Unlocking Tax Savings: The Power of Cost Segregation w/ Joe Viery

Joe Viery is an accomplished entrepreneur with a unique journey in the business world. For two eventful decades, he owned and successfully managed a special interest travel business, catering to the adventurous souls seeking unique experiences. In pursuit of expanding his horizons, Joe decided to sell his beloved business in the early 2000s.With a degree in business management, Joe embraced a new career path in financial planning. He joined the esteemed California Association of Realtors, utilizing his expertise to help individuals navigate the complex world of finance. For seven years, Joe dedicated his time and skills to guiding clients towards achieving their financial goals.In 2007, while Joe was immersing himself in the financial planning realm, a persistent individual approached him with an intriguing proposition. This person recognized Joe's deep understanding of the industry and insisted on discussing a groundbreaking strategy. Although skeptical at first, Joe's curiosity eventually drew him to explore this new approach, knowing that it could potentially reshape the financial landscape.Joe Viery's story is one of resilience, adaptability, and an unwavering entrepreneurial spirit. From owning a successful business to guiding individuals towards their financial aspirations, he continues to embrace new challenges and opportunities with an open mind. Joe's experiences have not only shaped his professional journey but also fueled his passion for innovation and growth in various fields.Connect with Joe Viery: https://ustagi.com/Topics and Bullets:Introduction to cost segregationDefinition and purposeSeparating short-term and long-term assetsExpediting depreciation and claiming expense deductionsThe history and evolution of cost segregationPast practice for larger buildingsDevelopment of analytical or modeling studies for smaller buildingsCost reduction and affordabilityBenefits of cost segregationTax refund potential for investors who have paid taxes in the last 3 yearsThree categories of people who may not benefit from cost segregationExample of tax deduction calculation for a single-family homeCost segregation for bigger buildingsThree-phase study approach for larger projectsFees based on engineering time and significanceKey considerations for cost segregationImportance of education and knowledgeAvoiding issues with land allocation and purchase agreementsThe role of terminology and protecting clientsExploring beyond cost segregationConsidering the advantages of owning real estateRecommended resources (book and CRM)Building a valuable team of professionalsOther factors to considerEnergy tax credits for value-add clients and flippersSelling property and 1031 exchangesLookback studies for tax refunds up to 15 yearsConclusionOverall value and potential savings through cost segregationMindset shift from cost to investment perspective.LIKE • SHARE • JOIN • REVIEWWebsiteJoin the REI Mastermind Network on Locals!Apple Podcasts