Tax Savings through Cost Segregation with Joe Viery

Have you ever wondered how real estate investors save millions on taxes using a method approved by the IRS but not widely understood? 

In this enlightening episode, host Taylor Loht invites cost segregation expert Joseph Viery to demystify one of the most potent yet underutilized tools in real estate investment – cost segregation. Joseph breaks down complex tax codes into actionable strategies that can lead to significant tax savings for property owners. Whether you’re a seasoned investor or new to real estate, Joe’s insights into accelerating depreciation, navigating IRS guidelines, and leveraging cost segregation studies will equip you with the knowledge to enhance your investment returns.

Joseph is the Principal at US Tax Advisors Group, Inc (USTAGI). As a Cost Segregation Professional, he has helped property owners defer or eliminate millions of dollars in income taxes by leveraging cost segregation studies. Joseph has performed thousands of Cost Segregation studies for clients in various industries ranging from $500,000,000 commercial properties to $50,000 single-family residences.

[00:00:00 – 00:04:59] Unlocking Tax Savings: Discover the basics of cost segregation and its history, highlighting how it can transform your tax strategy.

• Cost segregation accelerates depreciation, offering immediate tax savings.
• The practice became widely endorsed by the IRS following a pivotal 1997 court case.
• Understanding IRS guidelines is crucial for a compliant and effective cost segregation study.

[00:05:00 – 00:09:59] Choosing the Right Study: Learn the difference between engineering-based and online cost segregation studies.

• Engineering-based studies offer a robust defense during audits.
• The complexity of a property can dictate the type of study needed.
• Cheaper online options may lack the detailed analysis required by the IRS.

[00:10:00 – 00:14:59] Depreciation Recapture and Strategy: Navigating the implications of selling your property and the strategic role of cost segregation.

• Cost segregation can actually reduce depreciation and recapture taxes.
• The importance of planning for the long-term ownership of properties.
• Utilizing 1031 exchanges to defer taxes further.

[00:15:00 – 00:19:59] Impact of Changing Tax Laws: Discussion on how recent changes in bonus depreciation affect real estate investors.

• Bonus depreciation has been a boon, but the core benefits of cost segregation remain.
• Planning your tax strategy around current laws is essential.
• The value of cost segregation does not diminish with changes in bonus depreciation rates.

[00:20:00 – 00:23:59] Building a Real Estate Team: Joe shares personal anecdotes and the importance of surrounding yourself with experts.

• The right team can save you more than they cost.
• Leveraging the expertise of professionals for better decision-making.
• Joe’s journey from starting in finance to becoming a cost segregation expert.
• Book recommendation: Think and Grow Rich
• Who inspires Joseph?: Podcasting and masterminds. 

Quotes:

“Owning real estate is powerful and the tax advantages are huge.” – Joseph Viery

“Accelerated depreciation has been around for over 50 years, but it’s more relevant today than ever.” – Joseph Viery

Connect with Joseph:

Website: https://ustagi.com/

Apply to Invest with Taylor at www.investwithtaylor.com

Track your wealth for free with Personal Capital, go to www.escapingwallstreet.com

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