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Cost seg update success story:
My partner and I bought 8 doors between 2021 and 2022. Four single families in 2022 at roughly $60k each and one four plex in 2022 and $250k. Did not cost seg the first four the year we bought because we were sweet little dumb dumbs. Did cost seg all properties for 2022
Results: $74,500 depreciation on the four plex (thanks to bonus depreciation) $20,500 in the first four from 2021
Our accountant stopped and called tech support on the program and he used to input our data because he didn’t believe the number could be that high. Tech support informed it absolutely was correct. He told us how smart we were and we said no- we just went to kw wealth.
Lesson learned: do it the year you buy for sure. It’s ok. We are buying non stop so we won’t make that mistake again.
Lesson learned: Split the $95k and we each have $47,500 which will zero out any taxes owed and we basically just got all our down payment back.
We are BUYING!
Thank you Brett Tanner for teaching us so much!
May I share a win? I’m so happy I could cry. Lol
I finished up 2022 with a record year. Super super blessed to have helped the number of families I did and sell what I sold last year amidst the craziness.
I was anticipating owing a little north of 100k in taxes and have asked my CPA to give me a heads up on what he though I would owe before he sent me the number so I could be sitting down when he sent it to me. Lol
He sent me the figure last night, and I only owe a little over 50k…
I owe a lot to Brett and Dan Hamilton (my OP) for introducing me to US tax advisors who ran a modeling cost seg on my rental properties and saved me roughly 40k in taxes.
Brett has time and time again said taxes are your biggest expense and we need to focus on how to reduce that burden. That one thing I did decreased my tax burden by roughly 40%
Here’s to another great y’all.