E170: Cost Segregation 101 - Yonah Weiss

<p>This week I have Yonah Weiss on the show, a cost segregation specialist, and we dive deep into this amazing way of minimizing or even eliminating your income tax. Don’t miss it!</p><p>👉👉 Get The Passive Investing Playbook - <a href="https://theinvestormindset.com/passive">https://theinvestormindset.com/passive</a></p><p>So what is cost segregation? Well, it's an advanced form of depreciation and depreciation is a tax deduction that any property owner gets when they buy a property. This means that you can take the cost of the property (aside from your personal residence) and take it as an income tax writeoff. As this typically happens over a long period of time, we can reallocate that cost to different components that depreciate at faster rates. This means taking larger tax reductions in earlier years of ownership. So this is something fundamental that you really want to be doing as an investor to save a lot on your tax returns.</p><p> </p><p>Yonah is a powerhouse with property owners' tax savings. As Business Director at Madison SPECS, a national Cost Segregation leader, he has assisted clients in saving tens of millions of dollars on taxes through cost segregation. He has a background in teaching and a passion for real estate and helping others. He’s a real estate investor and host of the new podcast Weiss Advice.</p><p> </p><p>Hit subscribe to join the community and build your investing knowledge today!</p><p> </p><p><strong>KEY TAKEAWAYS</strong></p><p>1. What is cost segregation: It's an advanced form of depreciation. Depreciation is a tax deduction that any property owner gets when they buy a property. This means that you can take the cost of the property (aside from your personal residence) and take it as an income tax writeoff. As this typically happens over a long period of time, we can reallocate that cost to different components that depreciate at faster rates. This means taking larger tax reductions in earlier years of ownership.  </p><p>2. Real estate is an amazing way of minimizing or even elimina