In case you didn’t know, property owners can gain tax savings through cost segregation. That’s what Yonah Weiss is all about. Yonah is a cost segregation specialist at Madison SPECS who has assisted clients in saving tens of millions of dollars. In this episode, Yonah explains what cost segregation actually is and why it’s one of the best ways to defer or eliminate capital gains tax on the sale of a highly appreciated CRE property. He also shares best practices for building real estate and why team effort works, both in their company and with partners. He also talks about strategies around depreciation recapture tax and gives scenarios on what a cost segregation study will cost, when it will benefit you and when it won’t. To know more about Yonah and cost segregation, you can listen their podcast, Higher Profits with Bobby and Yonah or Yonah’s own Weiss Advice.

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Tax Savings Through Cost Segregation with Yonah Weiss

I’m excited about our next guest. Many real estate investors struggle with reducing capital gains tax but also tax savings when it comes to owning commercial real estate or businesses. Our next guest is a cost segregation specialist. Together with his team at Madison SPECS, they help property and business owners save millions of dollars every single year. In fact, over the past years, Madison SPECS and our guest have done over 15,000 cost segregation studies covering all 50 states resulting in over $3 billion in tax savings. Please welcome with me, Yonah Weiss.

Thank you much, Brett. It’s a pleasure to be on the show. I’m happy to be able to share some of my knowledge with your readers.

I’m looking forward to diving in. Yonah, what podcasts are you on? You launched one, I believe.

We only have recorded one episode thus far, but it’s called Higher Profits with Bobby and Yonah. I’m in the process of launching another podcast on my own. I’m getting some recordings done before launching and that’s called Weiss Advice.

Let’s get started. Give our readers a little bit about your story and your focus.

I have a background in teaching. I spent close to two decades teaching various levels, all the way from kindergarten up to post-collegiate levels. I have six children so every day is teaching. Every day is part of education and that’s my passion which for whatever reason, it led me to real estate a few years ago. When I started to learn everything about real estate, I fell in love with it and everything there was to do with it. One thing led to another and I got involved as brokerage and commercial mortgages. I fell into this position with Madison Commercial Real Estate, the company I work for and Madison SPECS with the specific conservation division. I found what I’m doing is teaching about constant aggregation. I’m the business director so I’m able to work on business development and teach people about something that most people don’t know about.

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You’re in the business of educating and helping people out. You started out as a teacher and went into real estate, in particular cost segregation. When you join Madison SPECS, did you go, “I want to be a cost segregation specialist?” How did that progression go where you said, “I’m going to specialize in focus?” What was that journey?

Madison SPECS is one of the industry leaders in the United States for cost segregation. We have a whole team of engineers and accountants who have been doing this for decades. They’re the experts in the field. I wanted to soak up everything from them so I could be able to give it over. What I found is a small percentage of people, and probably your readers also, don’t understand cost segregation. Most people wonder, “It’s tax-related so my accountant must be taking care of this.” I’m sure you’ve come across this quite often as well, Brett. That’s unfortunately not the case. To be able to educate people about something they can take into their own hands, which is their income because, at the end of the day, we’re discussing income tax, which is depreciation, cost segregation.

It’s an income tax saving more than anything. It can save capital gains as well, so it’s your income. People have this misconception that, “If I make income, I have to pay tax on it.” That’s part of I would say the corporate structure that you get taxes deducted from your paycheck even before you see the money you’ve made. The truth is in real estate, there are so many deductions that you can create that you can keep all of your income. It’s yours. It’s not to say, “Don’t pay your taxes if you’re obligated,” but know that making money does not mean that you have to pay tax on it if you don’t have that tax liability.

It makes me think of the traditional educational system where we grow up thinking that there’s one way or only a couple ways to do things and anything outside of that box can shatter the thought process of what it means to do something new. The reality is, the government gives these legal tax loopholes to incentivize business and job growth. In the study of macroeconomics shows that when you do these things, they end up getting more tax revenue, jobs created, properties built, businesses started and all of those things. They want you to do this because it helps to bring in more. It’s a win-win. Yonah, before your success as an educator and what you’re doing, who are you growing up? In particular, what gifts were you given and how did that shape how you help others? I want you to connect the gifts that you’re given as a youngster, growing up, adolescence and connecting exactly what you’re doing as an educator. If somehow you can connect the cost seg, that’d be even more magical, but give us that idea of who you were growing up.

That’s a great perspective and I’m grateful. I grew up with a lot of gifts. A lot of us did and we take them for granted. Looking back decades in the past to try to figure out where I came from and how I became who I became. One of the gifts that I only realized a little bit later in life until I was 18, 19 or 20 years old. I realize I have this powerful gift of learning things. It came with education. As I started to get into teaching, I realized I wasn’t great at school because I didn’t necessarily like the subjects. I wasn’t into certain things and maybe the teachers weren’t the best. There were certain subjects I’m sure all of us have excelled in more than others. When I started teaching, I realized that I can integrate this knowledge and give it over in a way to help other people understand and that was something that I tapped into. That’s one of my greatest gifts. I can learn something new, even complicated and integrate it fast and be able to give it over in a simplified way. If I had to plot one thing that would be it.

If you found something that was interesting to you, you could dive in and learn about it, especially if it happens to be complex. Once you were able to break it down, understand it, inspire and educate others, that gave you more inspiration. After helping countless investors, business owners, interviewing many financial advisors, and also being on lots of different shows, you get interviewed quite a bit on commercial real estate podcasts and speak at lots of events. What is the single best practice and/or theme to implement for building your real estate portfolio and/or building wealth through real estate?

 

Establishing a strong team. It’s funny because I spoke with someone and this was almost a unique perspective. This guy said that he’s worked with partners and he only does deals on his own. I found that most of the real estate is a good team effort. There are a lot of people who can bring their talents and partner up with other people through the humility of being able to recognize that you can do everything on your own and we can do so much better together. That’s the definition of synergy. On my own, I can only do so much, but together, we can do so much more. That’s the number one component.

How did Madison SPECS do that within the organization? I don’t know if you’ve applied it to your own personal portfolio of real estate investing. Are there any connections there?

From our company perspective, we have a team of 60 individuals. We have a team of engineers, accountants, the whole operations team, a sales team and everyone works together. Each person has their own job and it flows. There’s a lot of fluidity. Think about the operation we’ve done in 2019. We’ve done over 2,500 conservation studies in 2020 alone, which is pretty incredible if you think about the volume of doing that, especially if you understand what is involved in producing a cost segregation report. We review it at least four times. We have numerous accountants who are reviewing everything and making sure that everything is compliant. There is definitely a team effort there. I would say because of that team, the accountants and the executives who are knowledgeable in the industry are open all the time. If I have any questions about anything or if anything came up in the actual process, they’re right there available anytime. Knowing your role and knowing what you can give at doing that to the ultimate like doing your part and putting all your effort in.

If you’re personal real estate holdings or investing with partners, what’s your strategy and how you implemented the team approach?

I did a little bit of investing in my own single-family, fix and flips a number of years ago and that was with a partner and it was great. I loved that because we each had different roles in terms of the asset management actual on the grounds. I was more involved with the capital raising and the underwriting aspects of it. That was beneficial to someone else who could be involved in the day-to-day boots on the ground, which I didn’t so much. Coming back full circle, I’m getting into investing in multifamily with some partners. It’s the same thing, I have people who are good at what they’re good at and each one of us can bring to the table something else.

Let’s get to the practical part here. We want to help the reader understand what a cost segregation study is and how it can save taxes not only on the passive income but active income as well. Let’s start with what’s a cost segregation study? How does it differ taxes on capital gains tax and/or passive or active? Segment each of that. Let’s try to do a deal that’s $2 million, $4 million, $5 million. You pick one for a live deal and let’s walk through how that worked.

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Any type of property can work for conservation, but let’s take an apartment building. That’s one of the most popular things people are investing in nowadays. Before that, let’s take a step back because maybe people don’t understand what depreciation or cost segregation is. Some may know but let me describe that. Depreciation is an income tax deduction, which means the value of the building that you purchase, you can write off the entire value of that less the land, which is a small amount as a tax write off, but you can’t do it all at once. The IRS gave a lifespan for commercial properties of 39 years for residential and multifamily properties for 27.5 years. That means you can take the entire purchase price of that building and subtract a small amount for land value and write that off for the next 27.5 years. Take that $4 million building and you’re looking at about $120,000 a year for 27 years of a tax deduction. That means from your income, you immediately deduct $120,000 and you’re only taxed on the remaining amount.

Cost segregation is a cool way of depreciating the property that according to the IRS rules, a lot of things in the term pretty in the building depreciate on a faster life. Meaning you can write the value of those assets off at a faster life, not only at 27 years but 5, 7 or 15 years. Cost segregation involves an engineer who is well versed in the tax code to come into a property. They identify all of those tiny details of what’s in the property from the carpeting to the cabinets, fixtures, appliances, furniture, window treatments, electrical outlets, etc. All of that stuff comes up with a valuation of those things and being able to take that tax write off in the first 5 to 15 years or earlier on and front load a bunch of those taxes. It’s essentially creating larger tax deductions earlier in the ownership of the property.

For $120,000, instead of doing that once a year for 27.5 years, you might have $400,000 or $500,000 in the first few years and it might be $200,000 or $300,000. It’s going to be the same number you’re getting the time value of money because you’re getting it all upfront, rather than having to wait 27.5 years to get that full benefit. Is that a good summary?

Correct. You’re front-loading a certain portion of that to take that benefit in the early years of the ownership.

Let’s walk through an actual scenario. I bought this property for this amount and they could have had $120,000 per year but instead, they did our cost seg study and they had X. Can you give us a deal that you close without sharing any names or any confidential stuff?

I’ll give an example. For example, a $4 million apartment building. We allocate 15% to land, which in most places in the United States, I wouldn’t say everywhere but a lot of places that’s a pretty average number. You’re left with approximately $3.4 million of depreciable basis. That amount, you would have been able to take it. It takes $120,000 every year for 27.5 years to get your $3.4 million write off. Instead, an engineer will come in and on this type of building, a garden-style apartment will be around 20% will be allocated to a five-year property. Meaning the engineer will come to the property, take a site visit and go into each unit type. He doesn’t have to go into every single unit.

 

He doesn’t have to disturb all of your tenants, but according to the IRS rules for multifamily specifically, you can go into one of each unit layout type and use those findings to apply to the rest because they’re usually the same. All the common areas, he’ll walk the property perimeters and find the land improvements that depreciated in a fifteen-year schedule. He’s going to come back and take all those findings, pictures, write notes, measurements and prepare a report. He’ll find around 20%, sometimes a little more and sometimes a little less. We’re talking about 20% of your $3.4 million is about $680,000 of extra depreciation.

You’re already getting your $120,000 every year and in the first five years, you’re taking an extra $136,000 every single year of depreciation. That’s how the cost segregation works. In the first five years, we’re doubling or more than double your tax deductions. With the new tax law with bonus depreciation, you can take the entire amount in year number one, which means you don’t have to wait 5 or 15 years to take accelerate or frontload. Those extra tax deductions, you can front-load the entire amount in year number one, which we’re talking about taking that entire $680,000 deduction as well as the fifteen-year property. We’re talking about a $4 million purchase and potentially a million dollars of tax write off in year number one.

Let’s imagine that I’m a high net worth individual and I’m making a million dollars a year in either my W-2 job, but I have some investment real estate. Let’s assume I qualify as a real estate professional. I spent at least 750 hours per year and I’m probably a general partner. I’m actively owning, managing or operating this property. If I made $1 million, let’s say on my W-2 job or collectively with real estate, are you saying that that $1 million could offset and I’d have a zero tax bill?

You’re right on that. How it works is, if someone is a real estate professional, they or their spouse, it’s either/or which is the great thing. You can be a high-income earner and your spouse can be a real estate professional. Meaning you’re materially involved in the real estate business in one form or another and owning properties. Especially if you’re a general partner, you can take the depreciation deductions to not only offset the passive income, the rental income, but then it carries over and can offset all of your active income as well. If you are a limited partner and you are not a real estate professional, the depreciation deductions are limited to your passive income. That means income from rental, from this property or other properties as well. That depreciation can offset that, but the real bang for the buck is when you’re the real estate professional can knock off their entire tax liability.

Those are one of the times when you say, “That sounds too good to be true,” which Yonah would say, “We’ve done thousands of these and tax law has been around for decades. We save millions and billions of dollars. It does work,” but it does take a specialist like Yonah and Madison SPECS walking you through that. Every circumstance is a little bit different, so you want to connect with him for your individual circumstances. Also, connect with your CPA and make sure everyone’s working together as a team so you’re taken care of. The next question would be what if I only make $500,000 and I had this million, does that $500,000 rollover to the next year? How does that work?

That can be used if you’re the real estate professional or even if you’re not. If you have more deductions than you have income, that creates what’s called a passive loss and that is essentially a negative on your tax return, but it doesn’t go away. It carries forward with you in future years. It’s creating an imaginary bank account where that passive loss gets stored in and carries forward into future years. You can use that in the next year to offset the income or in the current year. This is more connected to what your show is all about. Potentially, it can be used to offset capital gains taxes as well. This means if a person has a sale of a property or has a capital gain, they can create the extra deductions and use those to offset those gains.

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If I don’t use it in that first year, let’s say for my active income, that $1 million, instead I use that $500,000 the next year and it turns into a passive carry forward loss, that’s what it’s covering, do I forfeit using it for my W-2 income? Will it only be real estate passive related? In other words, is it getting re-characterize? If it is, does that mean I can’t use it for my regular W-2 job?

If the person is a real estate professional, it’s going to carry forward to be used across the board as well or the spouse. If it’s not and you are not a real estate professional, it will only be used against the passive income.

It doesn’t necessarily re-characterize. If you’re a real estate professional, it’s going to stay the same. You can do it for active or passive W-2 income or passive income moving forward. If you don’t have a real estate professional, it’s always going to be for passive income real estate investment. Would it be business income too? How does that break down if I’m self-employed and a business owner?

Only a passive income would be able to use that depreciation if you may have shares and ownership in an in business but aren’t actively involved in it that would be considered passive income.

The most obvious question our readers would have is, what’s the aftermath? In other words, when does this tax catch up with me? What’s the exit plan? What are some of the strategies to not get hammered by the capital gains tax recapture or depreciation recapture. Walk us through navigating that.

Besides capital gains tax, if you sell that property at a profit, you also have another tax which is called Depreciation Recapture Tax. You have to pay a tax on the amount of depreciation that you took. That might sound, “Why would I want to accelerate and take a lot more depreciation when I’m going to have to pay tax on it later? If I would have taken regular depreciation, I would pay less tax later on.” There are a couple of strategies around that. The main thing to understand here is the time value of money of what conservation does, which is keeping your money and using your money, not paying taxes now and worrying about the taxes I may have to pay in the future. The $1 today is worth more than $1 five years from now. It’s your money in the first place so there’s no obligation to pay it now if you don’t have to. That’s the backdrop of this.

 

The strategies that one can do is number one, I’m sure most people are familiar with a 1031 exchange, which can further defer the capital gains tax on the sale of a property. It also further defers the depreciation recapture tax as well. That’s one thing that you’re not concerned about when you’re selling a property, this depreciation recapture. The second strategy would be something called the Partial Asset Disposition. When you replace or dispose of a property, either by replacing it or putting in something new like replacing your cabinets and putting in new ones, selling a property or disposing of the entire property, there’s a tax form and tax code that allows you to allocate a lesser value to those items that have a shorter depreciation life exactly like what we’re doing with the cost segregation. We’re allocating and identifying all that personal property that has a value to it and depreciate it on a five-year schedule.

After a year, you did the cost segregation and you identified your cabinets and the cabinets have a value in this apartment complex of $50,000. I’m throwing out a random number in our $4 million property. If you replace those cabinets, you can write off the value of that. Meaning this partial asset disposition allows you to say, “That’s no longer on the books of depreciation.” It’s gone and I take that as a tax write off whatever value is left. There’s less value to it in year number 1, 4 or 5 than there is in the day that you bought it. It’s the same thing when you sell that property five years from now or more and you have allocated from a tax perspective. It’s fully been depreciated and it has no more tax value to it. You can write it off and allocate a lesser value to that $50,000 cabinets. You can allocate $1,000 to that. The depreciation recapture tax on that is only going to be the 25% on that $1,000 as opposed to the $50,000.

There’s a 1031 exchange that you could exchange and defer everything when you buy a bigger property and you maintain that deferral until you sell it or recaptures. However, you can also do what’s called a Partial Asset Disposition where you’re going to allocate lesser value on certain portions of whatever you’ve accelerated over the years such as cabinets. If you do that correctly, maybe you only get hit with 25% of the recapture.

Probably much less than that. I would say it depends on how long you hold the property for, but it is 5% or 10% of that recapture.

Are your clients mostly doing the 1031 strategy or are they doing the partial asset disposition? Is it 50/50 or 70/30? What’s the percentage?

I can’t say what percentage are doing what. I do know that a lot of them are partnerships and a lot on their syndications. 1031 is a little more complicated when you’re going down that route and not necessarily taking that into account but a lot. This is pretty much across the board strategy of the partial asset disposition. I would say a large percentage do that. In fact, this is not some crazy tax strategy, the big four, but they all use this. It’s not something that is this crazy tax strategy. This is something that accountants who are in real estate know about and use this to lessen the burden. Some even do it after one year. After five years, that five-year asset is easy to say and to claim that it has no value. After one year, it would be much more aggressive to say that these cabinets after one year have no more value. There are accounting firms that do that.

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If you’re on the conservative side, you may want to say, “If it’s five years for these cabinets, generally speaking, that’s the useful life or whatever component you’re accelerating.” You may not want to take it all in one year for the partial assets disposition. You may want to wait until five, but there’s some that’ll take it in 2, 3, 4, 5 depending on their level of risk that they want to test the IRS.

Exactly, and some people were comfortable with that.

What about 1031? For those who do 1031, the cost basis travels so this might be more of the individual investor who’s not in the partnership, has done the cost segregation and continuing to do the 1031 exchange. Part of 1031, when you sell or you take a depreciation, need a straight line or accelerate it that’s going to lower your basis. If you are long enough, you may fully depreciate or take enough cost segregation when you sell the basis travel. Can you walk through what the strategy might be because they say, “That’s great. I took all this accelerated appreciation, but I bought a new property and my base is so low. I’m missing out on the advantage.”

That basis travels with you when you buy a new property. If you bought this property, this formula dollar building in 2019, you’re looking at $3.4 million of depreciation. You take $120,000 every year. After five years, you’ve taken $600,000 on your basis. Let’s call it is going to be $2.8 million. That’s what’s generally going to happen. If you sell a building, your basis is going to carry forward to that $2.8 million. What’s going to happen at that point? If the capital gains tax-deferred depreciation capture is deferred and if you add more value to your new property, if you don’t transfer, take those funds and buy a new property for what the gain is on the property. You can use more funds and keep adding funds to the new property. Those new funds get added to the basis. You’re going to take that $2.8 million, that’s going to carry over to whatever you added to the new property is going to be added to that basis. If you keep doing it that way, you will continue to build your basis and each new property will have the equity from the property that was relinquished, the down leg property and going into the new property will have an even higher value to it. Depreciation will continue to grow as well.

It does travel, but if you buy a bigger property, you’re going to have more to write off and/or if you add improvements to that, that’ll also increase your basis as well. Those are helpful and this is detailed for the readers. It’s a complex strategy, but once each individual circumstance or deal is laid out, it’s a mathematical equation of how much you bought it for, what is your basis, how much improvements have been put in, how much depreciation have you taken so far. From there, you get the cost seg study. What would be the next steps? If someone says, “I’m interested,” how would one go about getting an estimate from you or scheduling a cost seg study?

We have people usually reach out to us either when they’re under contract, buying a property or have acquired a property. We’ll run the numbers, meaning we’ll have our engineers look at details of the property and tell you what your projected tax benefits would be. We do that as a complimentary service, no fee, no charge for that, and we will tell you how much it will cost to go ahead and do a full study. At that point, we will send an engineer to the property if you decide to engage us. That’s usually about a 6 to 8-week process of preparing that study, getting all that done. We can do it faster if necessary, but I wouldn’t wait until the last minute. Especially this time of year, people are starting to wake up and think about March 15th when I have to start filing. Everyone’s waking up and saying, “I’ve got to get the cost segregation study done in time, so the report will be ready before my tax returns.”

 

Would you mind sharing a general estimate for a $4 million deal? What is the cost to have that cost segregation study done?

It’s based on the scope of work involved and not on tax savings. It doesn’t matter if it’s a $4 million property or a $40 million property. The actual cost will be pretty much the same and the scope of work is the same. For apartment buildings, it runs anywhere between about $4,000 to $6,000. That’s our fees. For other types of commercial properties, maybe more because there’s more work involved. Office buildings we have to go into every single suite, retail, etc. It’s rare to find properties that cost over $10,000. We’re talking about massive commercial properties and at that point, the benefit greatly outweighs and even on a million-dollar property and up. It’s almost a no brainer the amount of tax benefit that’s involved for such a small service.

When would you tell someone, “Don’t do the cost segregation study. It’s not in your benefit?” Is there a deal size that’s too small? Is there a time limit when they’re going to be selling in the near future or they’ve owned it for too long? Walk us through where you would say, “We’d love to do business with you, but we don’t recommend it given the cost and circumstances.”

There are several scenarios. Number one, if the cost is under $500,000, usually there’s not going to be enough benefit there. I would say even before that, the first thing I ask is, “Do you need the extra tax deductions?” Creating tax deductions that you’re not going to be able to use doesn’t help anyone. That’s the first step. You have to look at everyone’s individual situation and that’s what we’re most concerned about. With the actual property, what will produce the benefits? Over $500,000 is certainly going to be a lot of benefits there or over $1 million. It’s almost a no brainer. If you’re holding it for any less than two years, you’re going to be playing with that money and you’re going to pay that recapture tax and the partial asset disposition is going to be a lot less. You’re going to be hit with that.

A flip is not a good idea. Under two years, it’s not a good idea. Holding for long-term, it’s a good idea. If you’ve held property and you own your property for a number of years and never knew about cost segregation, you can do this retroactively without having to amend any tax returns. You fill a form called 3115 Form, which allows you to change the method of accounting and method of depreciation from the property. Going back 5 or 10 years can be beneficial, depending on the size and the value of the property.

Thank you so much for sharing that. You’re educating and sharing the knowledge of cost segregation and you’re helping people reduce taxes. How are the people that you work with? When I mean work with, I don’t necessarily mean Madison SPECS, but your outer team, outer tribe or the people that you’re helping out in the commercial real estate syndicators. Maybe the financial advisors who have their own companies in their own space, but they’re leaning on you and they’re asking for your services to help their clients. How are they best leveraging what you do to grow their business?

I would say I’m a real giver in a lot of ways. I go out of my way to help connect and help people, whether that’s on social media. If you’re connected with me on LinkedIn, you know what I’m talking about. If you’re not, it’s a good idea because I help promote other people all the time. I have a large network of connecting people. That’s a lot of what I enjoy doing. The business comes and this, for a lot of people say this is a no brainer. It’s an easy sell because it’s about understanding what it is and they’re like, “Why wouldn’t I do that? I don’t want to pay tax. Let’s do it.” For me, it allows me the freedom to be able to help people in many other ways, which is something I love to do.

How do you stay centered in your values and keep you from being discouraged? In the current environment we’re in with either the news, media or even challenges with different changing laws and a lot of moving parts, how do you personally stay centered in your values and keep from becoming discouraged?

I’m a religious person. I study, pray and meditate every single day. I have a big family and I spent a lot of time with them. I don’t pay attention to politics or the news. I don’t have a TV. I don’t watch YouTube unless it’s truly educational if I need to. I don’t get involved in all that stuff. I stay pretty centered by focusing on what my values and what I believe is important also, accompanying my religious community, lifestyle and beliefs.

Prayer and meditation and center on your values, keeping the noise out by keeping away from the TV and different distractions. Those are all great habits and practices. Yonah, I want to thank you for being on our show and sharing your wisdom with our audience. I want to thank our audience again for reading. We believe most high net worth individuals and those who help them struggle with clarifying their capital gains tax deferral options. Hopefully, reading about Yana and connecting with him at Madison SPECS gives you another strategy, another tool to help you reduce capital gains tax and also income taxes as well. We believe not having a clear plan is the enemy but using a proven tax deferral strategy such as cost segregation is the best way to grow your wealth. We look forward to seeing you in the next episode. Thanks so much.

Important Links:

• Madison SPECS
• LinkedIn – Yonah Weiss
• http://www.yonahweiss.com/

About Yonah Weiss

Yonah is a powerhouse with property owners’ tax savings. As Business Director at Madison SPECS, a national Cost Segregation leader, he has assisted clients in saving tens of millions of dollars on taxes through cost segregation. He has a background in teaching and a passion for real estate and helping others. He’s also a real estate investor and host of the new podcast Weiss Advice.

 

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