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Tax Planning Is A Year-Round Strategy: Don't Wait!
If you qualify as a Real Estate Professional or an Active Participant, you have a great tax hedge with Bonus Depreciation on your cost segregation study.
Too many investors and CPAs wait until Q4 (the last minute), or even Q1 (too late) to tax plan for 2023. If you are an active investor and/or a business person, invest your time and money to meet and strategize with your CPA a few times a year. The return should be well worth it.
Cost segregation is an important tax strategy tool that should not be relegated to a year-end decision for several reasons.... |
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One of Our Client's Stories...
-from Ru McKinley
I remember one of my very first clients about 5 years ago…. He owned several properties in California, Nevada, and Texas. We called him about Cost Segregation, and he put us in touch with his CPA. For 13 properties, totaling just under $20 million, we estimated that he would be able to write off between $2.1-$3.2 million. He decided he didn’t need to use all of the deductions in the current year, but he and his CPA were so excited about Cost Seg, Bonus Depreciation and the new opportunities and investment strategies he could pursue.
We made a plan to perform Cost Seg on 11 properties over the next few years. That’s when he got a huge surprise! A property purchased many years ago and recently sold had suddenly appreciated 10X, and he was hit with a ADDITIONAL tax liability of over $1 million. Even though he was doing very well, he was really stressed about how the additional tax liability would affect his family’s life and his growing business. Because we already prepared and planned, he was able to use the additional depreciation to wipe out almost his entire tax bill that same year, and still carry forward a portion for the next year. Using Cost Segregation and Bonus Depreciation, he was able to meet his tax obligations, AND keep the gains, instead of paying unnecessary taxes. That's the power of Cost Seg!
10 Fast Food Restaurants + 1 Office Condo → $3,721,807
Tax Write-Off |
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Let Us Do The Heavy Lifting |
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www.costsegamerica.com 888-865-4401 [email protected]
"The information contained this newsletter is meant for guidance purposes only and does not in any way constitute legal or tax advice. Readers should seek advice from their CPA or Accountant in relation to information contained in these articles." |
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