All Forum Posts by: Yonah Weiss

@Jeet Sangha as @Chris McCormack said above, location is usually less important for many people when it comes to finding a great CPA who understands RE. There are many on BP try Chris ☝ or a few other great contributors here like @Daniel Hyman @Natalie Kolodij @Michael Plaks @Ashish Acharya

Quote from @Lara Stuart:

Hi Chris,

Thank you for your advice.  I'm OR Nurse trying to pivot into real estate investing, so for a little while longer, W-2.  I can't wait to talk to my CPA tomorrow to dig deeper.  Thanks again.

Congrats on the property Lara! While cost seg can be a great tax tool, if you are a W2, there is usually little benefit on getting it done on a LTR. You will just create suspended passive losses, that will not be able to be unlocked against your active income when you do transition to going full time in real estate. Put it on the back burner, until you go full time in real estate and get REPS, that's when the magic happens.

Thank you @Greg O'Brien, this is the post that keeps on giving. I have bookmarked, and shared this thread with many accountants who don't know much about STRs

It was a great episode, and you've got some great questions here  @Alicia Marks!

I am really excited about the STR 'loophole', what I've found is that many tax professionals are not aware of this.

Quote from @Michael Baum:

Hey @Tim Blanchard, cost segregation can be worth it and it needs to be done asap for maximum benefit as it changes next year. Might not be enough time.

Michael, the cost seg doesn't need to be completed before the end of the year to benefit for 2022 (and 100% bonus depreciation), as long as it's completed before one files 2022 taxes. Still plenty of time.

Quote from @Michael Plaks:

Quote from @Greg Heden:

Any suggestions on CS business to get an idea?  Thanks Again!

Greg, two resident experts owning CS companies already responded to you - and you continue to ask for recommendations? Contact those two.

 Which one of the three of us should be offended? 😂

Quote from @Greg Heden:

Ok, is this something your company can do?

 Yes, but BP does not allow self promotion :)

@Lane Criss There are many great accountants and tax advisors who are active here in the forums

@Natalie Kolodij @Michael Plaks @Ashish Acharya @Daniel Hyman to name a few. 

Cost Segs can be done on small properties, but are not always worth it depending on if you have REPS or not, among other factors.

@Jerome Skinner bonus depreciation does not need to be taken in the first year, as long as you did not opt out of it in the previous years. In your situation, since you are placing in service as a rental for the first time this year, it will be the first time you are going to claim depreciation, so you should be fine.

@Spencer Dixon 

Yes. You will need to file a form 3115, change of accounting method to catch up the accelerated depreciation that you missed over the last two years.