Maximizing Tax Benefits in Commercial Real Estate: A Cost Segregation Masterclass
Your Host: Roger Knecht, president of Universal Accounting Center
Guest Name: Brian Bigham
Welcome to another captivating episode of “Building the Premier Accounting Firm”. In this episode, Roger engages in an enlightening conversation with Brian Bigham, the Vice President of Madison SPECS, famously known as the “CostSeg Cowboy” in the realm of social media. Madison SPECS is a division of Madison Commercial Real Estate Services, renowned for its expertise in cost segregation—a tax strategy that holds the potential to yield significant benefits for commercial real estate investors.
Brian begins by giving us a backstory of his unique persona the “CostSeg Cowboy.” He talks about his background in the real estate industry and his transition to cost segregation. This transition has allowed him to offer insights to accounting professionals and real estate investors on how to maximize tax savings in the complex landscape of commercial real estate.
The heart of the discussion centers on cost segregation, which Brian skillfully simplifies for us. Cost segregation is revealed as a powerful tax-saving strategy, and the potential for significant savings is further illuminated through the concept of bonus depreciation.
Brian shares with us a remarkable success story of one of his clients, who was heavily involved in apartment syndication. Brian’s reveals the strategies he used to enable this client to implement cost segregation, leading to a remarkable transformation in their tax savings.
Brian also breaks down the various types of properties and how different factors impact depreciation benefits. He elaborates on the distinction between properties like car washes, manufactured housing developments, breweries, and vineyards, which possess numerous components for accelerated depreciation. Conversely, properties like warehouses, characterized by minimal components, offer comparatively lower tax savings. This insight provides valuable guidance to accounting professionals and real estate investors in identifying the properties that offer the most advantageous tax benefits.
Brian encourages accounting professionals to seek resources, ask questions, and stay updated with evolving tax strategies related to real estate. He highlights the importance of collaboration and learning from experts in the field.
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About Our Guest: Brian Bigham
Brian Bigham is the Vice President for Madison SPECS (also known in the social media world as “The CostSeg Cowboy”, which is a division of Madison Commercial Real Estate Services. In 2017, he joined the Madison team for the Cost Segregation Department at Madison SPECS. Brian has spoken at over 50 events in the last 5 years bringing awareness and education to the highest levels of tax related benefits regarding commercial real estate. Madison SPECS as a company has done over 16,000 studies in all 50 states saving over $2 Billion in accelerated tax depreciation! Brian earned a Bachelor of Science Degree in 2005 from Texas Tech University, and completed Graduate work and Certification at Abilene Christian University in 2008.
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