All Forum Posts by: Phil Contreras

Appreciate the response Issac.

 Thanks for the feedback Joseph.

Appreciate the response on this. It really makes you think and strategize about the long term aspect of passive vs ordinary income.

Hey all,

I've been reading a bunch of books about cost segregation (tax free wealth by Tom Wheelright) and there is this one question that I can't find the answer too.

Can I cost segregate my house for depreciation if I don't have the real estate professtional status?

Basiclaly, can I conduct cost segregation as a regular landlord person on my properties? or am I only allowed the standard depreciation of 27 years?

@Julio Gonzalez it's a rental property. Thanks for the recommendation on the cost of study.

Hey all,

I bought a property in 2017 and just started understanding what cost segregation is. My question is, is it already too late to start conducting cost segregation on my home for the tax year 2023?

Thank you.

Good day all,

We've installed a new driveway that costed $9,000. The old driveway was 40 years old and needed major repair.

Can I tax depreciate this item in my personal tax? or is this cost segregation?

Good day,

We have a property in Connecticut that is fully paid off. We are currently renting it under our personal name but would like to know how we can transfer the property into a LLC.

The main question though is, if I were transfer my property into a LLC, will this trigger a taxable event?
(Example: Property bought at 100k and now worth 300k transfer to LLC)