"Saving Taxes With Cost Segregation"- Yonah Weiss

In this episode I am joined by Yonah Weiss, Regional Business Director with Madison SPECS. Yonah has a background in teaching and real estate. With Madison SPECS, Yonah helps to save his clients millions of dollars in taxes every year. He is here to explain cost segregation and how it can help to save you money.

Starting the discussion today, Yonah explains what cost segregation is and how it can save you money in tax deductions on your commercial or investment properties. Most people usually set up cost segregation within the first year, but there is really no best time. Many people aren’t even aware of the process and that it can be applied retroactively to properties. Yonah then takes us through the cost of the process for different properties.

Using an example from me, Yonah explains how the process works and how to calculate what percentage deduction you could see. He also takes us through whether it can be used to offset active income from other businesses, and how being a certified Real Estate Professional can be of benefit in defining how much of the depreciation value you can use.

Most accountants will not be starting this process automatically simply because they can’t. You need certified engineers to evaluate the property for it to be valid. If you are looking at hiring someone for evaluation, Yonah explains what they need in order to ensure a quality study.

Finally, Yonah provides detail on how selling the property will affect your tax deductions and urges everyone to educate themselves on taxes to ultimately help build your wealth.

 

Find out more about Yonah and Madison SPECS:

• https://madisonspecs.com/
• https://www.yonahweiss.com/

Join us: https://www.wealthevolutionclub.com