintain documentation to a keep a track of your accounts?
  • 48:37 – Have you diversified your investments and allocated an adequate percentage to real estate?
  • 51:32 - Taking the Lead Round
  • 51:32 – When was the first time Chris invested outside the Wall Street?
  • 53:58 – What fears did Chris have to overcome when he first invested outside the Wall Street?
  • 54:55 – Can you share one investment that did not go as expected?
  • 56:55 – What is one piece of advice you would give to someone who is investing in the Main Street?
  • 59:08 – Chris shares his contact information
3 Key Points:
  1. How fast can you depreciate a property?
  2. How can cost segregation help you save your tax dollars
  3. Can you claim refunds for deductions that you missed out in previous accounting years?

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