Truebooks CPA advisors…worth it?

[Tim Blanchard]

Hey guys,

I own two vacation rental properties with a 50% partner and personally manage them myself. Both properties have a fair amount of amenities since they’re on the water and one has a pool.

After listening to podcast #689 with Matt Bontrager, I was floored with the notion that we could potentially save tens of thousands in taxes since I definitely qualify under the “material participation” rule, so I hurriedly booked a consult with his group, Truebooks CPA.

After hanging up I realized that I was still buzzing from listening to the podcast when we spoke and forgot to ask the most basic of questions to ascertain whether or not their services make sense.

So I bring my queries to the hive…

1. Does cost segregation make sense for STRs if owned jointly with a 50/50 partner?

2. How much does a cost segregation cost to get done?

3. If we engage with a tax advisor and then hand our CPA their plan, will the CPA be able to just “run with it”?

4. Does anyone have firsthand experience working with TrueBooks?

Here are the two properties:

Cottage on the Bay:

www.rodobeach.com

Dameron Farm:

www.dameronFarm.com

[Yonah Weiss]

Quote from @Michael Baum:

Hey @Tim Blanchard, cost segregation can be worth it and it needs to be done asap for maximum benefit as it changes next year. Might not be enough time.

Michael, the cost seg doesn't need to be completed before the end of the year to benefit for 2022 (and 100% bonus depreciation), as long as it's completed before one files 2022 taxes. Still plenty of time.