All Forum Posts by: Bernard Reisz

 @Michael Plaks Once again, illustrating that BP has got to start offering more reaction options beyond "vote!"  

@Dorothy Wulf Do and your husband have separate plans or a single plan in which you both participate? (Spouses can, in most cases, share a 401k plan, thereby reducing fees and paperwork burden.) 

@Shravan Hemchand Looking forward to it! 

@Shravan Hemchand Prior to pulling the trigger on a Cost Seg study, you should evaluate 2 things:

1 - How much net additional deprecation tax deductions a Cost Seg study would provide: Best way to get this is by requesting a free feasibility analysis from a Cost Seg provider. The preliminary analysis can have lots of data, so it's important that the provider thoroughly review it with you to explain what depreciation tax deductions Cost Seg study provides and what depreciation benefit you would get w/o Cost Seg. @Michael Plaks has a great post on this topic.

2 - Assess the value of those tax deductions to you: The value of a deduction depends on (a) whether you're actually able to use it to reduce taxable income and (b) your marginal tax rate.

As an STR, assuming the average rental period is 7 days or less, key items to consider are: (a) material participation and (b) avoidance of "excessive" personal use.

@Michael Plaks Honored to me mentioned by you, especially in such esteemed company! Thank you!

@Jeremy Watson You've in the right forums to make this kind of inquiry and find real estate info. I can't think of a single individual that has added more value to this forum than @Michael Plaks. He's been on BP way, way before most and consistently published content of a caliber that is unmatched. What Michael shares about tax - and everything else - is required reading for everyone looking into real estate tax strategy. Michael's content is must read and helps all become discerning consumers in the real estate tax services marketplace. 

@Chris Dawson What I'd guess @Basit Siddiqi is saying is that a single SFR does not require a level of involvement that, in and of itself, can possibly satisfy real estate professional requirements. Of course, adding real estate sales activity as a broker may make all the difference here. Unless Basit meant that material participation in a single SFR is a hurdle.

Basit - Am I on or off target?

@Kristafer Nicaj Although he location of your tax accountant is not nearly as crucial as their experience, location is still a factor for a host of reasons. That location factor is primarily driven by state, more than city. (Although there are some cities that have their own tax code, it's relatively rare.) You're fortunate to be in the same state as the truly incredible @Michael Plaks, so you can have the best of all worlds. I'm fortunate to discuss all sorts of complex real estate tax issues with Michael on a near daily basis. For a TX real estate pro, Michael is an obvious choice of tax pro.

Prior to pulling the trigger on a Cost Seg study, you should evaluate 2 things:

1 - How much net additional deprecation tax deductions a Cost Seg study would provide: Best way to get this is by requesting a free feasibility analysis from a Cost Seg provider. The preliminary analysis can have lots of data, so it's important that the provider thoroughly review it with you to explain what depreciation tax deductions Cost Seg study provides and what depreciation benefit you would get w/o Cost Seg. Michael Plaks has a great post on this topic.

2 - Assess the value of those tax deductions to you: Best way to get that is by working with a real estate tax expert. (If all else fails, ReSure's got extensive resources on all these subjects in our educational platform)

@Michael Plaks Honored to me mentioned by you, especially in such esteemed company!

@Vladimir Del Valle Prior to pulling the trigger on a Cost Seg study, you should evaluate 2 things:

1 - How much net additional deprecation tax deductions a Cost Seg study would provide: Best way to get this is by requesting a free feasibility analysis from a Cost Seg provider. The preliminary analysis can have lots of data, so it's important that the provider thoroughly review it with you to explain what depreciation tax deductions Cost Seg study provides and what depreciation benefit you would get w/o Cost Seg. Michael Plaks has a great post on this topic.

2 - Assess the value of those tax deductions to you: Best way to get that is by working with a real estate tax expert. Second best way is to review Michael Plaks' post on this subject.

If all else fails, 😀 ReSure's got extensive resources on all these subjects in our educational platform (which actually includes some plagiarizing from Michael!😉)

@Michael Plaks Honored to me mentioned by you, in such esteemed company!

@Wiley Underwood Prior to pulling the trigger on a Cost Seg study, you should evaluate 2 things:

1 - How much net additional deprecation tax deductions a Cost Seg study would provide: Best way to get this is by requesting a free feasibility analysis from a Cost Seg provider. The preliminary analysis can have lots of data, so it's important that the provider thoroughly review it with you to explain what depreciation tax deductions Cost Seg study provides and what depreciation benefit you would get w/o Cost Seg. Michael Plaks has a great post on this topic.

2 - Assess the value of those tax deductions to you: Best way to get that is by working with a real estate tax expert. Second best way is to review Michael Plaks' post on this subject.

If all else fails, 😀 ReSure's got extensive resources on all these subjects in our educational platform (which actually includes some plagiarizing from Michael!😉)

@Ricardo A Guerra While @Sean O'Keefe and @Nate Meeker make an excellent point, that the location of your tax accountant is not nearly as crucial as their experience, location is still a factor for a host of reasons. You're fortunate to be located near the truly incredible @Michael Plaks, so you can have the best of all worlds. I'm fortunate to discuss all sorts of complex real estate tax issues with Michael on a near daily basis. For a Houston real estate pro, Michael is the obvious and no-brainer choice of tax pro.