Stop Overpaying Taxes: Cost Segregation Strategies for Real Estate Investors

Real estate returns are not determined solely by rental income and appreciation.

The timing of depreciation, the treatment of renovations, an investor’s ability to use passive losses, and the tax consequences at sale can all materially affect the investment’s after-tax outcome.

That is why cost segregation has become an important consideration for real estate owners, sponsors, and limited partners.

During an Ivy Capital webinar, founder and CEO Jeff Guberman spoke with Gian P. Pazzia, Chairman and Chief Strategy Officer at KBKG, about how cost segregation works across the full lifecycle of a real estate investment. Their conversation covered accelerated depreciation, bonus depreciation, renovation write-offs, depreciation recapture, real estate professional status, energy-efficiency incentives, and the questions investors should ask before entering a deal.

The discussion also highlighted an important distinction:

Cost segregation does not create an economic loss.

It changes when eligible depreciation deductions are recognized.

That timing can improve near-term cash flow and give investors more capital to retain, reinvest, or allocate elsewhere. However, the benefits depend on the property, ownership structure, holding period, tax classification, and individual investor circumstances.

Understanding those variables is essential before treating a large first-year tax loss as an automatic investment advantage.

What Is Cost Segregation in Real Estate?

Cost segregation is a tax-planning process that identifies portions of a building that may qualify for shorter depreciation periods than the building itself.

Residential rental buildings are generally depreciated over 27.5 years, while nonresidential real property is generally depreciated over 39 years. A cost segregation study analyzes the property and identifies eligible components that may instead fall into shorter recovery periods, commonly five, seven, or 15 years.

Those components may include qualifying items such as:

• Certain flooring and finishes
• Cabinetry
• Appliances
• Dedicated electrical systems
• Specialized plumbing
• Decorative fixtures
• Site lighting
• Landscaping
• Parking areas
• Fencing
• Certain technology and data systems
• Other qualifying land improvements or personal property

The objective is to separate eligible shorter-life assets from the structural building components that must continue to be depreciated over the longer recovery period.

When shorter-life property also qualifies for bonus depreciation, a substantial portion of its remaining basis may potentially be deducted in the year it is placed in service.

Current IRS guidance generally restores 100% bonus depreciation for qualifying property acquired and placed in service after January 19, 2025, subject to eligibility requirements and transaction-specific rules.

Cost segregation therefore accelerates deductions that might otherwise have been recognized gradually over several years or decades.

Cost Segregation at a Glance

1. Cost Segregation Changes the Timing of Depreciation

Without a cost segregation study, most of a residential rental property’s depreciable building basis is generally deducted over 27.5 years.

That produces relatively consistent annual depreciation deductions.

Cost segregation changes the timing.

Instead of waiting decades to recognize deductions associated with qualifying components, the owner may be able to accelerate those deductions into the earlier years of ownership.

In the webinar, Jeff shared an example from an Ivy Capital property with approximately $6 million of equity. After completing a cost segregation study, the property reportedly generated a tax loss of more than $5 million on its K-1s for that year.

That example illustrates the potential scale of accelerated depreciation, but it should not be treated as a universal ratio or guaranteed result. The final allocation depends on factors such as:

• Purchase price
• Land value
• Property type
• Building age
• Construction quality
• Renovation history
• Site improvements
• Furniture and equipment
• Allocation methodology
• Date placed in service
• Applicable tax law
• Ownership percentage

A cost segregation study does not mean every dollar invested becomes deductible.

Land is not depreciable, and structural building components generally remain subject to longer recovery periods.

2. Accelerated Depreciation Is Primarily a Timing Strategy

The economic value of cost segregation is largely connected to the time value of money.

A deduction taken today may be more valuable than the same nominal deduction taken 10 or 20 years from now because the current tax savings may preserve liquidity that can be reinvested.

For example, an investor who receives an accelerated deduction may be able to use the preserved capital to:

• Invest in another real estate opportunity
• Fund property improvements
• Reduce higher-cost debt
• Build reserves
• Reinvest in a business
• Maintain liquidity during uncertain conditions

However, accelerated depreciation does not necessarily increase the total amount of depreciation available over the property’s life.

It generally moves eligible deductions forward.

That means investors should evaluate the benefit as part of a multi-year tax strategy rather than focusing only on the first-year K-1.

3. What Happens to Depreciation in Years Two Through Five?

A large first-year deduction is usually followed by lower deductions in subsequent years.

Suppose an investor allocates $1 million of equity to a property and receives a substantial first-year tax loss because qualifying components were accelerated.

The property may continue to produce depreciation in later years, but the deductions could be considerably smaller because a portion of the eligible basis has already been deducted.

The exact pattern depends on:

• The cost segregation allocation
• The amount of bonus depreciation claimed
• Remaining long-life building basis
• New capital improvements
• Furniture and equipment purchases
• Property-level operating results
• Interest expense
• Ownership changes
• Tax-law elections

This is particularly important for limited partners.

A sponsor may present an estimated first-year depreciation allocation during the capital raise, but investors should also ask what depreciation may look like in years two, three, four, and five.

The first-year benefit should not be interpreted as a recurring annual benefit of the same size.

4. Renovations Can Create Additional Tax-Planning Opportunities

Cost segregation is not relevant only when a property is acquired.

It can also provide useful records when an owner later renovates or replaces parts of the building.

Consider a multifamily property where the owner replaces:

• Windows
• Cabinets
• Flooring
• Plumbing fixtures
• HVAC equipment
• Electrical systems
• Roof components
• Interior finishes

The cost segregation study may help establish the original value associated with the components being removed.

Under applicable partial-disposition rules, an owner may be able to stop depreciating the disposed component and recognize a loss associated with its remaining adjusted basis, depending on the facts, accounting treatment, election requirements, and supporting records.

Without adequate component-level documentation, an owner could potentially continue depreciating an asset that is no longer physically present while also depreciating its replacement.

A detailed study may help the tax team identify:

• What was originally purchased
• The estimated original basis of the removed component
• Accumulated depreciation
• Remaining adjusted basis
• Replacement cost
• Appropriate tax treatment

For value-add sponsors, this makes coordination between the cost segregation provider, asset-management team, construction team, and CPA especially important.

Major renovations should not be reviewed only from a construction-budget perspective.

They should also be reviewed for potential tax consequences.

5. Removed Components May Affect Future Depreciation Recapture

The treatment of removed assets may also matter when the property is eventually sold.

During the webinar, Gian used cabinetry as an example.

Suppose qualifying cabinets were accelerated after acquisition and later removed during a renovation. If those original cabinets are no longer part of the property at sale, the tax treatment may differ from a situation in which the same depreciated assets remain in the building and are transferred to the buyer.

Accurately recording disposed components can therefore affect both:

• The deduction available when the component is removed
• The depreciation and recapture calculations when the property is sold

This is one reason fixed-asset records should be updated throughout the hold period rather than reconstructed only when preparing for a disposition.

6. What Is Depreciation Recapture?

Depreciation recapture is a tax rule that may require some gain associated with previously claimed depreciation to be recognized when depreciated property is sold.

The concept is straightforward:

An investor previously received deductions that reduced the tax basis of the property. If the property is later sold for more than its adjusted basis, some of the resulting gain may be attributable to those earlier deductions.

The actual treatment is more complex than applying one tax rate to the entire gain.

Different rules may apply to:

• Section 1245 property
• Section 1250 property
• Unrecaptured Section 1250 gain
• Land
• Capital appreciation
• Installment sales
• Partnership interests
• Like-kind exchanges
• Disposed building components

IRS Publication 544 explains that certain depreciation-related gains may be treated as ordinary income, while other portions of the transaction may receive different tax treatment.

For that reason, investors should not assume that every dollar of accelerated depreciation will be repaid at one uniform rate when the property sells.

The result depends on the asset allocation, depreciation history, holding period, sale price, ownership structure, and transaction design.

7. Does Depreciation Recapture Eliminate the Benefit?

Not necessarily.

Even when recapture applies, an investor may still benefit from having received the tax deduction several years earlier.

The relevant comparison is not simply:

“How much depreciation was recaptured?”

It is:

“What was the value of receiving and using the tax benefit during the holding period, and what tax became payable at the exit?”

A disciplined analysis may consider:

• The investor’s tax rate when the deduction was claimed
• The investor’s tax rate at sale
• How long the tax was deferred
• How the preserved capital was used
• Whether removed components reduced the recapture exposure
• Whether passive losses remained suspended
• Whether a 1031 exchange was completed
• Whether estate-planning strategies apply
• Transaction costs and advisory fees

A three-year hold and a 15-year hold may produce very different outcomes even if the original cost segregation allocation is identical.

Cost segregation should therefore be modeled alongside the expected business plan and exit strategy.

8. How Does a 1031 Exchange Affect Cost Segregation?

A properly structured Section 1031 exchange may allow an investor to defer recognition of gain when qualifying investment or business real property is exchanged for other qualifying real property.

The replacement property generally receives a carryover basis connected to the relinquished property, subject to adjustments for additional consideration and other transaction details. Section 1031 now generally applies to real property rather than personal or intangible property.

A 1031 exchange should not automatically be described as eliminating depreciation recapture.

It generally postpones recognition when the statutory requirements are satisfied. Certain recapture issues can still arise depending on the property exchanged, the assets received, and whether cash or other non-like-kind property is involved.

Investors considering both cost segregation and a future 1031 exchange should coordinate the strategies before the sale.

Relevant questions include:

• Is the property held for investment or productive business use?
• Which portions of the property qualify as real property?
• Will personal property be included in the transaction?
• Will the investor receive cash or other non-like-kind property?
• How will basis transfer to the replacement property?
• What deadlines and documentation requirements apply?
• How will previously accelerated assets be treated?
• Does the replacement property justify a new cost segregation analysis?

9. Which Property Types Produce the Largest Cost Segregation Benefits?

Most income-producing building types can potentially benefit from cost segregation.

However, the percentage of depreciable basis that qualifies for shorter recovery periods varies considerably.

Properties containing more specialized finishes, equipment, site improvements, and dedicated systems may generate larger allocations than simple shell buildings.

During the webinar, Gian discussed several property types that may contain higher concentrations of qualifying components:

• Multifamily and residential rental properties
• Student housing
• Medical office buildings
• Restaurants
• Car washes
• Gas stations
• Properties with extensive site improvements

Properties that may contain fewer qualifying short-life components include:

• Basic warehouses
• Simple industrial buildings
• Facilities with limited office build-out
• Buildings with little parking or landscaping
• Structures consisting primarily of land and shell construction

This does not mean a warehouse is a poor investment or that a car wash is automatically a good investment.

Cost segregation affects tax timing.

It does not determine tenant demand, operating risk, debt coverage, replacement cost, market liquidity, or investment quality.

A property should not be selected solely because it is expected to generate more depreciation.

10. Passive Investors May Not Be Able to Use the Loss Immediately

One of the most important points from the webinar was that receiving a large K-1 loss is not the same as being able to deduct that loss against every source of income.

Rental real estate activities are generally treated as passive unless an exception applies.

Passive losses are typically used against passive income. When an investor does not have sufficient passive income or another available exception, some or all of the loss may be suspended and carried forward.

A passive real estate loss generally cannot automatically offset:

• W-2 salary
• Active business income
• Interest income
• Dividend income
• Gains from selling publicly traded stock

The investor may still receive economic value from the suspended loss in a later year, but the timing depends on future passive income, property dispositions, basis limitations, at-risk rules, and other tax factors.

Before investing primarily for depreciation, a limited partner should ask:

• Do I currently have passive income?
• Do I have suspended passive losses from other investments?
• Am I subject to basis or at-risk limitations?
• Could I qualify as a real estate professional?
• When might I realistically use the allocated loss?
• What happens if the investment produces taxable income in later years?
• What happens when the property is sold?

The answer is investor-specific.

A depreciation allocation that is immediately useful to one investor may remain suspended for another.

11. What Is Real Estate Professional Status?

Real estate professional status is a federal tax classification that may allow qualifying rental real estate activities to be treated as nonpassive when the taxpayer also satisfies the applicable material-participation requirements.

Under IRS guidance, a taxpayer generally must satisfy both of the following tests:

1. More than half of the personal services performed in trades or businesses during the year must be performed in real property trades or businesses in which the taxpayer materially participated.
2. The taxpayer must perform more than 750 hours of services during the year in those real property trades or businesses.

The classification is often misunderstood.

Simply owning real estate, being licensed as a real estate agent, or spending 750 hours reviewing investments does not automatically establish eligibility.

The taxpayer must examine:

• The type of work performed
• The number of hours
• Participation in each activity
• Material-participation rules
• Time spent in other trades or businesses
• Whether activities have been grouped
• Spousal participation rules
• Investor-type activities that may not count
• Quality of contemporaneous records

A full-time professional who spends 1,500 hours in another business may have difficulty satisfying the more-than-half test even after spending more than 750 hours on real estate.

By contrast, a person whose primary business activity is acquiring, developing, leasing, managing, or operating real estate may be more likely to satisfy the requirements, provided the participation and documentation rules are met.

12. Documentation Is Part of the Tax Strategy

During the webinar, Gian demonstrated Track 750, an application designed to help real estate investors record time associated with real estate activities.

The broader lesson is that documentation should be created throughout the year.

Reconstructing an annual time log after receiving an audit notice may be difficult and less credible than maintaining records as the work occurs.

Useful documentation may include:

• Date of activity
• Property involved
• Work performed
• Start and end time
• Travel associated with property operations
• Tenant or vendor communications
• Site visits
• Leasing activity
• Repair and maintenance coordination
• Financial and operational reviews
• Acquisition or disposition activity
• Supporting emails, invoices, calendars, and records

The log should describe the actual work.

Repeated entries such as “real estate research—eight hours” may not provide enough information to establish the nature of the participation.

The goal is not merely to accumulate hours.

It is to create a reliable record showing that the taxpayer satisfied the statutory and regulatory requirements.

13. Cost Segregation Matters to Limited Partners

In a syndicated real estate investment, the general partner or property-owning entity normally arranges the cost segregation study.

That does not mean the subject is irrelevant to limited partners.

The resulting depreciation is allocated through the partnership and reported to investors on their K-1s according to the operating agreement, tax rules, ownership structure, and allocation methodology.

Before investing, an LP should understand:

• Whether the sponsor plans to complete a cost segregation study
• The estimated timing of the study
• The approximate first-year depreciation allocation
• Whether the estimate is based on an actual analysis or a broad assumption
• Whether bonus depreciation is expected
• How future capital improvements will be treated
• What depreciation may look like in later years
• The anticipated hold period
• The proposed exit strategy
• Potential recapture considerations
• Whether the investor may be able to use the loss
• When K-1s are expected to be delivered

A sponsor should avoid presenting depreciation as though every investor will receive the same tax benefit.

The property-level allocation may be consistent, but the investor-level outcome will vary.

14. How Should Investors Evaluate a Cost Segregation Provider?

A cost segregation study is not merely a spreadsheet that assigns percentages to building components.

A defensible study should connect tax classifications to the property’s actual construction, use, documentation, and applicable legal authority.

The provider may need to review:

• Closing statements
• Purchase-price allocations
• Appraisals
• Construction drawings
• Engineering documents
• Contractor schedules
• Fixed-asset records
• Renovation invoices
• Site plans
• Photographs
• Property use
• Placed-in-service dates
• Prior depreciation schedules

Investors and sponsors should ask prospective providers:

• Who will inspect or analyze the property?
• Does the team include engineers, construction specialists, or tax professionals?
• How are component values calculated?
• Does the study follow the IRS Cost Segregation Audit Techniques Guide?
• How does the provider address land value?
• Will the report identify assumptions and source documents?
• Is audit support included?
• Who communicates with the CPA?
• Can the provider help with partial dispositions?
• Has the firm defended studies under examination?
• Does the firm carry professional liability coverage?

Gian explained during the webinar that hiring an inexperienced provider may become substantially more expensive if the study is challenged and another firm must later reconstruct or defend the analysis.

The lowest initial fee may not represent the lowest total risk.

15. Audit Support Should Be Evaluated Before the Study Begins

A well-prepared cost segregation report should be designed to withstand scrutiny.

That does not guarantee that the IRS will accept every classification without questions.

It means the provider should be able to explain:

• Why an asset received a particular recovery period
• How its value was determined
• Which documents support the allocation
• How the asset is used
• Which authority supports the classification
• How land and structural components were treated
• Whether placed-in-service dates are accurate
• Whether the study is consistent with the tax return

According to Gian, KBKG includes audit support with its studies and has developed experience responding to IRS examinations over decades of cost segregation work.

Sponsors should confirm the exact scope of any audit-support commitment.

For example:

• Is support included at no additional cost?
• Does it cover written responses?
• Will the provider attend meetings?
• Does it include appeals?
• Are legal fees excluded?
• Is there a time limit?
• Does the support apply if the client’s CPA changes the report?

These details should be understood before the study is commissioned.

16. Section 45L May Apply to Certain Energy-Efficient Developments

The webinar also discussed the Section 45L New Energy Efficient Home Credit.

Depending on the applicable certification, prevailing-wage compliance, acquisition date, and other requirements, qualifying contractors have historically been able to claim credits of up to $5,000 per eligible dwelling unit.

This was particularly relevant to Ivy Capital’s discussion of a 134-unit ground-up multifamily development.

At $5,000 per qualifying unit, a 100-unit project could theoretically generate $500,000 in credits. However, that calculation is only illustrative. Eligibility depends on satisfying the applicable program and labor requirements.

There is also an important timing update for anyone publishing or relying on this webinar after June 2026:

Under current federal law, the Section 45L credit is not allowed for qualified new energy-efficient homes acquired after June 30, 2026. Projects with units acquired on or before that date may still need to be evaluated based on the certification, acquisition, prevailing-wage, and filing requirements that applied to them.

Developers should therefore confirm:

• The date each unit was acquired for use as a residence
• The applicable ENERGY STAR or Zero Energy Ready Home standard
• Whether prevailing-wage requirements were satisfied
• Required certification
• Contractor eligibility
• Documentation and filing deadlines
• Whether state or local incentives remain available

Section 45L is a separate incentive from cost segregation and should be evaluated independently.

17. Tax Benefits Should Be Underwritten With the Business Plan

A cost segregation estimate should not be considered in isolation.

It should be evaluated alongside:

• Acquisition basis
• Renovation plan
• Debt structure
• Operating cash flow
• Capital-call risk
• Investor distributions
• Hold period
• Exit assumptions
• 1031 exchange plans
• Investor tax profiles
• Recapture exposure

A short-term value-add investment may produce a large early deduction but reach a taxable sale relatively quickly.

A long-term hold may provide a longer period during which the investor can use the tax deferral.

A development may generate new depreciation as buildings and improvements are placed in service over time.

A heavily renovated property may create partial-disposition opportunities that a simple buy-and-hold asset does not.

The correct question is not:

“How much depreciation can this property generate?”

It is:

“How does the expected depreciation interact with the property’s operations, renovation schedule, ownership structure, investor profile, and exit plan?”

The Cost Segregation Due-Diligence Checklist

Before relying on projected tax benefits, investors and sponsors should seek credible answers to the following questions.

Property and Study

• Has the property already been placed in service?
• What portion of the purchase price is allocated to land?
• Which assets are expected to receive shorter recovery periods?
• Is the estimate based on the actual property?
• Will a site inspection or engineering review be performed?
• Who will prepare and sign the report?

Bonus Depreciation

• Which assets qualify?
• When were they acquired?
• When were they placed in service?
• Does the transaction satisfy current bonus-depreciation rules?
• Are any elections or limitations relevant?

Investor Use of Losses

• Will the allocated losses be passive?
• Does the investor have passive income?
• Could the investor satisfy real estate professional requirements?
• Are basis and at-risk limitations applicable?
• Could losses be suspended?

Renovations

• Which original components will be removed?
• Can their original basis be identified?
• Will the tax team evaluate partial-disposition treatment?
• Will fixed-asset records be updated annually?
• How will replacement assets be depreciated?

Exit

• What is the expected hold period?
• How could depreciation recapture affect the sale?
• Is a 1031 exchange contemplated?
• Could any non-like-kind property create recognized gain?
• Will disposed components be properly removed from the depreciation schedule?

Provider Quality

• Does the provider have engineering and tax expertise?
• Is the valuation methodology documented?
• Is audit support included?
• Has the provider worked with similar properties?
• Will the provider coordinate directly with the CPA?

LP Communication

• Is projected depreciation clearly labeled as an estimate?
• Are future-year deductions discussed?
• Are passive-loss limitations disclosed?
• Are recapture considerations explained?
• Are investors encouraged to consult their own tax professionals?

Frequently Asked Questions

What is cost segregation in simple terms?

Cost segregation is a tax-planning process that separates qualifying components of a real estate property from the main building so those components may be depreciated over shorter recovery periods.

How does cost segregation reduce taxes?

Cost segregation may accelerate eligible depreciation deductions into the earlier years of ownership. This can reduce current taxable income when the investor is eligible to use the losses. It generally changes the timing of deductions rather than creating additional economic expenses.

Can cost segregation create a first-year tax loss?

Yes. When eligible property qualifies for accelerated depreciation and bonus depreciation, a property may report a substantial tax loss during its first year. The amount depends on the property, basis allocation, tax law, ownership structure, and operating results.

Can cost segregation offset W-2 income?

Not automatically. Rental real estate losses are generally passive. A passive loss ordinarily cannot offset W-2 income unless the taxpayer qualifies for an applicable exception, such as real estate professional treatment combined with material participation.

What is the 750-hour real estate professional rule?

A taxpayer generally must perform more than 750 hours of services during the tax year in real property trades or businesses in which the taxpayer materially participated. More than half of the taxpayer’s personal services in all trades or businesses must also be performed in those real property activities.

Do limited partners benefit from cost segregation?

Limited partners may receive allocated depreciation through their K-1s. Whether they can use the loss immediately depends on their personal tax circumstances, including passive income, tax basis, at-risk limitations, material participation, and real estate professional status.

What happens to depreciation after the first year?

After a substantial first-year deduction, depreciation will normally be lower in later years because some eligible basis has already been deducted. New renovations and capital improvements may generate additional depreciation.

What happens when a renovated component is removed?

Depending on the facts and tax treatment, the owner may be able to recognize the remaining basis of the removed component through a partial-disposition election. Proper records are needed to identify the component and its adjusted basis.

Do investors have to repay cost segregation benefits when they sell?

A sale may create depreciation recapture or other taxable gain. The amount and tax rate depend on the property classification, depreciation claimed, adjusted basis, sale price, and transaction structure. It is not necessarily a dollar-for-dollar repayment of the original benefit.

Does a 1031 exchange eliminate depreciation recapture?

A qualifying 1031 exchange may defer recognition of gain, but it does not necessarily eliminate the future tax obligation. Certain recapture issues may also arise depending on the assets transferred and received.

When should a cost segregation study be completed?

A study is commonly completed after a property is acquired, constructed, renovated, or placed in service. A study may also be completed later through an accounting-method change, subject to applicable filing requirements.

Is cost segregation only for multifamily properties?

No. Cost segregation may apply to many income-producing properties, including student housing, office buildings, medical facilities, retail centers, restaurants, industrial assets, self-storage, hotels, gas stations, and car washes.

Is a cost segregation study worth the cost?

The answer depends on the depreciable basis, expected acceleration, investor tax profile, property type, holding period, study fee, and potential recapture. A feasibility estimate can help determine whether a full study is economically reasonable.

Depreciation Is One Part of the Investment Decision

Cost segregation can create meaningful tax-planning opportunities for real estate owners and investors.

It can accelerate eligible depreciation, preserve near-term liquidity, support renovation write-offs, and help investors better understand the after-tax characteristics of a property.

But the size of the first-year deduction should not replace the fundamentals of the investment.

Investors must still evaluate:

• Property basis
• Market demand
• Operating performance
• Renovation risk
• Debt coverage
• Sponsor execution
• Capital requirements
• Exit liquidity
• Potential recapture
• Their individual ability to use the loss

A large depreciation allocation cannot correct a weak property, an aggressive purchase price, poor operations, or an unsustainable capital structure.

The strongest application of cost segregation occurs when tax planning is integrated with disciplined real estate ownership.

That means considering the strategy at acquisition, maintaining accurate records during renovations, reviewing dispositions before assets are removed, planning for the eventual sale, and explaining the consequences clearly to limited partners.

The central question is not simply:

“How large will the first-year tax loss be?”

It is:

“How does this depreciation strategy support the investor’s complete financial and tax plan throughout the life of the investment?”

That is the role of thoughtful cost segregation planning.

It does not eliminate taxes or investment risk.

It helps qualified investors manage the timing of depreciation within a broader real estate strategy.

Want a deeper understanding of cost segregation, accelerated depreciation, renovation write-offs, real estate professional status, and depreciation recapture?

Watch the full Ivy Capital podcast featuring Jeff Guberman and Gian P. Pazzia of KBKG for practical insights into how real estate investors and sponsors can use these strategies throughout the investment lifecycle.

[WATCH THE FULL PODCAST]

This article is for general educational purposes only. It does not constitute tax, legal, accounting, financial, or investment advice, an offer to sell securities, or a solicitation to purchase an investment. Tax outcomes vary by investor and transaction. Readers should consult qualified tax, legal, and financial professionals regarding their individual circumstances.