00:00The IRS treats a luxury skyscraper like it is rotting away every single day.
00:05Engineers are hired to prove that buildings are falling apart for tax purposes.
00:09This strategy is called cost segregation and it manufactures massive artificial business losses.
00:16They unbundle every component of a property to accelerate the rate of depreciation.
00:21A simple life fixture is no longer part of the building for the IRS.
00:25It becomes a specialized asset that creates immediate tax deductions for the wealthy.
00:31Investors claim the carpets and landscaping are losing value at a blinding speed.
00:36These paper losses are then used to offset millions in actual cash income.
00:41A building that generates massive monthly profit can look like a total failure.
00:46On paper, the landlord is losing money while their bank account grows daily.
00:50You pay full income taxes because you cannot depreciate your own life costs.
00:55Your car and your clothes provide no tax shelter for your hard work.
01:00The wealthy use engineering reports to bypass the taxes that fund our roads.
01:05They pay for a study that effectively erases their obligation to the public.
01:10While your tax rate stays fixed, their effective rate often drops to zero.
01:14They use real estate professional status to apply these losses to other income.
01:19You may not.
01:19Thank you.
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