WIP Report: How We Saved One Client $900,000 in Taxes

In this episode, Mike and Kevin are pulling back the curtain... and this time, it's personal.

On this week's Hidden Money Podcast, they're kicking off a brand-new segment called the WIP Report (Wins in Progress): ongoing, real client case studies, so you can see exactly what proactive tax strategy looks like in the real world.

The headline win they discuss concerns a client buying a $2.9 million short-term rental in Colorado who — through a creative combination of purchase price allocation, a 1031 exchange, and a tax opinion — is on track to write off 86% of the property in year one and save close to $900,000 in taxes over three years. And that's before they layer in Roth conversions to make retirement even sweeter.

But that's not all. Mike and Kevin also break down a second case: a real estate syndication client facing an unexpected $200,000 Texas franchise tax bill after selling a multifamily senior housing portfolio. Through a deep read of a December Texas Comptroller memorandum, they made that bill disappear in 4 to 8 hours of focused work.

Listen, your CPA's software is not your tax strategist. If someone in your corner isn't digging into the tax code, reading the case law, and thinking outside the box — you're very likely overpaying. Every year.

This episode is a masterclass in what it looks like when great tax strategy meets real transactions. Don't miss it.

Like, subscribe, and share! It really helps us get current and strategic tax advocacy to those who need it.

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Chapters
[00:00] Please Stop Overpaying Taxes
[00:36] Welcome & Introducing the WIP Report
[01:00] Tax Deadline Reminder: File Your Extension by April 15th
[01:45] WIP Case #1: The $2.9M Colorado Short-Term Rental
[03:10] The Power Move: Purchase Price Allocation (IRC §1060)
[05:15] The 1031 Exchange Wrinkle & How It Changes the Math
[08:30] Excess Business Loss Limits, Carryforwards & Timing
[13:00] What Is a Tax Opinion and Why You Need One
[17:45] Using Losses to Power Tax-Free Roth Conversions
[20:30] WIP Case #2: The Texas Franchise Tax Surprise
[23:40] Passive Entity Classification — How the $200K Bill Disappeared
[24:50] Closing: Don't Trust the Software. Find a Real Tax Strategist