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White Coat Investor Podcast
WCI #353: Lesser Known Tax Strategies
Feb 8, 2024
In this podcast, Alexis Gallati of Cerebral Tax Advisors discusses controversial tax deductions such as land conservation easements, captive insurance companies, self rentals, employing your spouse or children, and cost segregation studies. The hosts emphasize the importance of caution and qualification when utilizing these deductions. They also touch on topics such as tax loss harvesting, setting low salaries for S Corps, and the role of whole life insurance as a tax mitigation strategy.
57:13
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Quick takeaways
- Cost segregation studies can provide accelerated depreciation and substantial tax deductions, but it's crucial to ensure the benefits outweigh the study's cost and limitations.
- Restricted Property Trusts can offer tax benefits through life insurance policies, but consider the cost, loss of step-up in basis upon death, and complexities of these trusts.
Deep dives
Cost Segregation Studies: Accelerating depreciation in a building
A cost segregation study allows accelerated depreciation in a building by breaking up the cost into different components with different depreciable lives. This can result in a large deduction in the first year. However, it is important to ensure that a proper cost segregation study is conducted by a specialized firm and that the tax benefits of the accelerated depreciation outweigh the cost of the study. It is also necessary to consider if the property qualifies for other deductions or if there are limitations based on passive loss rules.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode