Today’s guest is a man who hardly needs an introduction if you’ve spent time in the multifamily space. I have with me, Yonah Weiss, business director for Madison Specs, and the host of the Weiss Advice Podcast. Yonah is an expert in saving millions in taxes for property owners using his method of Cost Segregation. Tune in a learn how Yonah helped a client save millions in taxes after first watching him pay too much.
Things you will learn in this episode:
[00:01 – 3:42] Opening Segment
- Yonah talks about his background
- Education and teach then moved into real estate
- Began with Madison working with cost-segregation
[03:43 – 09:39] Yonah’s Missteps Story
- Yonah breaks down cost segregation and how it affects people differently
- Yonah’s story of working with a top real estate broker who paid too much in taxes
- Ignorant to the tools that can save you millions in taxes
- Did not amend previous tax returns
[09:40 – 14:49] Yonah’s Methods
- The downsides to a cost seg study and ways around them
- The power and importance of using cost seg study correctly
- Do your due diligence when hiring a company to do your study
[14:50 – 20:29] Closing Segment
- The questions you need to ask when looking to hire a cost seg company
- What happens when you have audit protection
- Yonah’s words of wisdom – always ask questions
- Final words
Resources Mentioned:
Tweetable Quotes:
“All taxpayers are not equal. If you’re a real estate professional, you actually have the highest benefit of any certain type of taxpayer that’s out there. ” – Yonah Weiss
“Foundation is everything, if you don’t have a good foundation then the whole building will fall down.” – Yonah Weiss
Connect with Yonah on LinkedIn. Visit https://www.yonahweiss.com/ to learn more.
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