Sick and tired of cost segregation hype and misinformation

[Michael Plaks]

Mad after listening to a webinar held by a prominent national tax firm and a prominent national cost seg firm. These guys were drunk on hype and misinformation. Just 3 examples:

1. "SFH investor can write off most of his $150k rehab using QIP." (QIP, qualified improvement property, only applies to NON-residential properties, among other restrictions)

2. "You can apply cost seg retroactively to a property already sold." (Even if you could, it accomplishes absolutely nothing, unless the property was 1031-ed)

3. "A high-earning doctor can offset his income with rental losses if he owns his building and makes a grouping election." (He cannot)

ARGGGHHH!