As someone who's been researching tax strategies for high earners, I'd strongly recommend getting a second opinion from a tax professional who isn't selling these investments. I've seen too many colleagues get burned by complex tax strategies that sounded great in presentations but fell apart under scrutiny. One thing that concerns me about Neil Jesani's approach specifically is that when someone markets primarily to one profession (dentists/doctors), it often means they're exploiting our lack of investment knowledge rather than offering genuinely superior opportunities. We're easy targets because we have high incomes but limited time to do proper due diligence. Before considering any mineral rights investment, I'd suggest: 1) Get an independent analysis of the investment's economics (not just tax benefits) 2) Understand the full fee structure 3) Ask what happens if tax laws change 4) Consider simpler alternatives like maximizing defined benefit plans or conservation easements The fact that you're asking these questions here shows you're being smart about it. Don't let FOMO or aggressive sales tactics rush you into something this complex.

I appreciate everyone sharing their real experiences here. As someone who's been through IRS audits before (unrelated to mineral investments), I can't stress enough how important it is to have bulletproof documentation if you're going to pursue these strategies. The IRS has been increasingly scrutinizing tax shelter-like investments, especially those marketed to high-income professionals. Even if the deductions are legitimate, you need to be prepared to defend them. This means keeping detailed records of: - Your profit motive beyond tax benefits - All due diligence you performed - Documentation showing this is a real business investment, not just a tax scheme I'd also suggest looking into the IRS's "Listed Transactions" and "Transactions of Interest" lists to see if similar structures have been flagged. The last thing you want is to unknowingly participate in something the IRS has already identified as abusive. One final thought: remember that aggressive tax strategies often have a shelf life. What works today might not work tomorrow, and you could be stuck in an illiquid investment that no longer provides the benefits you bought it for. Sometimes the boring approaches (maxing out retirement accounts, establishing a cash balance plan) are boring for a reason - they work consistently over time.

I'm so sorry you're going through this devastating betrayal during what's already an incredibly difficult time. What your ex-husband did absolutely constitutes multiple federal crimes - signature forgery on tax documents, fraudulent endorsement of Treasury checks, and identity theft are all serious offenses that the IRS prosecutes aggressively. The pattern you've described of being deliberately kept in the dark about your own tax returns while he forged your signature and stole refunds is textbook financial abuse. This isn't just about tax mistakes - it's about systematic deception and control. Here are my recommendations for immediate action: **Protect yourself first:** File Form 14039 (Identity Theft Affidavit) with the IRS today and get an IRS Identity Protection PIN online to prevent any future fraudulent filings in your name. **Gather concrete evidence:** Use Form 4506 to request actual copies of all tax returns filed in your name - not just transcripts, but the physical documents showing his forged signatures. This will be crucial evidence. **Document the pattern:** Create a detailed timeline of every conversation where you asked about taxes and he deflected or gave evasive answers. This shows deliberate concealment. **File for multiple protections:** Submit Form 8857 for Innocent Spouse Relief and Form 911 for Taxpayer Advocate Service assistance to coordinate your case across IRS departments. **Report all fraud:** Contact your state's Medicaid fraud control unit and file a separate police report for check fraud - forging Treasury checks is its own criminal offense. His sudden decision to use an accountant for 2023 taxes is actually evidence that he knew his previous actions were illegal. You did nothing wrong by trusting your spouse with shared financial responsibilities - that's completely normal behavior in a marriage. He chose to exploit that trust and commit federal crimes. This pattern of financial deception will likely work strongly in your favor during divorce proceedings. Stay strong - you're taking exactly the right steps to protect yourself and your child.

I'm so sorry you're dealing with this betrayal and financial abuse on top of an already difficult divorce. What you've described is absolutely serious federal tax fraud - forging signatures on IRS documents and Treasury checks are felony offenses. From reading all the excellent advice here, it sounds like you have a solid action plan forming. I want to add one thing that might help you feel more empowered in this process: consider keeping a detailed log of every step you take to report and address this fraud. Document when you file each form, who you speak with at various agencies, and what they tell you. This serves two purposes - it helps you stay organized when dealing with multiple agencies (IRS, state Medicaid office, police, etc.), and it creates a record showing you took immediate action once you discovered the fraud. This proactive documentation will strengthen your position in both the criminal proceedings and your divorce case. The fact that you're standing up to this and protecting yourself and your child shows incredible strength. Financial abusers count on their victims feeling overwhelmed and powerless, but you're proving that wrong by taking decisive action. The pattern of deception he established over years doesn't just disappear because he hired an accountant for one year - you have justice on your side. Stay strong and keep fighting for what's rightfully yours. This community is clearly behind you 100%.

For a $1.2M apartment building, I'd definitely recommend going with a specialized firm rather than DIY. The complexity and potential tax savings at that scale justify the professional cost. You're likely looking at $50,000+ in first-year tax savings, so even a $10K study fee makes financial sense. A few things to consider when choosing a firm: - Make sure they have engineers on staff (not just CPAs) - Ask for references from similar-sized properties - Verify they provide audit support if the IRS questions the study - Get a preliminary estimate of potential savings before committing The apartment building will have tons of components that qualify for accelerated depreciation - flooring, appliances, lighting fixtures, HVAC distribution, security systems, etc. A professional firm will catch items you'd never think to segregate and properly document everything to IRS standards. Your CPA was probably thinking of much smaller residential properties where a simplified approach might work. At your property's scale, you want the full engineering analysis.

I've been doing cost segregation studies for investment properties for about 8 years now, and I wanted to add some perspective on what you should expect. While the engineering component is crucial for larger properties, there are some legitimate middle-ground options that might work well for your situation. For apartment buildings in the $1-2M range, I've seen good results with firms that specialize in residential rental properties. They typically charge $4-7K and know exactly what to look for in multi-unit buildings - things like individual unit appliances, flooring transitions, mailbox systems, and common area improvements that can be depreciated over shorter periods. One thing to be aware of: the IRS has been scrutinizing cost seg studies more closely in recent years, especially for properties where the allocated amounts seem disproportionate to the property value. Make sure whoever you choose provides detailed documentation and can explain their methodology clearly. The timeline for a property your size is usually 4-6 weeks from start to finish, assuming you can provide all the requested documentation promptly. The firm will need purchase agreements, construction details, property photos, and any renovation records you have. Happy to answer any specific questions about the process - it's definitely worth doing right the first time rather than trying to fix issues later!

This thread has been incredibly helpful - I'm dealing with a similar situation where our partnership has what we thought was straightforward non-recourse debt on a retail property, but after reading all these responses, I'm realizing we need to dig deeper into our loan documents. One thing I'm curious about that hasn't been fully addressed: how do these classifications interact with state partnership laws? I know some states have different rules about partner liability, and I'm wondering if that could override or modify what's in the federal tax code. Also, for those who've gone through loan document reviews with attorneys - roughly what should someone expect to pay for this kind of analysis? We're trying to budget for getting our documents properly reviewed, but I don't want to get hit with a massive legal bill if this is something that should be relatively straightforward for an experienced real estate attorney. The springing guarantee provision that Noah mentioned is particularly concerning - that seems like it could create liability in situations where you're still making all your payments but just hit some bad months with vacancies or rent reductions. Has anyone else encountered this type of provision?

This whole discussion really highlights how complex these debt classifications can be! I'm working through a similar issue with our partnership's office building loan, and it's clear that what seems straightforward on the surface often isn't. One thing I'd add is the importance of understanding how these classifications affect your Schedule K-1s. Our tax preparer explained that partners can have different basis and at-risk amounts even with the same debt, depending on who signed guarantees or how the partnership agreement allocates responsibility. For example, if you're a limited partner who didn't sign any guarantees, you might not be able to deduct your share of losses even if the general partner can. This came as a surprise to us when we were planning our tax strategy - we assumed all partners would be treated the same way. Also worth noting that these classifications can change over time. What starts as non-recourse debt might become recourse if partnership agreements are amended or if certain trigger events occur in the loan documents. We learned to review our debt status annually, especially before making any major partnership decisions.

Something important that nobody's mentioned yet - make sure you're filling out Form 8949 and Schedule D correctly this year! You'll need to report your capital loss carryover on Schedule D line 6 if it's a short-term loss or line 14 if it's a long-term loss. You don't need to list it again on Form 8949. I messed this up last year and included my carryover loss on both forms, which confused the IRS and resulted in a letter asking for clarification. Don't make my mistake!

This is exactly the situation I'm dealing with right now! I had about $1,200 in capital losses from some crypto trades that went south in 2024, and my total income was only around $18,000. After the standard deduction, my taxable income was $0, but TurboTax is showing I have a capital loss carryover. Reading through all these comments has been super helpful - I was worried I was doing something wrong, but it sounds like the software is correct. The part about the loss not actually providing a tax benefit makes total sense now. Since I would have paid $0 in taxes either way, the loss is essentially "saved" for when I might actually benefit from it. Thanks everyone for the detailed explanations! This community is amazing for sorting through confusing tax situations.