Maximizing Tax Benefits: Unveiling the Power of Cost Segregation Analysis with Geraldine Serrano

Are you looking for ways to maximize your tax benefits? There's an often-overlooked tax tool that can save you thousands of dollars. It can help businesses and individuals who have built, bought, upgraded, or expanded real estate investments accelerate depreciation deductions and defer state and federal income taxes. But you must work with knowledgeable and experienced tax consultants who can help you decide if conducting a cost segregation study on your residential rental property or commercial real estate is worth doing. Lucky for you, Russ and Joey are interviewing Geraldine Serrano, a Specialty Tax Consultant at Veritax Advisors, to explain this tool and how it works. Let's dive in!

Top 3 Things You’ll Learn:
What is cost segregation analysis, and why should you use it?
The type of properties that qualify for cost segregation analysis
When is the best time to do a cost segregation analysis?

About Our Guest:
Geraldine Serrano is a Specialty Tax Consultant at Veritax Advisors. She helps real estate owners, tenants, and CPAs use a strategic tax planning tool that allows companies and individuals who have constructed, purchased, expanded, or remodeled any real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes.

Connect with Geraldine Serrano:
Website - https://veritaxadvisors.com/
Phone - 510-386-0872

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2:21 - What is cost segregation, and why should we care?
2:47 - Why is this something that I don’t really hear that often?
3:49 - If this is a legit tax strategy, why wouldn't an accountant be willing or able to talk about it?
5:53 - Am I a candidate? What are the big three nuggets that you will be asking me for so I can prepare in advance?
7:11 - Are those primary and secondary homes as well?
7:36 - What is the best time to do it, or is there a best time to do it?
8:44 - What is the "so what” of a cost segregation study?
11:51 - What would be something that shows up in a cost segregation study that you can depreciate over five to seven years that would typically be lumped into the much longer timeframe that's historically used for depreciation?
13:19 - What other applications have you seen that are pretty substantial that people could use this strategy for?
18:08 - How do I know that this will make sense? How do I know it's worth the headache to go back? Is there any metric that you can give us?
19:54 - Why do you feel like it's something you guys are willing to do where other providers are not willing to do cost segregation on individual single-family homes?
21:48 - Can we go through one or two case studies you've had that would help me better understand exactly how this works and what was the benefit for that person? What if I can't take all the depreciation or tax benefits for that year? Am I able to carry that forward?
25:30 - How much time does it take if someone wants to dig into this?
28:07 - How much time do you need from when someone talks to you the first time on the phone to when they actually have a report letting them know what the benefits are?

🎧 Listen Now to the full episode of the podcast here 👉
https://www.wealthwithoutwallstreet.com/podcast/maximizing-tax-benefits-unveiling-the-power-of-cost-segregation-analysis-with-geraldine-serrano

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