This chapter delves into two controversial tax deductions: cost segregation studies for real estate investments and qualified personal residence trusts (QPRT). The hosts emphasize the need for caution and qualification when considering these deductions, highlighting potential drawbacks and complications. They also touch on other tax deductions such as estate tax exemptions, section 179 deduction for vehicles, and the requirements for deducting home office and commuting expenses.
Today we are talking to Alexis Gallati of Cerebral Tax Advisors all about controversial, aggressive and often little known tax deductions. We ask her about all kinds of topics and how to execute on them in a way that will not get us into trouble with the IRS. We talk about when they are risky, when they aren't risky and if you should use them or not. Some topics we cover are land conservation easements, captive insurance companies, self rentals, employing your spouse or children, cost segregations studies and much more.
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