All Forum Posts by: Yonah Weiss

There tax experts called Certified Exit Planning Advisors, only a few hundred in the world. I have a colleague I could recommend. PM me. 

Thanks for the link. Does the 50% rule have to coincide with the 750 hours, or are they mutually exclusive?

@Michael Plaks Thank you for pointing this out! I overlooked this. 

Thank you! I overlooked that. 

Brandon, or any other CPAs EAs, are you sure roofs qualify for 179? As far as I am aware a new roof is considered an integral part of the structure and would therefore not qualify for bonus or section 179. If I am missing something can you please point me to the source where you saw this. Thanks.

@Michael Plaks, are you sure roofs qualify for 179? As far as I am aware a new roof is considered an integral part of the structure and would therefore not qualify for bonus or section 179. 

@Chase Gochnauer I definitely agree with your calculations. However, on a SFH unless there is extensive land improvements, and fixtures, appliances, and the like (found more in luxury rentals), usually around 10-20% of the depreciable basis (purchase price minus land allocation) can be 'segregated' to 5 or 15-year property.

@Michael Plaks You're right on about the IRS not requiring cost seg, even though it correctly submits the depreciation the property according to the IRS guidelines. They don't require it because they get paid less when cost seg is done.

Cost seg reports done by CPA estimations are notorious for not passing audits. 

We have found that a professional, engineer-based study can identify up to 30% more than an estimation, no matter how good.

@Chase Gochnauer In the past cost seg has not been worth it for most people on SFHs worth under $500,000. Of course, everyone's financial situation, and every property is different. I don't know if this will change based on the new tax reform.

Regardless, on a small property, a full cost seg study could run you around $3-4K depending on size, location, and scope of work.

@Michael Plaks well done! I was waiting for an accountant to 'itemize' that thread. It's an amazing read with tons of helpful information, but this will help people looking for more specific questions, who don't want to mull over all 200 plus posts.

Thank you @Brian Burke for starting this post. I continuously gain a tremendous amount from BP, and I am grateful to all of my new and old friends.  

I have never been great at long term goal setting. I have learned in life that way too many curve balls can get thrown at you, that you constantly have to re-evaluate those goals.

One goal I would like to share, somewhat RE related, is to give away $50,000 to charity in 2018. My custom is to tithe 10% of earnings (at least) to help others who need it. Real estate, can give us financial freedom, but I know what it's like not to have anything, and have many of life's challenges be thrown at you. I prefer to help those whom I know, who are struggling, and help get them back on their feet.

To get there, I have to earn $500k, right?

RE goals: analyze 10 deals a week, use my investors, and leverage, to maximize buying capacity. Buy $5,000,000 worth of cash-flowing properties.

Make many more introductions for others to benefit from one another, and create synergy in this amazing community.