Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Hi, and welcome to the Home Solutions Show. This is
Andy Keel with the Win three team powered by Epic Realty,
and I'm joined today with Jerry Sunt with Cross Country Mortgage.
And we also have a special guest, Amber Winter with
Aleyria Accounting. She is actually my accountant and also Bob
Zachmeyer's accountant. As we're coming up on year end, we're
(00:24):
going to be talking about some more detailed tax topics.
We've had some feedback and some clients that have had
some interesting tax situations and we're going to talk a
little bit about it how to handle that. So before
we get started, I wanted to get a little bit
of a market update, and both from Jerry and mortgage
rates and just market in general. We have some November
(00:47):
numbers that have come out, and I'm not really too
terribly surprised with anything I'm seeing here. The one thing
that dropped a bit the sold to list ratio. The
price something sells at compared to the price that was
listed at, is the lowest I've seen in a while.
It's coming in at about ninety five point three percent,
(01:09):
whereas the month before it was ninety five point nine.
In May of this year, it was ninety seven percent.
So wow, we've been saying this for a while, Jerry,
this is this is definitely a time to buy. Sellers
are lowering the prices, giving up more concessions and there's
some there's some opportunities out there.
Speaker 2 (01:31):
No, it's funny. And you know, another strategy that I
had that I came up with for a few closings
this past week is hey, you know we can close
by the end of the year. And you know, in Amber,
I'm not trying to steal your thunder. But for someone
who's an investor, again, that can work for or against
them because if it is a flip property per se,
(01:53):
they may want to get that sale in this month
or they want to defer that sale till the beginning
of January. So there's things you can do as a
buyer to say, hey, you know, if we what seller,
what would you what will work best for you? And
with that, you know you can ask for concessions because
you're you're trying to work with them, so they're maximizing
(02:13):
their profits and that timing of closing can be beneficial.
Because we had a closing this past week or a
deal to win under contract where the seller had to
close that house by the end of the month and
was willing. They did a forty thousand dollars price reduction
and give a ten thousand dollars concession to the buyer
for closing costs, and I was like, wow, that is impressive.
(02:37):
So you know, there is you know, opportunities here for
buyers that we won't see, you know, come ninety days
from now.
Speaker 3 (02:47):
Absolutely.
Speaker 1 (02:48):
Yeah, we're ticking up in the absorption rate, which is
kind of what we use as the crystal ball indicator
of what the prices are likely to do, and hasn't
ticked up enough to be of any consequence, where effectively
the same where we were last month. So basically it
means the inventory that's available on the market at this
point is just a little over four point a little
(03:09):
over four point four months of inventory, and that historically
is basically a neutral market. It's not even alarming that
it's getting into a strong buyer's market. It's just historically
more of a nice neutral.
Speaker 2 (03:25):
Yeah it's balanced.
Speaker 1 (03:26):
Yeah, we're finally balanced. And then the days on market
ticked up a little bit to roughly sixty four days,
up from last month sixty one days. So our market
time is ticking up, but again, historically speaking, sixty four
days is actually pretty short. Ninety to one hundred and
twenty days, you know, pre COVID was a pretty normal
(03:47):
market time.
Speaker 3 (03:49):
Well, and you also calculate that there is a couple
holidays too and making holidays and that would also you know,
add a couple of days to that, just do the
fact that closings couldn't happen during that time.
Speaker 2 (04:00):
Yeah, that's right. Last four days and a month we're
kind of written on.
Speaker 1 (04:05):
Yeah. I had a little exercise this week because we
had multiple clients that are really looking to buy some
investment properties for year in tax planning and such. We'll
talk a little bit more about how we're doing that,
but we did a search this week and we're starting
to make offers on properties we were looking up to
three hundred and fifty thousand. Basically, we drew a square
(04:29):
from Speedway and Columbus all the way down to Irvington,
all the way out to the far end of town,
which was Houghton, and then back around and we pulled
every property that we could find up to three hundred
thousand with a few criteria that we were looking for
(04:51):
the investment properties we tend to look for are not
the newer ones, so we're actually looking for things built
before about nineteen eighty and three bedroom, two bad or larger.
And I was floored. I honestly was thinking we'd probably
see thirty or forty. I ended up with one hundred
and forty one. So for first time pyres out there
under that under three point fifty market, there's actually a
(05:13):
lot of inventory, and I don't think we've seen that
in quite some time too, so that was rather surprising
to me.
Speaker 2 (05:21):
I mean, that's a welcome sign. I you know, that
just shows we are getting back to a normalized market.
Speaker 1 (05:29):
Exactly. So that was real good. Jerry, want to talk
a little bit about what mortgage rates are doing this week?
Speaker 2 (05:36):
Yeah, you know, I wish that was as bright up
news mortgage rates. It's funny the news is always about
a week behind where actual mortgage rates are. But mortgage
rates actually rose this week. They were on a three
week decline and got down to you know, the mid
sixes and depending upon the loan amount. It's so funny
(05:59):
that the price adjustments that what we call loan level
price adjustments that Fanny and Freddy put on loans makes
such a difference because mortgage rates really can vary from
low sixes if you've got a one hundred thousand dollars
loan amount or you know, it can be as high
as seven or six point ninety nine, depending upon if
(06:22):
you're putting a lot, you know, a loan a small
amount down on a larger loan amount. So these low
level price adjustments really you know, can skew where mortgage
rates are. But overall rates are sitting in the high sixes.
They got down to six point six two five last week,
which was great news, but this week things have just
started turning the other way. And the question is why.
(06:47):
The inflationary data that came out this week came in
pretty much in line with expectations, but a little hotter
than what was expected. But next week the Federal Reserve meets,
and that will be a big you know forecast for
where they see more you know, interest rates in general,
for all borrowing costs into twenty twenty five. They're gonna
(07:09):
get and give their end of the year you know,
uh uh forecast. So that's a big deal. And then
the thud's favorite measure of inflation, which is the the
CPE that that comes out on on Friday of next week,
so or Friday of this upcoming week. So with the
with the PCE coming out and the Federal Reserve meeting
(07:33):
next week will be the really decision of where rates
go for the end of the year in the first
few weeks of January. So you know, I where rate's
gonna be. I mean they're they're they're still good as
compared to the year, but they have moved up slightly
this week.
Speaker 1 (07:53):
Okay, what other what other programs do we have out
there right now if if someone is trying to look
for look for a home either a year under or
a beginning of the year, as far as any kind
of any first time buyer programs or any other items
out there that would be incentivized.
Speaker 2 (08:12):
Yeah, so the favorite down payment assistance program. And it's
funny when people say, well, what first time home buyer
programs are there? And really, first time home buyer programs
our money for a down payment. There's not really a break.
There's a small break for mortgage insurance and interest rates,
(08:32):
but that's not a major factor on a break for
or an incentive for a first time home buyer. The
big incentive is you can get down payment assistance. And
the best down payment assistance program we've seen in years
is called Lighthouse, and we've had now I think six
different distributions of Lighthouse funds, each one at twenty five
(08:55):
million a pop. And the money has gone very quickly
on each one of the times that the money has
been introduced out or offered out. What is still available
is there still is a little bit of leftover Lighthouse
funds from previous programs just because let's say someone went
into escrow and then the deal fell out for whether
(09:19):
it be repairs or the buyer di can qualify or
whatever it was, and then that money goes into back
into being available to someone else. So they've kind of
done all the accounting and there's still some money left
in Lighthouse. So if you're a first time home buyer
and you would like downpayment assistance, this gives you four
percent in down payment assistance money and the interest rate
(09:41):
is right around six percent, So it's a great rate
four percent in DPA funds. And now there is some
catches to it, you know, there's as with everything when
it comes to free money, is you do have to
keep the loan for five years. You can't refinance it,
and if you sell the house have to be paid back.
So there are some catches, but overall it's a great
(10:04):
down payment assistance program and it is have to go
with an FAHA loan. It cannot be combined with a
conventional loan. It is FAHA. So but if you are
a first time home buyer, I would recommend giving me
a call and I can walk you through the details
of the Lighthouse program because I think it's the best
out there. Outside of Lighthouser's another five or six programs
(10:25):
still available. Some are our National Summer Regional. But again,
the rate on that Lighthouse program is you know, is
really attractive.
Speaker 3 (10:36):
Now is that the program that goes up to twenty
five thousand or twenty thousand or something or another, But
you have to apply for it in a certain way,
and it's first come, first serve funds is correct, Okay.
Speaker 2 (10:48):
It was twenty It got released in twenty five million
dollar batches is what it did. So the amount that
you can go to is four percent, and I think
the Streight around four hundred thousand. That was the max house.
So yeah, you're spot on with the number of twenty
five grand. It's it's again, I don't know. Out of
all the DPA programs that I'm aware of, and we
(11:10):
offer all of them, and there is it is the most.
It really is a great program. I don't have a
downside to it other than the fact someone can't refinance
that that rate if it falls, you know, in the
next five years. Well, I mean, when you look at
if you're getting up to twenty thousand or twenty five
(11:31):
thousand dollars in down payment assistance, do you really care
if rates fall one percent, you know, in the next
five years. When you do the math, the savings on
a monthly basis does not hold, you know, doesn't add
up to the amount of money you're getting for your
down payment. So again, I think it's an awesome program
for someone to be able to take advantage of.
Speaker 3 (11:53):
And that secondary lean goes away once that five years
goes That's correct.
Speaker 1 (12:00):
That's a great program. After the five years it just
falls off. The just goes away. We've seen a few
or that we've sold those and after the five years
it just vanishes. Really really wonderful program. It's great that
there's still some funding out there, and six percent is
still a pretty durned attractive rate. So with that, we
are coming up on a break. This is Andy Keel
(12:21):
with the Home Solutions Show and we will be right back. Hi,
and welcome back. This is Andy Keel with the Home
Solutions Show. I am joined today with Jerry Sunt with
Cross Country Mortgage and Amber Winter with Oleiria Accounting. And
if anyone would like to reach me, I can be
reached at five two zero five three nine nine one.
(12:47):
And Jerry, if you'd like to share your contact information.
Speaker 2 (12:51):
Sure five two zero three seven zero nine five seven six.
And I have to tell you for anyone listening that
is out there shopping for home, talk to your relator
and use that strategy of hey, what if we close
by the end of the year. If we make an
offer and we close by the end of the year,
which again you know two weeks from now, would that
(13:12):
be beneficial for the seller? And I am hearing a
lot of yeses, so you know, we can still close
before the end of the year, but that may be
able to save you a lot of money. That's a
that's an important tactic for that can be used over
the next really it's for the next week.
Speaker 3 (13:29):
Yeah, what don't the two week closing look like for you.
Speaker 2 (13:33):
You know two week closing is that the only real
stress or element is ordering the appraisal. We've got to
order the appraisal during the inspection period because a typical
inspection periods ten days and you've got to order that
appraisal during that time just because appraisals are taking about
five days to get back. But as far as we're
what help affects us AMBER is we actually underwrite in house,
(13:56):
so we underwrite right at application on ninety nine percent
of our files. So when someone goes out shopping, their
file has already been underwritten, so it becomes a very
easy process to be able to close in two weeks.
Speaker 3 (14:09):
That's wonderful because that's been I've been working with a
client right now where they've been working on closing since August.
Speaker 2 (14:15):
Ooh, that's that's that's painful.
Speaker 3 (14:18):
Very painful. So outside of the accounting aspect too, I
do have a real estate broker's license, so I know
the ins and outs of the real estate contracts and
closings and aspects like that. So that's good to know
because obviously we run into that.
Speaker 2 (14:34):
Yeah, one of them is a triple threat right there.
Speaker 1 (14:37):
One of the items or one of the properties or
I went and looked at just earlier this week, is
exactly that situation. It's a business that owns the property.
It was a rental for I think they put it
into a service in nineteen eighty five. It's been around
a long time, it's been fully depreciated, and they really
were hoping to get it sold this year because the
(15:00):
business itself had some tax losses and they were really
hoping to just get it done this year to take
the tax losses, and they weren't worried about capital gains.
It really does matter, and I'm guessing you see a
lot of that too, amber very much.
Speaker 3 (15:14):
So I'd like.
Speaker 1 (15:15):
To talk also about something that we've talked about a
lot of the show. That Bob has certainly talked a
lot about on this show is when a seller is
interested in selling a property with seller financing. And I
just met with a client yesterday that has had a
(15:37):
lot of confusion about that, And frankly, I think there's
a lot of accountants and CPAs out there that just
don't understand this correctly, because the way I've been taught
is that if you're going to sell with an installment
sale from an IRS's point of view, there is only
one form that you get to report that on the
IRS form sixty two fifty two, and I'd love if
(15:59):
you could talk more about that amber.
Speaker 3 (16:02):
So the installed that is the installment sale form, so
it does tie into the scheduled D for capital gains
though as well. So when you do an owner carryback
owner seller installment sale, it is there's a portion of
based off of the principle that's been paid is what
(16:25):
you end up recognizing as that game, and that does
flow over to scheduled D which is the capital reporting.
Speaker 1 (16:33):
But it's a nice way for someone to spread their
gains over time rather than taking it all up front.
Speaker 3 (16:37):
Right, Oh, absolutely absolutely. They do recognize interest income, however,
it's once you are able to spread that out and
you can also then strategize based off of what your
income is. Overall, too excellent.
Speaker 1 (16:56):
So what are some of the other things you're seeing
from a state point of view with like ear in
text planning or just kind of open it up to
I'm guessing you have a whole lot of tips, so
I'd love to just hear any thoughts or input that
you have.
Speaker 3 (17:09):
Well, definitely, real estate specifically right now is one of
the big that's one of the biggest benefits to help
decrease any sort of taxable income, especially for some high
earners and some self employed individuals as well, and just
kind of depending on what their particular situation is. We
have a mutual person that Andy and I just recently
(17:33):
worked with. He has a large amount of capital games
coming over to him and needed something to help offset
and obviously then had some cash that he's able to
go in and invest into some property and use leverage
in regard to loans and everything. And I'm pretty confident
(17:54):
after reviewing the items with that gentleman that we're going
to be able to get him down to pretty close
to a zero tax liability for that. So having those
cost segregation studies done, if it is a real estate
investment property, making sure that you are getting the full
benefits of the Section one ninety nine A, which includes
(18:16):
the bonus appreciation, which this year it's it's down to
sixty percent. It was one hundred percent starting out when
it originally went into effect in twenty seventeen, so the
benefits are decreasing there. It has been a bill sending
in Congress that we had hoped to pass last March
that would have taken that one ninety nine bonus appreciation
(18:39):
back up to one hundred percent. However, that never went through.
So with the incoming administration, it's very possible that might
get pushed through again because otherwise coming up next year,
it's going to drop down to forty percent for that
bonus appreciation. I have I have worked up with a
couple different scenarios with this other client, high earner making
(19:01):
half a million dollars a year invested, had a couple
previous investments, bought probably close to probably one point two
million dollars of properties through a couple of different states,
and they had a zero tax liability this year.
Speaker 2 (19:19):
Wow, very nice, and.
Speaker 3 (19:21):
You know and that's you know, somebody who's making that
that amount of money on a W two typically doesn't
have it typically doesn't have a lot of ways to
reduce those that federal tax.
Speaker 1 (19:33):
Well, Amber, could you explain what a cost segregation study
is and when it would be useful?
Speaker 3 (19:39):
So a cost segregation study what they do. There's it's
a firm that will go out and evaluate the property.
It will go through the plans of the property, it'll
go through the personal property in the property, including landscaping.
It will break out all of the under one ninety
nine A, all all the depreciated items that you get
(20:03):
to bonus to appreciate need to fit into certain class categories.
And once you'll elect that section one ninety nine A
for that bonus appreciation, you're electing it for that class
of assets. So, having that cost segregation study that goes
out and elects it either a twelve forty five asset
or a twelve fifty asset, which is different items, whether
(20:24):
it's a five year, five year asset, a fifteen year asset,
twenty seven point nine, twenty seven and a half and
thirty year asset, depending on the property. It allows us
to then pick up those numbers and make that depreciation
so much better.
Speaker 1 (20:42):
And what type of client do you typically see that
would benefit by that? Someone who has a lot of
capital gains, or a high income earner, or.
Speaker 3 (20:50):
Anybody who's facing substantial federal taxes. Some people do. I
do have some people that are schedule see filers. They're
getting hit with a lot of self employment taxes due
to their bottom line, but they don't really have much
of a federal tax liability. We're really looking for that
it would really really benefit anybody who who's got capital
(21:11):
gains and has higher wages that just they're just getting
hit quite.
Speaker 1 (21:15):
A bit, okay, And then how would that differ from
Section one seventy nine depreciation, which is an old friend
that we've used many times.
Speaker 3 (21:26):
So Section one seventy nine depreciation technically doesn't play too
much of a factor into real estate. It does play
a lot into ordinary business. Also, with section one seventy nine,
you can only you can only take the depreciation up
to what the income is of the company to where
(21:49):
Section one ninety nine, with the bonus depreciation, you can
actually reap that loss and it doesn't go suspended.
Speaker 1 (21:56):
Okay, But like the one seventy nine for example, as
I understand it, and please correct me if I'm wrong,
it would be if if we put a new furnace
an AC unit out of property, I R S would
say we can depreciate that over I think it's ten years,
or correct me if I'm wrong there, but we can
choose to accelerate the depreciation take it faster. Is that
(22:21):
how it works?
Speaker 3 (22:22):
That is correct? So that is constituted as business equipment
versus cabinetry landscaping, A remodel if if it's equipment that
is in place for the business that is eligible for
Section one seventy nine.
Speaker 1 (22:42):
Okay, it's a lot of a lot of fun things
that we can we can do. As you mentioned before,
Jerry and I and Amber all have a mutual client
together where I had some big capital gains and we're
going to take the approach of using the cost segregation
study to offset a fair amount of those capital gains
(23:05):
and then end up with with two properties. I don't
know if you have the math drawn up on that,
but I'm just blown away at how powerful those can
be with the capital gains that are offset. And I
don't know if you have that available to share about
with two three hundred thousand purchases rough numbers, what kind
(23:27):
of taxes we're saving.
Speaker 3 (23:30):
So his let's see it. We're you know, he was,
he was a high earner. My understanding his earnings wto
earnings is about two fifty two twenty five. He has
about I believe, about three hundred thousand dollars of capital gains.
(23:51):
He is more than likely looking at about a about
one hundred and sixty two one hundred and seventy thousand
dollars tax liability for that for those combinations. So in
going out and purchasing the properties that that gentleman is
looking at purchasing, we're going to be able to eliminate
that federal tax stack for him.
Speaker 1 (24:15):
Wow, that's amazingly, that is amazing. I mean, we're effectively
getting the federal government to give us down payment assistance
by in a roundabout kind of way, by by getting
a tax break on the capital gain. So I'm just
blown away that we can we can do that, but
that is so clear in the tax code. So we
(24:35):
are coming up on a break. This is Andy Keel
with the Home Solutions Show and we will be right back. Hi,
and welcome back to the show. This is Andy Keel
with the Home Solutions Show. I am with the Win
three team powered by Epic Realty and I can be
reached at five to two zero five three nine and
(24:59):
I rejoined by Jerry Sunt with Cross Country Mortgage and
Amber Winter with Oleyria Accounting. Amber, would you like to
share your number for the audience.
Speaker 3 (25:09):
Please area code five two oh three nine six four
zero four zero.
Speaker 2 (25:15):
Great, and you have a lot of questions for you.
Speaker 3 (25:17):
Amber.
Speaker 2 (25:18):
You know this is when you get to talk about
tax I know some people go, oh gosh, this is
going to be not the most exciting topic, but it is.
And it amazes me how much opportunity if people sit
down and work with their their tax preparer to be
able help can save them money and people just kind
of gloss over it and they just by working with
(25:40):
someone you can the savings is is tremendous. Like we've
talked about in the last segment with the one client
that we were discussing. But you know, amber simple questions
for me, because I don't know a lot about tax
is what is the difference between a CPA and an EA.
I hear these terms and what do they mean?
Speaker 3 (25:59):
So c p A certified public accountants. They're regulated by
state entities and the state Board of Accountancy and an
old agent. We are licensed by the Department of Treasury
and we're governed by a federal level. We specialize more
in tax codes and tax laws and taxes to where
(26:22):
cp as have more of a broad and they're they're
more broad and what their practices consist of.
Speaker 2 (26:30):
Is there a client that would be driven more towards
an e A versus a c p A, like if
is it small businesses are should they be working more
with an e A or a c p A or
is it really more about the accountant themselves and the
the the you know, the the his the experience there.
Speaker 3 (26:50):
It is definitely more about what you're looking for, and
it does depend on the person. Lots of cp as,
Lots of cp as do taxes. Lots of them do
exactly the same thing that we do. But then there's
lots of CPAs who you know, work internally for companies
and want nothing to do with taxes. I have a
(27:10):
lot of clients that come to me specifically because they
want an EA, and we have rights of representation. We
can sit for an i R S audit, We can
represent clients in front of the I R S, in
front of the state. The really the big, the big
difference between a CPA and an EA comes down to
(27:32):
UH auditing of a company. UH So we can't audit.
We can't do a fiscal audit on a company. So
a nonprofit company, a hospital, or so sometimes underwriters come
out and ask us to issue a audited financial statement.
We can't issue these audited financial statements. We can issue
(27:55):
a financial statement, but we can't audit them, but we
can sit for department audits and.
Speaker 2 (28:02):
Then Amber, I'm gonna there's another classification I believe when
it comes to accounting, and that is a tax prepare.
Now is the tax payer do they have a license?
Speaker 3 (28:12):
So a tax prepare? So tax prepare is very generalized.
U an EA can be a tax prepare, a CPA
can be a tax payer prepare. The i r S
does issue what is my colleague Glory is actually sitting
in on this as well. What is it the annual
the annual tax filing? Oh, what is that? The A
(28:37):
So anyways, there's another there's another annual exam that somebody
can take with the i r S that allows a
FTPS to annual tax return prepare or something or another.
So it really kind of it just really depends on
what you're looking for. Our continual ed that we have
to do is very regulated by the I r S
(28:57):
and it has to revolve around tax codes and tax
changes to where then again a CPA they can go
to and excel class, they can go to a team
building class and if it's okayed with the department or
the State Board of Accountancy, they can get there. They
can get their continual education credits through that aspect, so
ours is very specialized in tax law.
Speaker 2 (29:20):
I love it. I mean I did not know that
about an EA. And first of all, it's it's an
impressive you know thing that you you have, and most
people the other hear the term CPA and they don't
understand the other. And it's being an EA is difficult
to get in and a great achievement.
Speaker 3 (29:40):
Well, thank you, thank you.
Speaker 2 (29:41):
So tell us you know, now going back a little
bit more about real estate and what are you know,
so many of our listeners are you know, mom and
pop and they may own a handful of residential real estate,
you know, residential properties, and uh, you know, are there
any advice you can give to the mom and pop
(30:04):
that has a handful of residential real estate as far
as like tax planning or what they should be looking
at when when you know, planning for the end of
the year for taxes. That's a big broad question.
Speaker 3 (30:20):
It is a big broad question. And as a lot
of things in a county comes down to, well, it depends,
you know, if it's a mom and pop who's had
properties for years on end close to depreciation, you know,
what is it? You know, potentially if they want to
sell it, it might be a good time to go
(30:40):
and you know, plan a little bit, potentially look at
what the capital gain would be looking to potentially doing
in ten thirty one exchange and utilizing those capital gains
and kicking them down the playing kind of a game
and kick the can and then ultimately buying another property
and having that cost study done so that they're able
(31:02):
to utilize some of this bonus appreciation to where it
might help them depending on what else that they've got.
So it is kind of a broad question and without
without narrowing it down, it really does come down to, well,
it depends.
Speaker 2 (31:18):
Well sure and no in Amber, I'm impressed in Aye here.
So they depreciation. I thought it was a simple like, oh,
you have to do a straight lined depreciation over you know,
thirty years or twenty eight years or whatever the regulation is.
But that's not really the case, right. You can depreciate
an asset over a shorter period of time, which can
really help offset capital.
Speaker 3 (31:39):
Gains correct under actual well under the bonus depreciation aspect
right now?
Speaker 2 (31:48):
Very good? And what do you with the new administration
taking office, how what's the view for next year? I
know none of us know exactly what's going to happen
till till mid January when that happened. But is there
any kind of predictions or what you're seeing in the
industry as far as what changes we will see next
year moving forward.
Speaker 3 (32:08):
No, A lot of us have our heads buried in
the sand because we've gone through five major tax code
changes throughout the last five years.
Speaker 2 (32:15):
Wow.
Speaker 3 (32:17):
So and you know from from when the Tax Act
and or Tax Cut and Job Act went into effect
in twenty eighteen, and that had you know, that went
retroact backwards, so we had clients when that went into effect,
we went back and amended their twenty seventeen taxes and
their twenty eighteen taxes to bring items forward the you know,
(32:43):
so we're we're kind of we are we're kind of
none of us really know.
Speaker 2 (32:51):
I know. It's like what difficult industry you have right
where every year you're having to rewrite the book we are.
Speaker 3 (32:59):
Five years ago, well probably more does it like eight
years ago or so? You know, everything was pretty consistent
up until that point. You know, we would have a
couple of little changes here and there that was really exciting.
But yeah, the last the last five years it's brought
definitely a roller coaster ride of massive continual education and
a lot of redoing things. And that's we've had a
(33:22):
lot of amendments go on because of the changes that
have happened, because they happened retroactive backwards.
Speaker 2 (33:28):
So I mean one of the most important things is
number one is sitting down with you and going through
someone should is it good to get a second opinion
on Texas?
Speaker 3 (33:41):
You know? Again? And it depends. It depends on your
particular situations.
Speaker 2 (33:45):
A W two employee with no write offs, well, that's
kind of vanilla, right, anyone can do that. But if
someone's got three LLCs and they own eight rental properties,
I mean, that gets complicated.
Speaker 3 (33:57):
It absolutely does. And having a secondary opinion if potentially
the person that you were working with wasn't potentially aware
of the bonus appreciation that you could utilize in it,
or the cost segregation studies. We've had to do quite
a bit of amendments for a few clients that have
(34:19):
come to us for a variety of reasons, and we've
looked at their returns and people just it's not that
the return is done wrong, it's just done in a
way that's not current with the tax codes.
Speaker 2 (34:33):
And yeah, so that's key right there, because it can
be savings, it can be dramatic savings. How far how
many years can you go back and refile or amenda return?
Is it can you go back ten years? Or is
it there a stamp on it, like only five years?
Speaker 3 (34:48):
Yeah, it's the statute of limitations of three years from
the point of your filing.
Speaker 2 (34:53):
Got it.
Speaker 3 (34:54):
So you know, people filed by April fifteenth, they have
three years from that period to file to do an
amendment prior to April fifteenth. If you do an extension
and don't file until October fifteenth, it does extend that
period out to three years from October fifteenth.
Speaker 1 (35:12):
And to your point, Amber, I remember back in the
day when Money magazine was still popular. I don't even
know if it still exists, but they did an annual
thing every year, and they had a more complicated tax
return and they had like three or four or five
different accountants do the tax return, and it was always
just fascinating. And then they'd publish it and it was
always fascinating because on one end of the spectrum they'd
(35:34):
owe on the other end of the spectrum, they'd get
money back, and it just it was crazy. So finding
the right accountant is so incredibly key and knowing the situation.
And we know that you're a specialist, specialist with the
real estate side of it, which is obviously very important
to all of us. So knowing the rules is so important.
Speaker 2 (35:58):
But any you know what we're talking about. It can
be Yeah, it could be a few thousand dollars, but
it could be tens of thousands of dollars that a
person can get back by if the original accountant did
not do it properly or did not know the rules. Inside.
Now I.
Speaker 3 (36:19):
One mutual client, we're looking at one hundred grand.
Speaker 1 (36:23):
Wow, Wow, that's rather significant. That would be a heck
of a savings and well worth. If it needed to
be amended to amend, I would say so. And we
are coming up on time. This is Andy Keel with
the Home Solutions Show. I'm with the Win three team
powered by Epic Realty and we will be right back. Hi,
(36:51):
and welcome back to the Home Solutions Show. This is
Andy Keel with the Win three Team powered by Epic Realty,
and I can be reached at five to zero five three, nine,
nine nine one, and I'm again joined by Jerry Sunt
with Cross Country Mortgage and Amber Winter with a Leyria Accounting.
I did want to just throw a quick shout out again.
(37:12):
We had our last weekend, we had our Photos with
Santa event for the Win three team and I had
a lot of fun, nice turnout photos I believe are
going out this week for those of you that showed up.
And again special shout out for Dan Wibar with Swift Mortgage,
Wendy Wise with State Farm, and Jennifer Coons with Pioneer Title.
(37:34):
Thanks again for a wonderful, wonderful event and also for
Trail Dust Town for hosting the event. It was just
a really fun, wonderful venue, beautiful Saturday morning, So thanks
for all the folks that were able to come to that.
So again we're talking with Amber Winter, our accountant, and
talking about some various year end tax planning and just
(37:55):
taxes in general. So we were talking on the break
a little bit about especially with real estate agents and
forming a PLLC or a professional limited liability corporation, and
I'd love to talk a little bit more about that
and the purpose for doing that.
Speaker 3 (38:13):
So forming a PLLC and or LLC is there's legal
aspects and legal protection that that gives you, and it's
forming it through the state of Arizona. That just forming
a PLLC or just forming an LLC doesn't necessarily give
you tax savings. However, it's the election that you go
(38:36):
and take. So most of the time at that point
either a PLLC or an LLC will be elected an
escort escort save on self employment taxes to where depending
on what your income, your bottom line income is, you
can save that fifteen point three percent of that self
(38:56):
employment tax, which is pretty stantial. However, through that s
corpse structure, you have to pay yourself a reasonable compensation
based off of your based off of your industry, based
off of what you're making and what you're doing, and
how much money you're taking out of that company, because
the IRS still does want to have those payroll taxes
(39:18):
coming in. Payroll taxes and self employment taxes, they go
into the same pool of money. It's both Social Security
and Medicare. It's just called two different things depending on
how you're structured. So a lot of people, yeah, we
want to form a PLLC, we want form an LLC
to save taxes. Well, just doing that formation again doesn't
save it. That is when you definitely want to sit
(39:40):
down with your accountant and go over and see what
your bottom line is and is it advantageous Because when
you do do that selection, there is a separate tax
retrend that has to be done. There are quarterly reports
that have to be done. There's payroll taxes that need
to be paid in that regard, there's payroll reports that
have to be filed. So if sometimes the cost doesn't
(40:02):
if it's not advantageous, you know, if they're gonna end
up paying you know, me twice as much to prepare
all of that versus what their savings are. Yeah, I
would like to make some money, but it's not advantageous
for the client. So it really depends on you know,
it depends on where they stand with everything. And definitely
just forming those entities does not give you tax breaks.
(40:24):
You have to go you have to do that, you
have to go forward with it and do a couple
other things. A couple of other things that we see
a lot and you never want to do. This is
you form LLC, you go and buy properties in it,
and then somebody tells you that you should form an escorp.
You should never hold real estate property in an escorp whatsoever.
(40:49):
It should always be held in a LLC, a partnership,
depending on if you've got people brought into it, potentially
a C corp if there's aspects to it. But that's
that's way, that's that's not what you want to do.
S corps are very it's more service based, so accounts
attorneys you know, UH, loan officers who are independent contractors,
(41:12):
the real estate agents, those types of entities, doctors, those
types of professions definitely fend better with S corps.
Speaker 1 (41:23):
Okay, I remember having this debate many times when we
when we buy properties in an LLC and we do
as well use an LLC. Uh, there's always a debate
when you when you talk to the attorneys. In a
perfect world, the attorneys would prefer that you have one
property per LLC. In the real world, there's a problem
(41:44):
with that and just pure cost factor because we have
to file those text returns for every LLC. So how
I'd love to talk about that a little bit. We
we have an internal rule ourselves that we we we
won't ever have more than ten properties in one single LLC,
and if there's a lot of equity, we'd prefer that
(42:05):
it'd be even less. But the reality of that is
we have to pay for a tax return, and we
have to have a bank account, and there's some things there.
So with a larger portfolio, where's the happy medium to
how many properties per LLC is a good good thing?
And I know that's a very personal question for most folks,
but I'd love for you to talk a little bit
(42:26):
about that too.
Speaker 3 (42:27):
Ever, So the attorney, that's definitely a legal question, and
that's really kind of where the attorneys go with that
is what would happen if somebody were injured? What would
happen if you were sued? Attorneys, you know, they they
they forecast the worst, so they try to when you're
(42:47):
coming to them for layers of protection in regard to that,
they definitely will kind of push that out. Now there
are just having an LLC doesn't necessarily trigger tax return,
but it would be so andy. Can I use uh
one of your entities as an example. Okay, so Javastone.
(43:11):
Javastone is one of your main main LLC's in partnerships
and you're involved with You're involved with that with a
part of your other partner who's part owner of that
that then that entity alone does own you know, other
ownerships of other partnerships, but then it also owns multiple
(43:33):
LLC's that are single member ll SC's, so those that
are owned simply by Javastone. So those single member LLC's,
those don't require the additional tax returns, but it does
require to be reported on the main entities tax returns.
So they're they're in essence of subsidiary of the main
(43:55):
LLC partnership exactly.
Speaker 1 (43:58):
And it does get very complicated. So that's why it's
always great to have a good both attorney and accountant
to work through these types of situations. I mean, if
if you if you have one or two houses, not
a not too big of a deal. But as as
you have you know anything that well, frankly that somebody
could sue you for, whether it's a trip and fall
(44:20):
or if you're negligent in driving or something like that.
I mean, I mean, the attorneys always have told me.
I'm not an attorney, nor do I play one on TV,
but the attorneys have always told me, is you know
how many how many properties are you willing to have
in a single LLC aka how much are you willing
to lose all at once. So that's a that's a
good question to ask because it kind of is the
(44:42):
slap upside the face of ooh, we might have a
little too much equity in this particular LLC. It's time
to break it. But the flip side of it, now,
we have to file multiple tax returns, so there's some
tricks to setting up. Right. As Amber mentioned, a lot
of ours flow through to a single holding company and
we do one filing there. So again so important, why
you have proper both legal and tax planning.
Speaker 3 (45:07):
Yeah, and then it and sometimes transferring, And we've got
clients that do this all of a sudden, they transfer
stuff around, They've set up multiple entities that maybe aren't
owned by each other, and it's like, oh, I just
I want to move this over here versus this over here.
Now this person owns it over here, and that when
you go to do that, we would we would like
(45:28):
to be involved with that with some of our clients,
just because that sometimes doesn't look so good to be
irs and we have to go in and defend that.
Speaker 2 (45:36):
So heany for actually, Amber, how long have you been
on an account I.
Speaker 3 (45:41):
Have been an accountant for twenty seven years and I've
owned my practice for twenty three.
Speaker 2 (45:46):
That's awesome, and all in Tucson. Have you been in
Tucson this whole time.
Speaker 3 (45:50):
I've been in Tusau this entire time.
Speaker 2 (45:52):
I love it.
Speaker 3 (45:53):
Yeah.
Speaker 2 (45:55):
Well, Amber, I mean this is a you are a
wealth of knowledge. I'm totally impressed and I think it's
important number. I think please give your number out again.
And if you're driving around listening and you are, have
you been frustrated by your accountant in the past, please
give Amber a call. I am just so impressed and
(46:18):
blown away at the information we've got today and how
the knowledge you have and the in depth of the
knowledge is very impressive. What's your number?
Speaker 3 (46:26):
Please? Thank you very much. Aleira Accounting five two oh
three nine six will be around, but we're going to
go hide for a few days. Well.
Speaker 2 (46:38):
Good, Now, this is a time of year for accounting,
isn't it. Because it doesn't. Oh it's it never slows down.
Speaker 3 (46:45):
No, it doesn't. And you know, and I mean this
will probably you know, somebody will probably get triggered to
call daring you know from this, which is perfectly fine.
Please call. But a lot of articles go out this
time of year, a lot of people still thinking, oh,
what can I do? What can I do? Ninety percent
of the calls that we get right now, usually there's
(47:08):
nothing that they absolutely have to do before a year end.
But just in the case of the example I believe
that you said earlier, was you know, the seller wanted
something done before a year end, and they were willing
to ultimately give they reduced their price by forty thousand,
they gave a ten thousand dollars bigger concession or something
(47:31):
or another along those lines, and that probably came from
some sort of tax planning of that they were going
to they needed to get one done in one year,
and you know, potentially was selling something at the beginning
of next year. And we've had we've had clients like
that where they sold a property earlier in the year
in January as had a large capital gain, didn't want
(47:55):
to do a ten thirty one exchange, had yet another
property that somebody wanted to purchase that they wanted to
close by year end, and we're just like, push it
until January second, January third. So definitely, in some situations
like that, it's necessary to give your accountant call and
definitely go over with them because you can be hit
and not understand why.
Speaker 1 (48:16):
Yeah, well, just in closing, how many days does it
take you to close alone, Jerry?
Speaker 2 (48:20):
Eight days.
Speaker 1 (48:21):
So we're getting down to the wire, but there is
technically still time if there is some kind of urgency
to close one of these. So with that we are
coming up on time. Thanks for joining us this Sunday,
and again this is Andy Keel with the Home Solutions
Show and we'll talk to you next week. Thank you.
Hi, and welcome to the Home Solutions Show. This is
Andy Keel with the Win three team powered by Epic Realty,
and I'm joined today with Jerry Sunt with Cross Country Mortgage.
And we also have a special guest, Amber Winter with
Aleyria Accounting. She is actually my accountant and also Bob
Zachmeyer's accountant. As we're coming up on year end, we're
(00:24):
going to be talking about some more detailed tax topics.
We've had some feedback and some clients that have had
some interesting tax situations and we're going to talk a
little bit about it how to handle that. So before
we get started, I wanted to get a little bit
of a market update, and both from Jerry and mortgage
rates and just market in general. We have some November
(00:47):
numbers that have come out, and I'm not really too
terribly surprised with anything I'm seeing here. The one thing
that dropped a bit the sold to list ratio. The
price something sells at compared to the price that was
listed at, is the lowest I've seen in a while.
It's coming in at about ninety five point three percent,
(01:09):
whereas the month before it was ninety five point nine.
In May of this year, it was ninety seven percent.
So wow, we've been saying this for a while, Jerry,
this is this is definitely a time to buy. Sellers
are lowering the prices, giving up more concessions and there's
some there's some opportunities out there.
Speaker 2 (01:31):
No, it's funny. And you know, another strategy that I
had that I came up with for a few closings
this past week is hey, you know we can close
by the end of the year. And you know, in Amber,
I'm not trying to steal your thunder. But for someone
who's an investor, again, that can work for or against
them because if it is a flip property per se,
(01:53):
they may want to get that sale in this month
or they want to defer that sale till the beginning
of January. So there's things you can do as a
buyer to say, hey, you know, if we what seller,
what would you what will work best for you? And
with that, you know you can ask for concessions because
you're you're trying to work with them, so they're maximizing
(02:13):
their profits and that timing of closing can be beneficial.
Because we had a closing this past week or a
deal to win under contract where the seller had to
close that house by the end of the month and
was willing. They did a forty thousand dollars price reduction
and give a ten thousand dollars concession to the buyer
for closing costs, and I was like, wow, that is impressive.
(02:37):
So you know, there is you know, opportunities here for
buyers that we won't see, you know, come ninety days
from now.
Speaker 3 (02:47):
Absolutely.
Speaker 1 (02:48):
Yeah, we're ticking up in the absorption rate, which is
kind of what we use as the crystal ball indicator
of what the prices are likely to do, and hasn't
ticked up enough to be of any consequence, where effectively
the same where we were last month. So basically it
means the inventory that's available on the market at this
point is just a little over four point a little
(03:09):
over four point four months of inventory, and that historically
is basically a neutral market. It's not even alarming that
it's getting into a strong buyer's market. It's just historically
more of a nice neutral.
Speaker 2 (03:25):
Yeah it's balanced.
Speaker 1 (03:26):
Yeah, we're finally balanced. And then the days on market
ticked up a little bit to roughly sixty four days,
up from last month sixty one days. So our market
time is ticking up, but again, historically speaking, sixty four
days is actually pretty short. Ninety to one hundred and
twenty days, you know, pre COVID was a pretty normal
(03:47):
market time.
Speaker 3 (03:49):
Well, and you also calculate that there is a couple
holidays too and making holidays and that would also you know,
add a couple of days to that, just do the
fact that closings couldn't happen during that time.
Speaker 2 (04:00):
Yeah, that's right. Last four days and a month we're
kind of written on.
Speaker 1 (04:05):
Yeah. I had a little exercise this week because we
had multiple clients that are really looking to buy some
investment properties for year in tax planning and such. We'll
talk a little bit more about how we're doing that,
but we did a search this week and we're starting
to make offers on properties we were looking up to
three hundred and fifty thousand. Basically, we drew a square
(04:29):
from Speedway and Columbus all the way down to Irvington,
all the way out to the far end of town,
which was Houghton, and then back around and we pulled
every property that we could find up to three hundred
thousand with a few criteria that we were looking for
(04:51):
the investment properties we tend to look for are not
the newer ones, so we're actually looking for things built
before about nineteen eighty and three bedroom, two bad or larger.
And I was floored. I honestly was thinking we'd probably
see thirty or forty. I ended up with one hundred
and forty one. So for first time pyres out there
under that under three point fifty market, there's actually a
(05:13):
lot of inventory, and I don't think we've seen that
in quite some time too, so that was rather surprising
to me.
Speaker 2 (05:21):
I mean, that's a welcome sign. I you know, that
just shows we are getting back to a normalized market.
Speaker 1 (05:29):
Exactly. So that was real good. Jerry, want to talk
a little bit about what mortgage rates are doing this week?
Speaker 2 (05:36):
Yeah, you know, I wish that was as bright up
news mortgage rates. It's funny the news is always about
a week behind where actual mortgage rates are. But mortgage
rates actually rose this week. They were on a three
week decline and got down to you know, the mid
sixes and depending upon the loan amount. It's so funny
(05:59):
that the price adjustments that what we call loan level
price adjustments that Fanny and Freddy put on loans makes
such a difference because mortgage rates really can vary from
low sixes if you've got a one hundred thousand dollars
loan amount or you know, it can be as high
as seven or six point ninety nine, depending upon if
(06:22):
you're putting a lot, you know, a loan a small
amount down on a larger loan amount. So these low
level price adjustments really you know, can skew where mortgage
rates are. But overall rates are sitting in the high sixes.
They got down to six point six two five last week,
which was great news, but this week things have just
started turning the other way. And the question is why.
(06:47):
The inflationary data that came out this week came in
pretty much in line with expectations, but a little hotter
than what was expected. But next week the Federal Reserve meets,
and that will be a big you know forecast for
where they see more you know, interest rates in general,
for all borrowing costs into twenty twenty five. They're gonna
(07:09):
get and give their end of the year you know,
uh uh forecast. So that's a big deal. And then
the thud's favorite measure of inflation, which is the the
CPE that that comes out on on Friday of next week,
so or Friday of this upcoming week. So with the
with the PCE coming out and the Federal Reserve meeting
(07:33):
next week will be the really decision of where rates
go for the end of the year in the first
few weeks of January. So you know, I where rate's
gonna be. I mean they're they're they're still good as
compared to the year, but they have moved up slightly
this week.
Speaker 1 (07:53):
Okay, what other what other programs do we have out
there right now if if someone is trying to look
for look for a home either a year under or
a beginning of the year, as far as any kind
of any first time buyer programs or any other items
out there that would be incentivized.
Speaker 2 (08:12):
Yeah, so the favorite down payment assistance program. And it's
funny when people say, well, what first time home buyer
programs are there? And really, first time home buyer programs
our money for a down payment. There's not really a break.
There's a small break for mortgage insurance and interest rates,
(08:32):
but that's not a major factor on a break for
or an incentive for a first time home buyer. The
big incentive is you can get down payment assistance. And
the best down payment assistance program we've seen in years
is called Lighthouse, and we've had now I think six
different distributions of Lighthouse funds, each one at twenty five
(08:55):
million a pop. And the money has gone very quickly
on each one of the times that the money has
been introduced out or offered out. What is still available
is there still is a little bit of leftover Lighthouse
funds from previous programs just because let's say someone went
into escrow and then the deal fell out for whether
(09:19):
it be repairs or the buyer di can qualify or
whatever it was, and then that money goes into back
into being available to someone else. So they've kind of
done all the accounting and there's still some money left
in Lighthouse. So if you're a first time home buyer
and you would like downpayment assistance, this gives you four
percent in down payment assistance money and the interest rate
(09:41):
is right around six percent, So it's a great rate
four percent in DPA funds. And now there is some
catches to it, you know, there's as with everything when
it comes to free money, is you do have to
keep the loan for five years. You can't refinance it,
and if you sell the house have to be paid back.
So there are some catches, but overall it's a great
(10:04):
down payment assistance program and it is have to go
with an FAHA loan. It cannot be combined with a
conventional loan. It is FAHA. So but if you are
a first time home buyer, I would recommend giving me
a call and I can walk you through the details
of the Lighthouse program because I think it's the best
out there. Outside of Lighthouser's another five or six programs
(10:25):
still available. Some are our National Summer Regional. But again,
the rate on that Lighthouse program is you know, is
really attractive.
Speaker 3 (10:36):
Now is that the program that goes up to twenty
five thousand or twenty thousand or something or another, But
you have to apply for it in a certain way,
and it's first come, first serve funds is correct, Okay.
Speaker 2 (10:48):
It was twenty It got released in twenty five million
dollar batches is what it did. So the amount that
you can go to is four percent, and I think
the Streight around four hundred thousand. That was the max house.
So yeah, you're spot on with the number of twenty
five grand. It's it's again, I don't know. Out of
all the DPA programs that I'm aware of, and we
(11:10):
offer all of them, and there is it is the most.
It really is a great program. I don't have a
downside to it other than the fact someone can't refinance
that that rate if it falls, you know, in the
next five years. Well, I mean, when you look at
if you're getting up to twenty thousand or twenty five
(11:31):
thousand dollars in down payment assistance, do you really care
if rates fall one percent, you know, in the next
five years. When you do the math, the savings on
a monthly basis does not hold, you know, doesn't add
up to the amount of money you're getting for your
down payment. So again, I think it's an awesome program
for someone to be able to take advantage of.
Speaker 3 (11:53):
And that secondary lean goes away once that five years
goes That's correct.
Speaker 1 (12:00):
That's a great program. After the five years it just
falls off. The just goes away. We've seen a few
or that we've sold those and after the five years
it just vanishes. Really really wonderful program. It's great that
there's still some funding out there, and six percent is
still a pretty durned attractive rate. So with that, we
are coming up on a break. This is Andy Keel
(12:21):
with the Home Solutions Show and we will be right back. Hi,
and welcome back. This is Andy Keel with the Home
Solutions Show. I am joined today with Jerry Sunt with
Cross Country Mortgage and Amber Winter with Oleiria Accounting. And
if anyone would like to reach me, I can be
reached at five two zero five three nine nine one.
(12:47):
And Jerry, if you'd like to share your contact information.
Speaker 2 (12:51):
Sure five two zero three seven zero nine five seven six.
And I have to tell you for anyone listening that
is out there shopping for home, talk to your relator
and use that strategy of hey, what if we close
by the end of the year. If we make an
offer and we close by the end of the year,
which again you know two weeks from now, would that
(13:12):
be beneficial for the seller? And I am hearing a
lot of yeses, so you know, we can still close
before the end of the year, but that may be
able to save you a lot of money. That's a
that's an important tactic for that can be used over
the next really it's for the next week.
Speaker 3 (13:29):
Yeah, what don't the two week closing look like for you.
Speaker 2 (13:33):
You know two week closing is that the only real
stress or element is ordering the appraisal. We've got to
order the appraisal during the inspection period because a typical
inspection periods ten days and you've got to order that
appraisal during that time just because appraisals are taking about
five days to get back. But as far as we're
what help affects us AMBER is we actually underwrite in house,
(13:56):
so we underwrite right at application on ninety nine percent
of our files. So when someone goes out shopping, their
file has already been underwritten, so it becomes a very
easy process to be able to close in two weeks.
Speaker 3 (14:09):
That's wonderful because that's been I've been working with a
client right now where they've been working on closing since August.
Speaker 2 (14:15):
Ooh, that's that's that's painful.
Speaker 3 (14:18):
Very painful. So outside of the accounting aspect too, I
do have a real estate broker's license, so I know
the ins and outs of the real estate contracts and
closings and aspects like that. So that's good to know
because obviously we run into that.
Speaker 2 (14:34):
Yeah, one of them is a triple threat right there.
Speaker 1 (14:37):
One of the items or one of the properties or
I went and looked at just earlier this week, is
exactly that situation. It's a business that owns the property.
It was a rental for I think they put it
into a service in nineteen eighty five. It's been around
a long time, it's been fully depreciated, and they really
were hoping to get it sold this year because the
(15:00):
business itself had some tax losses and they were really
hoping to just get it done this year to take
the tax losses, and they weren't worried about capital gains.
It really does matter, and I'm guessing you see a
lot of that too, amber very much.
Speaker 3 (15:14):
So I'd like.
Speaker 1 (15:15):
To talk also about something that we've talked about a
lot of the show. That Bob has certainly talked a
lot about on this show is when a seller is
interested in selling a property with seller financing. And I
just met with a client yesterday that has had a
(15:37):
lot of confusion about that, And frankly, I think there's
a lot of accountants and CPAs out there that just
don't understand this correctly, because the way I've been taught
is that if you're going to sell with an installment
sale from an IRS's point of view, there is only
one form that you get to report that on the
IRS form sixty two fifty two, and I'd love if
(15:59):
you could talk more about that amber.
Speaker 3 (16:02):
So the installed that is the installment sale form, so
it does tie into the scheduled D for capital gains
though as well. So when you do an owner carryback
owner seller installment sale, it is there's a portion of
based off of the principle that's been paid is what
(16:25):
you end up recognizing as that game, and that does
flow over to scheduled D which is the capital reporting.
Speaker 1 (16:33):
But it's a nice way for someone to spread their
gains over time rather than taking it all up front.
Speaker 3 (16:37):
Right, Oh, absolutely absolutely. They do recognize interest income, however,
it's once you are able to spread that out and
you can also then strategize based off of what your
income is. Overall, too excellent.
Speaker 1 (16:56):
So what are some of the other things you're seeing
from a state point of view with like ear in
text planning or just kind of open it up to
I'm guessing you have a whole lot of tips, so
I'd love to just hear any thoughts or input that
you have.
Speaker 3 (17:09):
Well, definitely, real estate specifically right now is one of
the big that's one of the biggest benefits to help
decrease any sort of taxable income, especially for some high
earners and some self employed individuals as well, and just
kind of depending on what their particular situation is. We
have a mutual person that Andy and I just recently
(17:33):
worked with. He has a large amount of capital games
coming over to him and needed something to help offset
and obviously then had some cash that he's able to
go in and invest into some property and use leverage
in regard to loans and everything. And I'm pretty confident
(17:54):
after reviewing the items with that gentleman that we're going
to be able to get him down to pretty close
to a zero tax liability for that. So having those
cost segregation studies done, if it is a real estate
investment property, making sure that you are getting the full
benefits of the Section one ninety nine A, which includes
(18:16):
the bonus appreciation, which this year it's it's down to
sixty percent. It was one hundred percent starting out when
it originally went into effect in twenty seventeen, so the
benefits are decreasing there. It has been a bill sending
in Congress that we had hoped to pass last March
that would have taken that one ninety nine bonus appreciation
(18:39):
back up to one hundred percent. However, that never went through.
So with the incoming administration, it's very possible that might
get pushed through again because otherwise coming up next year,
it's going to drop down to forty percent for that
bonus appreciation. I have I have worked up with a
couple different scenarios with this other client, high earner making
(19:01):
half a million dollars a year invested, had a couple
previous investments, bought probably close to probably one point two
million dollars of properties through a couple of different states,
and they had a zero tax liability this year.
Speaker 2 (19:19):
Wow, very nice, and.
Speaker 3 (19:21):
You know and that's you know, somebody who's making that
that amount of money on a W two typically doesn't
have it typically doesn't have a lot of ways to
reduce those that federal tax.
Speaker 1 (19:33):
Well, Amber, could you explain what a cost segregation study
is and when it would be useful?
Speaker 3 (19:39):
So a cost segregation study what they do. There's it's
a firm that will go out and evaluate the property.
It will go through the plans of the property, it'll
go through the personal property in the property, including landscaping.
It will break out all of the under one ninety
nine A, all all the depreciated items that you get
(20:03):
to bonus to appreciate need to fit into certain class categories.
And once you'll elect that section one ninety nine A
for that bonus appreciation, you're electing it for that class
of assets. So, having that cost segregation study that goes
out and elects it either a twelve forty five asset
or a twelve fifty asset, which is different items, whether
(20:24):
it's a five year, five year asset, a fifteen year asset,
twenty seven point nine, twenty seven and a half and
thirty year asset, depending on the property. It allows us
to then pick up those numbers and make that depreciation
so much better.
Speaker 1 (20:42):
And what type of client do you typically see that
would benefit by that? Someone who has a lot of
capital gains, or a high income earner, or.
Speaker 3 (20:50):
Anybody who's facing substantial federal taxes. Some people do. I
do have some people that are schedule see filers. They're
getting hit with a lot of self employment taxes due
to their bottom line, but they don't really have much
of a federal tax liability. We're really looking for that
it would really really benefit anybody who who's got capital
(21:11):
gains and has higher wages that just they're just getting
hit quite.
Speaker 1 (21:15):
A bit, okay, And then how would that differ from
Section one seventy nine depreciation, which is an old friend
that we've used many times.
Speaker 3 (21:26):
So Section one seventy nine depreciation technically doesn't play too
much of a factor into real estate. It does play
a lot into ordinary business. Also, with section one seventy nine,
you can only you can only take the depreciation up
to what the income is of the company to where
(21:49):
Section one ninety nine, with the bonus depreciation, you can
actually reap that loss and it doesn't go suspended.
Speaker 1 (21:56):
Okay, But like the one seventy nine for example, as
I understand it, and please correct me if I'm wrong,
it would be if if we put a new furnace
an AC unit out of property, I R S would
say we can depreciate that over I think it's ten years,
or correct me if I'm wrong there, but we can
choose to accelerate the depreciation take it faster. Is that
(22:21):
how it works?
Speaker 3 (22:22):
That is correct? So that is constituted as business equipment
versus cabinetry landscaping, A remodel if if it's equipment that
is in place for the business that is eligible for
Section one seventy nine.
Speaker 1 (22:42):
Okay, it's a lot of a lot of fun things
that we can we can do. As you mentioned before,
Jerry and I and Amber all have a mutual client
together where I had some big capital gains and we're
going to take the approach of using the cost segregation
study to offset a fair amount of those capital gains
(23:05):
and then end up with with two properties. I don't
know if you have the math drawn up on that,
but I'm just blown away at how powerful those can
be with the capital gains that are offset. And I
don't know if you have that available to share about
with two three hundred thousand purchases rough numbers, what kind
(23:27):
of taxes we're saving.
Speaker 3 (23:30):
So his let's see it. We're you know, he was,
he was a high earner. My understanding his earnings wto
earnings is about two fifty two twenty five. He has
about I believe, about three hundred thousand dollars of capital gains.
(23:51):
He is more than likely looking at about a about
one hundred and sixty two one hundred and seventy thousand
dollars tax liability for that for those combinations. So in
going out and purchasing the properties that that gentleman is
looking at purchasing, we're going to be able to eliminate
that federal tax stack for him.
Speaker 1 (24:15):
Wow, that's amazingly, that is amazing. I mean, we're effectively
getting the federal government to give us down payment assistance
by in a roundabout kind of way, by by getting
a tax break on the capital gain. So I'm just
blown away that we can we can do that, but
that is so clear in the tax code. So we
(24:35):
are coming up on a break. This is Andy Keel
with the Home Solutions Show and we will be right back. Hi,
and welcome back to the show. This is Andy Keel
with the Home Solutions Show. I am with the Win
three team powered by Epic Realty and I can be
reached at five to two zero five three nine and
(24:59):
I rejoined by Jerry Sunt with Cross Country Mortgage and
Amber Winter with Oleyria Accounting. Amber, would you like to
share your number for the audience.
Speaker 3 (25:09):
Please area code five two oh three nine six four
zero four zero.
Speaker 2 (25:15):
Great, and you have a lot of questions for you.
Speaker 3 (25:17):
Amber.
Speaker 2 (25:18):
You know this is when you get to talk about
tax I know some people go, oh gosh, this is
going to be not the most exciting topic, but it is.
And it amazes me how much opportunity if people sit
down and work with their their tax preparer to be
able help can save them money and people just kind
of gloss over it and they just by working with
(25:40):
someone you can the savings is is tremendous. Like we've
talked about in the last segment with the one client
that we were discussing. But you know, amber simple questions
for me, because I don't know a lot about tax
is what is the difference between a CPA and an EA.
I hear these terms and what do they mean?
Speaker 3 (25:59):
So c p A certified public accountants. They're regulated by
state entities and the state Board of Accountancy and an
old agent. We are licensed by the Department of Treasury
and we're governed by a federal level. We specialize more
in tax codes and tax laws and taxes to where
(26:22):
cp as have more of a broad and they're they're
more broad and what their practices consist of.
Speaker 2 (26:30):
Is there a client that would be driven more towards
an e A versus a c p A, like if
is it small businesses are should they be working more
with an e A or a c p A or
is it really more about the accountant themselves and the
the the you know, the the his the experience there.
Speaker 3 (26:50):
It is definitely more about what you're looking for, and
it does depend on the person. Lots of cp as,
Lots of cp as do taxes. Lots of them do
exactly the same thing that we do. But then there's
lots of CPAs who you know, work internally for companies
and want nothing to do with taxes. I have a
(27:10):
lot of clients that come to me specifically because they
want an EA, and we have rights of representation. We
can sit for an i R S audit, We can
represent clients in front of the I R S, in
front of the state. The really the big, the big
difference between a CPA and an EA comes down to
(27:32):
UH auditing of a company. UH So we can't audit.
We can't do a fiscal audit on a company. So
a nonprofit company, a hospital, or so sometimes underwriters come
out and ask us to issue a audited financial statement.
We can't issue these audited financial statements. We can issue
(27:55):
a financial statement, but we can't audit them, but we
can sit for department audits and.
Speaker 2 (28:02):
Then Amber, I'm gonna there's another classification I believe when
it comes to accounting, and that is a tax prepare.
Now is the tax payer do they have a license?
Speaker 3 (28:12):
So a tax prepare? So tax prepare is very generalized.
U an EA can be a tax prepare, a CPA
can be a tax payer prepare. The i r S
does issue what is my colleague Glory is actually sitting
in on this as well. What is it the annual
the annual tax filing? Oh, what is that? The A
(28:37):
So anyways, there's another there's another annual exam that somebody
can take with the i r S that allows a
FTPS to annual tax return prepare or something or another.
So it really kind of it just really depends on
what you're looking for. Our continual ed that we have
to do is very regulated by the I r S
(28:57):
and it has to revolve around tax codes and tax
changes to where then again a CPA they can go
to and excel class, they can go to a team
building class and if it's okayed with the department or
the State Board of Accountancy, they can get there. They
can get their continual education credits through that aspect, so
ours is very specialized in tax law.
Speaker 2 (29:20):
I love it. I mean I did not know that
about an EA. And first of all, it's it's an
impressive you know thing that you you have, and most
people the other hear the term CPA and they don't
understand the other. And it's being an EA is difficult
to get in and a great achievement.
Speaker 3 (29:40):
Well, thank you, thank you.
Speaker 2 (29:41):
So tell us you know, now going back a little
bit more about real estate and what are you know,
so many of our listeners are you know, mom and
pop and they may own a handful of residential real estate,
you know, residential properties, and uh, you know, are there
any advice you can give to the mom and pop
(30:04):
that has a handful of residential real estate as far
as like tax planning or what they should be looking
at when when you know, planning for the end of
the year for taxes. That's a big broad question.
Speaker 3 (30:20):
It is a big broad question. And as a lot
of things in a county comes down to, well, it depends,
you know, if it's a mom and pop who's had
properties for years on end close to depreciation, you know,
what is it? You know, potentially if they want to
sell it, it might be a good time to go
(30:40):
and you know, plan a little bit, potentially look at
what the capital gain would be looking to potentially doing
in ten thirty one exchange and utilizing those capital gains
and kicking them down the playing kind of a game
and kick the can and then ultimately buying another property
and having that cost study done so that they're able
(31:02):
to utilize some of this bonus appreciation to where it
might help them depending on what else that they've got.
So it is kind of a broad question and without
without narrowing it down, it really does come down to, well,
it depends.
Speaker 2 (31:18):
Well sure and no in Amber, I'm impressed in Aye here.
So they depreciation. I thought it was a simple like, oh,
you have to do a straight lined depreciation over you know,
thirty years or twenty eight years or whatever the regulation is.
But that's not really the case, right. You can depreciate
an asset over a shorter period of time, which can
really help offset capital.
Speaker 3 (31:39):
Gains correct under actual well under the bonus depreciation aspect
right now?
Speaker 2 (31:48):
Very good? And what do you with the new administration
taking office, how what's the view for next year? I
know none of us know exactly what's going to happen
till till mid January when that happened. But is there
any kind of predictions or what you're seeing in the
industry as far as what changes we will see next
year moving forward.
Speaker 3 (32:08):
No, A lot of us have our heads buried in
the sand because we've gone through five major tax code
changes throughout the last five years.
Speaker 2 (32:15):
Wow.
Speaker 3 (32:17):
So and you know from from when the Tax Act
and or Tax Cut and Job Act went into effect
in twenty eighteen, and that had you know, that went
retroact backwards, so we had clients when that went into effect,
we went back and amended their twenty seventeen taxes and
their twenty eighteen taxes to bring items forward the you know,
(32:43):
so we're we're kind of we are we're kind of
none of us really know.
Speaker 2 (32:51):
I know. It's like what difficult industry you have right
where every year you're having to rewrite the book we are.
Speaker 3 (32:59):
Five years ago, well probably more does it like eight
years ago or so? You know, everything was pretty consistent
up until that point. You know, we would have a
couple of little changes here and there that was really exciting.
But yeah, the last the last five years it's brought
definitely a roller coaster ride of massive continual education and
a lot of redoing things. And that's we've had a
(33:22):
lot of amendments go on because of the changes that
have happened, because they happened retroactive backwards.
Speaker 2 (33:28):
So I mean one of the most important things is
number one is sitting down with you and going through
someone should is it good to get a second opinion
on Texas?
Speaker 3 (33:41):
You know? Again? And it depends. It depends on your
particular situations.
Speaker 2 (33:45):
A W two employee with no write offs, well, that's
kind of vanilla, right, anyone can do that. But if
someone's got three LLCs and they own eight rental properties,
I mean, that gets complicated.
Speaker 3 (33:57):
It absolutely does. And having a secondary opinion if potentially
the person that you were working with wasn't potentially aware
of the bonus appreciation that you could utilize in it,
or the cost segregation studies. We've had to do quite
a bit of amendments for a few clients that have
(34:19):
come to us for a variety of reasons, and we've
looked at their returns and people just it's not that
the return is done wrong, it's just done in a
way that's not current with the tax codes.
Speaker 2 (34:33):
And yeah, so that's key right there, because it can
be savings, it can be dramatic savings. How far how
many years can you go back and refile or amenda return?
Is it can you go back ten years? Or is
it there a stamp on it, like only five years?
Speaker 3 (34:48):
Yeah, it's the statute of limitations of three years from
the point of your filing.
Speaker 2 (34:53):
Got it.
Speaker 3 (34:54):
So you know, people filed by April fifteenth, they have
three years from that period to file to do an
amendment prior to April fifteenth. If you do an extension
and don't file until October fifteenth, it does extend that
period out to three years from October fifteenth.
Speaker 1 (35:12):
And to your point, Amber, I remember back in the
day when Money magazine was still popular. I don't even
know if it still exists, but they did an annual
thing every year, and they had a more complicated tax
return and they had like three or four or five
different accountants do the tax return, and it was always
just fascinating. And then they'd publish it and it was
always fascinating because on one end of the spectrum they'd
(35:34):
owe on the other end of the spectrum, they'd get
money back, and it just it was crazy. So finding
the right accountant is so incredibly key and knowing the situation.
And we know that you're a specialist, specialist with the
real estate side of it, which is obviously very important
to all of us. So knowing the rules is so important.
Speaker 2 (35:58):
But any you know what we're talking about. It can
be Yeah, it could be a few thousand dollars, but
it could be tens of thousands of dollars that a
person can get back by if the original accountant did
not do it properly or did not know the rules. Inside.
Now I.
Speaker 3 (36:19):
One mutual client, we're looking at one hundred grand.
Speaker 1 (36:23):
Wow, Wow, that's rather significant. That would be a heck
of a savings and well worth. If it needed to
be amended to amend, I would say so. And we
are coming up on time. This is Andy Keel with
the Home Solutions Show. I'm with the Win three team
powered by Epic Realty and we will be right back. Hi,
(36:51):
and welcome back to the Home Solutions Show. This is
Andy Keel with the Win three Team powered by Epic Realty,
and I can be reached at five to zero five three, nine,
nine nine one, and I'm again joined by Jerry Sunt
with Cross Country Mortgage and Amber Winter with a Leyria Accounting.
I did want to just throw a quick shout out again.
(37:12):
We had our last weekend, we had our Photos with
Santa event for the Win three team and I had
a lot of fun, nice turnout photos I believe are
going out this week for those of you that showed up.
And again special shout out for Dan Wibar with Swift Mortgage,
Wendy Wise with State Farm, and Jennifer Coons with Pioneer Title.
(37:34):
Thanks again for a wonderful, wonderful event and also for
Trail Dust Town for hosting the event. It was just
a really fun, wonderful venue, beautiful Saturday morning, So thanks
for all the folks that were able to come to that.
So again we're talking with Amber Winter, our accountant, and
talking about some various year end tax planning and just
(37:55):
taxes in general. So we were talking on the break
a little bit about especially with real estate agents and
forming a PLLC or a professional limited liability corporation, and
I'd love to talk a little bit more about that
and the purpose for doing that.
Speaker 3 (38:13):
So forming a PLLC and or LLC is there's legal
aspects and legal protection that that gives you, and it's
forming it through the state of Arizona. That just forming
a PLLC or just forming an LLC doesn't necessarily give
you tax savings. However, it's the election that you go
(38:36):
and take. So most of the time at that point
either a PLLC or an LLC will be elected an
escort escort save on self employment taxes to where depending
on what your income, your bottom line income is, you
can save that fifteen point three percent of that self
(38:56):
employment tax, which is pretty stantial. However, through that s
corpse structure, you have to pay yourself a reasonable compensation
based off of your based off of your industry, based
off of what you're making and what you're doing, and
how much money you're taking out of that company, because
the IRS still does want to have those payroll taxes
(39:18):
coming in. Payroll taxes and self employment taxes, they go
into the same pool of money. It's both Social Security
and Medicare. It's just called two different things depending on
how you're structured. So a lot of people, yeah, we
want to form a PLLC, we want form an LLC
to save taxes. Well, just doing that formation again doesn't
save it. That is when you definitely want to sit
(39:40):
down with your accountant and go over and see what
your bottom line is and is it advantageous Because when
you do do that selection, there is a separate tax
retrend that has to be done. There are quarterly reports
that have to be done. There's payroll taxes that need
to be paid in that regard, there's payroll reports that
have to be filed. So if sometimes the cost doesn't
(40:02):
if it's not advantageous, you know, if they're gonna end
up paying you know, me twice as much to prepare
all of that versus what their savings are. Yeah, I
would like to make some money, but it's not advantageous
for the client. So it really depends on you know,
it depends on where they stand with everything. And definitely
just forming those entities does not give you tax breaks.
(40:24):
You have to go you have to do that, you
have to go forward with it and do a couple
other things. A couple of other things that we see
a lot and you never want to do. This is
you form LLC, you go and buy properties in it,
and then somebody tells you that you should form an escorp.
You should never hold real estate property in an escorp whatsoever.
(40:49):
It should always be held in a LLC, a partnership,
depending on if you've got people brought into it, potentially
a C corp if there's aspects to it. But that's
that's way, that's that's not what you want to do.
S corps are very it's more service based, so accounts
attorneys you know, UH, loan officers who are independent contractors,
(41:12):
the real estate agents, those types of entities, doctors, those
types of professions definitely fend better with S corps.
Speaker 1 (41:23):
Okay, I remember having this debate many times when we
when we buy properties in an LLC and we do
as well use an LLC. Uh, there's always a debate
when you when you talk to the attorneys. In a
perfect world, the attorneys would prefer that you have one
property per LLC. In the real world, there's a problem
(41:44):
with that and just pure cost factor because we have
to file those text returns for every LLC. So how
I'd love to talk about that a little bit. We
we have an internal rule ourselves that we we we
won't ever have more than ten properties in one single LLC,
and if there's a lot of equity, we'd prefer that
(42:05):
it'd be even less. But the reality of that is
we have to pay for a tax return, and we
have to have a bank account, and there's some things there.
So with a larger portfolio, where's the happy medium to
how many properties per LLC is a good good thing?
And I know that's a very personal question for most folks,
but I'd love for you to talk a little bit
(42:26):
about that too.
Speaker 3 (42:27):
Ever, So the attorney, that's definitely a legal question, and
that's really kind of where the attorneys go with that
is what would happen if somebody were injured? What would
happen if you were sued? Attorneys, you know, they they
they forecast the worst, so they try to when you're
(42:47):
coming to them for layers of protection in regard to that,
they definitely will kind of push that out. Now there
are just having an LLC doesn't necessarily trigger tax return,
but it would be so andy. Can I use uh
one of your entities as an example. Okay, so Javastone.
(43:11):
Javastone is one of your main main LLC's in partnerships
and you're involved with You're involved with that with a
part of your other partner who's part owner of that
that then that entity alone does own you know, other
ownerships of other partnerships, but then it also owns multiple
(43:33):
LLC's that are single member ll SC's, so those that
are owned simply by Javastone. So those single member LLC's,
those don't require the additional tax returns, but it does
require to be reported on the main entities tax returns.
So they're they're in essence of subsidiary of the main
(43:55):
LLC partnership exactly.
Speaker 1 (43:58):
And it does get very complicated. So that's why it's
always great to have a good both attorney and accountant
to work through these types of situations. I mean, if
if you if you have one or two houses, not
a not too big of a deal. But as as
you have you know anything that well, frankly that somebody
could sue you for, whether it's a trip and fall
(44:20):
or if you're negligent in driving or something like that.
I mean, I mean, the attorneys always have told me.
I'm not an attorney, nor do I play one on TV,
but the attorneys have always told me, is you know
how many how many properties are you willing to have
in a single LLC aka how much are you willing
to lose all at once. So that's a that's a
good question to ask because it kind of is the
(44:42):
slap upside the face of ooh, we might have a
little too much equity in this particular LLC. It's time
to break it. But the flip side of it, now,
we have to file multiple tax returns, so there's some
tricks to setting up. Right. As Amber mentioned, a lot
of ours flow through to a single holding company and
we do one filing there. So again so important, why
you have proper both legal and tax planning.
Speaker 3 (45:07):
Yeah, and then it and sometimes transferring, And we've got
clients that do this all of a sudden, they transfer
stuff around, They've set up multiple entities that maybe aren't
owned by each other, and it's like, oh, I just
I want to move this over here versus this over here.
Now this person owns it over here, and that when
you go to do that, we would we would like
(45:28):
to be involved with that with some of our clients,
just because that sometimes doesn't look so good to be
irs and we have to go in and defend that.
Speaker 2 (45:36):
So heany for actually, Amber, how long have you been
on an account I.
Speaker 3 (45:41):
Have been an accountant for twenty seven years and I've
owned my practice for twenty three.
Speaker 2 (45:46):
That's awesome, and all in Tucson. Have you been in
Tucson this whole time.
Speaker 3 (45:50):
I've been in Tusau this entire time.
Speaker 2 (45:52):
I love it.
Speaker 3 (45:53):
Yeah.
Speaker 2 (45:55):
Well, Amber, I mean this is a you are a
wealth of knowledge. I'm totally impressed and I think it's
important number. I think please give your number out again.
And if you're driving around listening and you are, have
you been frustrated by your accountant in the past, please
give Amber a call. I am just so impressed and
(46:18):
blown away at the information we've got today and how
the knowledge you have and the in depth of the
knowledge is very impressive. What's your number?
Speaker 3 (46:26):
Please? Thank you very much. Aleira Accounting five two oh
three nine six will be around, but we're going to
go hide for a few days. Well.
Speaker 2 (46:38):
Good, Now, this is a time of year for accounting,
isn't it. Because it doesn't. Oh it's it never slows down.
Speaker 3 (46:45):
No, it doesn't. And you know, and I mean this
will probably you know, somebody will probably get triggered to
call daring you know from this, which is perfectly fine.
Please call. But a lot of articles go out this
time of year, a lot of people still thinking, oh,
what can I do? What can I do? Ninety percent
of the calls that we get right now, usually there's
(47:08):
nothing that they absolutely have to do before a year end.
But just in the case of the example I believe
that you said earlier, was you know, the seller wanted
something done before a year end, and they were willing
to ultimately give they reduced their price by forty thousand,
they gave a ten thousand dollars bigger concession or something
(47:31):
or another along those lines, and that probably came from
some sort of tax planning of that they were going
to they needed to get one done in one year,
and you know, potentially was selling something at the beginning
of next year. And we've had we've had clients like
that where they sold a property earlier in the year
in January as had a large capital gain, didn't want
(47:55):
to do a ten thirty one exchange, had yet another
property that somebody wanted to purchase that they wanted to
close by year end, and we're just like, push it
until January second, January third. So definitely, in some situations
like that, it's necessary to give your accountant call and
definitely go over with them because you can be hit
and not understand why.
Speaker 1 (48:16):
Yeah, well, just in closing, how many days does it
take you to close alone, Jerry?
Speaker 2 (48:20):
Eight days.
Speaker 1 (48:21):
So we're getting down to the wire, but there is
technically still time if there is some kind of urgency
to close one of these. So with that we are
coming up on time. Thanks for joining us this Sunday,
and again this is Andy Keel with the Home Solutions
Show and we'll talk to you next week. Thank you.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!