Save Money on Taxes with The Cost Seg King, Yonah Weiss (Part 1)

Sep 28, 2020

Yonah Weiss, known as ‘The Cost Seg King,’ joins us for today’s interview. Yonah is a master of communication and a networker. Yonah found his calling for teaching and has been an educator ever since. He helps real estate investors by educating them on tax-saving strategies through cost segregation.

Before joining Madison Specs, Yonah was a formal teacher. He enjoys teaching and sharing his knowledge with others. He is the host of Weiss Advice, a podcast dedicated to sharing the knowledge of leading experts in real estate, business, and beyond.

Join us for this episode and learn the keys to saving hundreds to millions of dollars from taxes with the help of cost segregation.

[00:01 – 05:29] Leading by Example

• I introduce the guest, Yonah Weiss
• Yonah talks about his background and how his journey began
• • Before joining Madison Specs, he was a formal teacher
  • Became interested in real estate around five years ago
  • Teaching his kids through Leading by Example

[05:30 – 14:19] The Cost Segregation King

• Yonah dives deep into the Cost Segregation world

• • Explains cost segregation
  • Save money from taxes
  • Wipeout your entire tax liability
• Do prices of property matter in cost segregation?
• • Benefits of cost segregation are proportional to the cost basis

[14:20 – 21:41] Bonus Depreciation

• Is bonus depreciation different from cost segregation?

• • Not everyone can take advantage of bonus depreciation
• Theories why the government allows these types of saving money on taxes
• Qualifications To be considered a real estate professional and be able to take advantage of Bonus Depreciation
• • If you spend the majority of your working time in the real estate trade or business
  • You have to own a property
  • Operating, managing, renting, or anything that involves managing a property
• Depreciation, Cost Segregation, and Bonus Depreciation compared

[21:42 – 27:52] Limiting Beliefs

• Crushing the limiting beliefs about cost segregation

• • The ‘I can’t afford it’ mindset
  • The cost seg fee is proportional to the property price
• Reasons why a lot of people don’t know about cost segregation
• • Accountants don’t do this
  • It’s impossible to do by yourself
• The IRS regulates cost segregation

[27:53 – 32:25] Take Action

• Now that you know about Cost Segregation let’s take action!

• • Even if you owned the property for years, you could do cost segregation retroactively
  • Madison Specs offers free cost segregation analysis estimates
  • There’s no reason not to do Cost Segregation
• Connect with Yonah online! See the links below.

 

Tweetable Quotes:

“[Cost segregation] is like an advanced form of depreciation.” – Yonah Weiss

“It’s all within the business plan of the property owner. There are certain times where it might be more advantageous to get it done on a property that you are holding for a shorter period of time or for some people depending on their business plan for a longer period of time. Those first five years are integral to the tax benefits there, but it can be different for everyone.” – Yonah Weiss

 

Resources Mentioned:

• Cost Segregation Study definition
• Bonus Depreciation

 

You can connect with Yonah on LinkedIn, Visit his personal website. Listen to his podcast, Weiss Advice. To know more about cost segregation, visit the Madison SPECS website.

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