Gian Pazzia breaks down the most common mistakes investors miss when they trust the wrong team. From skipped cost segregation to missed bonus depreciation and 1031 missteps, it all adds up.
The IRS isn’t always the problem. Sometimes it’s the people you hired to protect your bottom line.
This one is simple, but important.
#TaxMistakes #RealEstateCPA #PassiveInvestorTips
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Episode Transcript
The biggest mistake is using a tax preparer that
just isn't as familiar with realestate.
Okay.
And, a lot of the mistakes, arehappening.
With the person preparing thetax return.
Whether it's the tax prepared,never advised, Hey, you could do
a cost segregation study here.
(00:20):
and of course they don't do thecost study.
They might be paying more taxthan they should.
Okay.
But the other mistakes that Ithink I find are.
Missing the bonus depreciation,whether, somebody's reporting
things on the tax return, thatis eligible for bonus
depreciation.
So maybe let's say they, put anew parking lot in, or maybe
(00:44):
they redo the landscaping andthey put it on the depreciation
schedule correctly, but theyforget to take the bonus
depreciation.
And so they're Effectivelywriting it off over a much
longer period, and they'repaying more tax than they need
to when they report that.
Sometimes there's mistakes when10 31 exchanges are involved
with properties, the rules get alittle nuanced.
(01:07):
Again, if your tax preparer isnot super focused on real
estate, they might overlook someof the issues.
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