To start your real estate journey, get a good financial team who are experts in real estate. That is Joe Viery's advice in this episode of Profit First for REI podcast.
Joe is a cost segregation professional (CSP) and the CEO of US Tax Advisors Group. He has helped property owners keep a lot of money in their pockets by eliminating millions of dollars in income taxes.
In this episode, he talks about cost segregation, a strategy you must know when you want to buy an old property. More of this topic, listen and enjoy the show!
Key Takeaways:
[00:51] Introducing Joe Viery
[06:11] Accelerated depreciation
[09:46] Redo cost segregation in the same building
[12:44] Depreciation recapture
[20:54] Joe's advice for business owners
Quotes:
[06:11] “As long as you are a US-based paying taxes entity, whether it's a married couple or corporation, you can use accelerated depreciation.”
[10:47] “We like to see the building before any improvements are done because one caveat… a lot of accountants do not know the world of dispositions.”
[15:19] “Cost segregation reduces depreciation recapture.”
Connect with Joe:
Website: https://ustagi.com/
Tired of living deal to deal?
If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David
