I actually bought a commercial building in 2022 and submitted my bonus depreciation report to my accountant after I saw your video. Fingers crossed that it will save me on my taxes. Thanks for making such great videos!
@@wagerinvestments The cost segregation study that was done for my building produced $83K in bonus depreciation. My tax savings were at least 25% of that amount, which is $20,750. I’m sure that the savings were more, but that is a safe amount to use.
I'm thinking of buying mixed use property in Petersburg, VA in the old historic district. The first floor I will use as my law office and the upstairs will be converted to rental units. Do you suggest I get a hard money loan to help purchase as well as rehab (cosmetic mostly) the apartments or buy with using my cash as down payment and slowly upgrading the rental units to rent out?
The one thing I am not understanding in the example is if someone is making $300k they wouldn’t be taxed on all $300k the same goes for the example of the Full time job employee making $100k. Of course Peter knows this but it’s confusing in the example since if you were making $300k you’d probably pay around $105-$110k in taxes after some basic deductions which would leave you with a loss of $240-$245k (on paper) so technically based on this example since you have $350k in write offs for that one year you could make a little over $800k and not pay any taxes.
I'm looking for a good tax strategist/CPA in Rhode Island . Preferably one who is an investor and applies the same strategies to himself. Any suggestions?
?? Peter, I have approx. W2 income this year of $400K and will be close to that next year. I have been looking at Four Quadplex buildings 16 units, they are $130K per door ($2,080,000) (Class B+). These building are at the same location but zoned as four separate buildings, if I put all these building under one commercial loan or each building under a separate loan does that affect the cost segregation strategy, is one better than the other using the tax advantages??? This 16 units will have a cash flow of $42K per year with another $24K per yr by increasing rents to market rate Total approximately Cash Flow = $66 per year after the first year. I very much need some tax deductions to use toward my W2 income. THANK YOU
I actually bought a commercial building in 2022 and submitted my bonus depreciation report to my accountant after I saw your video. Fingers crossed that it will save me on my taxes. Thanks for making such great videos!
Kindly share .. any update on the bonus appreciation?
@@wagerinvestments The cost segregation study that was done for my building produced $83K in bonus depreciation. My tax savings were at least 25% of that amount, which is $20,750. I’m sure that the savings were more, but that is a safe amount to use.
@@480brad wow 83k in bonus is great.. good work thanks for sharing.
If there was a love button, I would push it. Thank you sir, for your excellent videos. ❤
Appreciate the time for your wisdom
You do a service to all people, including me,, who listen.
I'm thinking of buying mixed use property in Petersburg, VA in the old historic district. The first floor I will use as my law office and the upstairs will be converted to rental units. Do you suggest I get a hard money loan to help purchase as well as rehab (cosmetic mostly) the apartments or buy with using my cash as down payment and slowly upgrading the rental units to rent out?
Thank you Mr. Peter Harris!
This is a great video!
The one thing I am not understanding in the example is if someone is making $300k they wouldn’t be taxed on all $300k the same goes for the example of the Full time job employee making $100k. Of course Peter knows this but it’s confusing in the example since if you were making $300k you’d probably pay around $105-$110k in taxes after some basic deductions which would leave you with a loss of $240-$245k (on paper) so technically based on this example since you have $350k in write offs for that one year you could make a little over $800k and not pay any taxes.
terrific video. It's pretty crazy that I have had a commercial strip center since 2011 and just learned about Cost Segregation.
Thanks for watching!
Thank you sir!
This is a great video!
Theeer best mentor
I'm looking for a good tax strategist/CPA in Rhode Island . Preferably one who is an investor and applies the same strategies to himself. Any suggestions?
Thank you for this great video. When you said you can deduct your mortgage, you mean the whole mortgage payment or the interests of that mortgage?
Interest
I'll be joining soon.
Is the interest I paid the hard money lender written off in the course of many years, or can I write it all off in the following year?
Your accountant/CPA will most likely deduct the interest of any investment loans in the year to which you paid the interest.
Big fat like
Hi Peter. Is this applying to Canadian investment?
No. United States.
?? Peter, I have approx. W2 income this year of $400K and will be close to that next year. I have been looking at Four Quadplex buildings 16 units, they are $130K per door ($2,080,000) (Class B+). These building are at the same location but zoned as four separate buildings, if I put all these building under one commercial loan or each building under a separate loan does that affect the cost segregation strategy, is one better than the other using the tax advantages???
This 16 units will have a cash flow of $42K per year with another $24K per yr by increasing rents to market rate Total approximately Cash Flow = $66 per year after the first year.
I very much need some tax deductions to use toward my W2 income.
THANK YOU
Hey I’m in a similar boat, what did you end up doing with this?
I just closed on a 24 unit building, now need to setup tax strategy, will do a cost seg. For 2024 taxes
How do you qualify to buy more real estate if you claim a paper loss?
Watch this video: th-cam.com/video/TeCMuNso4zw/w-d-xo.html
How can I join your program...
Right here! www.commercialpropertyadvisors.com/protege-program