Another Cost Segregation Question! House Hacking
It seems like cost segregation has been a hot topic since podcast episode 689 and I'm going to keep that trend going.
I too am trying to see if there would be any benefit to self performing a cost seg on a house I purchased this past July, new investor! Here's some quick background:
- $400k purchase price with 3% down payment. Owner occupied SFH.
- The land is not too valuable, maybe $50k-$75k.
- 5 bedroom single family home - 4 bedrooms rented out since September.
- I do plan on long term holding. I also plan on purchasing another property early this upcoming summer and hopefully flipping a property this upcoming year as well which is where I thought this would really come in hand.
- I haven't done any major renovations and don't really plan to in the short term.
- Full time W2 employee.
I went and listened to a BP youtube episode with Yonah Weiss and he mentioned there is very rarely a time when you shouldn't cost segregate a new property. I spoke with my tax CPA preparer and he kind of dismissed cost segregation right off the bat. He mentioned that since I hadn't done any large improvements to the property that it probably wouldn't be too beneficial. Does that seem accurate? I felt that with the big difference between money down and purchase price it would be a good option. Should I just start looking for another CPA's opinion?
Any insight is appreciated! Thanks