Today on the Leafy Podcast, host Jennifer talks with Yonah Weiss, Business Director at Madison SPECS. Yonah has assisted his clients in saving tens of millions of dollars on taxes through cost segregation. Many companies in cost segregation emphasize either a tax approach or an engineering approach. Madison SPECS has built an exceptional reputation by integrating the two approaches. They provide a free feasibility analysis of the tax benefits available for your property. Yonah explained that depreciation means the IRS gives you a tax deduction on the principle that your property is going down in value, based on the building on the property depreciation schedule. He says that in general, buildings can be depreciated over either a 27.5-year or a 39-year period, but certain categories of fixed assets within a building can be depreciated more quickly, over five, seven or 15 years, resulting in significant tax savings. Yonah tells us that by enlisting the services of a CPA and other qualified advisors to identify and reclassify these assets can accelerate part of the building's tax depreciation, resulting in a reduced tax liability. Listen to the rest of the episode to hear more tax saving tips through cost segregation with Yonah Weiss.
Madison SPECS have a weekly Virtual Real Estate Meetup! Every Wed. 7:00PM EST, register here:
Say hi to Yonah Weiss at http://www.madisonspecs.com/