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How do startups navigate the integration of technology with old world business models, and how do you know when it’s a good time to invest in real estate.
Episode Transcript
Intro:
Welcome to the Practical Tax podcast, with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz, LLP, a tax law firm.
Disclaimer:
The information contained in this podcast is based upon information available as of date of recording and will not be updated for changes in law regulation. Any information is not to be considered tax advice or legal advice and does not form an attorney/client relationship. Further, this podcast may be construed as attorney advertising. You should see professional consultation for your individual tax and legal situation.
Chip Franklin:
Welcome to another edition of Practical Tax with tax attorney Steve Moskowitz. Steve, as you always say, there’s so many ways you can look at a subject and somehow taxes creep in there. And this is one of those cases today, I think that when we look at it, our first guest is a leader in training and business development, but it gets even more interesting. Listen to this. He was a Yale grad and a grad from Columbia Business School. He also was a closer drafted in 2008 by the Detroit Tigers, a major league baseball coach.
Anyway, interesting stuff. After baseball, he was an intelligence officer for the Department of Defense. He co-founded a thing called Block Party, which changed the way tailgating partnerships are developed in division one colleges and got a direct commission into the US Navy as a reserve intelligence officer, where he currently serves as a lieutenant. But we’re talking to him today because he moved back to New York City after the pandemic and started OneRange, which is an early stage workforce development tech company. That’s a big intro. And his name is Steve Gilman. He’s here with us on Practical Tax. Steve, thanks for being here.
Steve Gilman:
Hey, thanks for having me. Happy Friday.
Chip Franklin:
First of all, thank you for your service.
Steve Gilman:
Indeed.
Chip Franklin:
Yeah, really indeed. It’s interesting too that I wonder if any of the acumen that you’ve picked up in the intelligence areas of your service have paid off in business?
Steve Gilman:
Yeah, I’d hope so. But I’m finding new ways every day to translate some of the skills. Intelligence is specifically interesting within the military and civilian world, because you meet a diverse group of individuals with diverse thoughts. So a lot of what we’re doing has to do with cross-functional teams, getting different ideas into different stages and then doing a lot of analysis, which plays into every day, every little piece of what I do in the business world.
Chip Franklin:
Sounds a little bit like what you do as well, Steve. I mean, obviously analysis is a big part of it.
Steve Moskowitz:
Thank you.
Chip Franklin:
Yeah. Well, let me ask you both this question, before we get into the details here. What is the future of work as we see it today? Let me start with you, Steve.
Steve Moskowitz:
Work has a lot of aspects to it. There’s obviously the business aspect, the personal aspect. This is the personal society. That’s what a lot of people don’t realize and they think of work just as the business part. They don’t realize how much socializing goes on. They don’t realize how much it’s all part of your life. And a lot of times when people retire, they find out they’re so empty because all their social contacts are gone. And a lot of people, if they identify themselves through their work, they just feel empty. And a lot of times healthy people, when they retire, they start becoming ill because there’s just no purpose for them anymore. So there’s an awful lot to work. Plus, besides making money, there’s a lot of good you can do in the world.
Chip Franklin:
Mr. Gilman, since you’re both Steve, Steve one Steve and Steve two, when you look at the future of work and everything from learning and development and where that’s headed, do you see a lesson we’ve learned, I guess, in the last two years from working remotely and having to deal with… It’s kind of conversations we’re all having right now?
Steve Gilman:
Yeah, I do. I think over the past 10 to 15 years, we’ve seen this huge spike, especially with knowledge workers and the use of software and technology and the information age where people can be really productive with a few clicks of a button if they’re doing the right thing. I think over the past two years, it’s been accelerated. And we’ve been separated, so technology’s become more of a mainstream instance. There’s also been new technologies in the market. Most of the trends that we see as it pertains to future of work have to do with companies better empowering their people and the managers at the working level, the engineers, the sales, the marketing, and throughout. And so we’ve seen a rise in technology that allows them to do what they need better, easier, and more distributed than ever. So the future of work is kind of up for definition, but it definitely looks like flexibility, empowerment, technology at the core of what everyone does.
Chip Franklin:
Well, here in the Bay Area, obviously we’re just a few miles from Silicon Valley, and you look at all the startups, and it’s a question I’ve been meaning to ask you for a long time, Steve, what percentage of startup costs are tax deductible? In other words, if I’m kind of meandering trying to figure out exactly what my product is and who my customer is, and I take a left here and a right there, but come back to where I want to be, ultimately, are those little forays into the examination of who I am? Are they tax-
Steve Moskowitz:
Oh, lawyers’ answer. It depends because ultimately, yes, you can deduct all of them, but the real question is can you deduct them all in the initial year or do you have to amortize them over a period of years? And that is an answer that’s a lot longer than we’d have time for today.
Chip Franklin:
Well, I mean, I’ve thought of this over the years of all the different software I’ve purchased and the new software technology gives back to your bailiwick, Steve, and how they affect strategies. Many times it’ll affect you in a way that says, that’s not for me. So again, back to you Steve. If I for example, bought QuickBooks and I realized, “Eh, I’m not going to use this.” It doesn’t really work for me, it’s still a deduction and you take that and multiply it by a thousand for an investment, does that same still apply? Or is that a nuanced answer as well?
Steve Moskowitz:
Well, again, you take a look at the totality of the business and it depends what’s going to be best for you. But you have to make a determination. Is this something… And there’s a lot of things where we actually have to make a determination, can we deduct it all this year or do we have to do it over a period of years? And if it’s a period of years period.
Chip Franklin:
Steve, have you noticed that some of the new strategies involving new technology, do they mirror the old business model or is there something brand new in here?
Steve Gilman:
For me, when it comes to strategies and how we’re doing some of the tax deductions or the business models that are put out there now? Because-
Chip Franklin:
The whole. Yeah.
Steve Gilman:
So, and I’ll marry this into how a startup thinks about it. So you mentioned a little bit of my background. This is my second company, This is pure technology, we provide software. The first three, four years of a software company’s life. This goes for everyone on the east coast, west coast, and anyone in between, is worried about cash flow, trying to get customer payments up front, doing whatever they can to defer. The books only mean so much. I can’t say this too much in front of a tax attorney, but only mean so much because you do manage out of a bank account, which is different than they teach you in business school. So even if I’m given a huge discount on software to pay upfront for a year, every founder, anybody in charge of the books at a pure startup is going to be looking to spread out those payments over time, even if it’s a little more, right? Because it’s getting-
Steve Moskowitz:
Well, what you just said is very practical.
Steve Gilman:
Yeah. And so when it comes to taxes, right, my answer is always going to be, “Please Steve, let me know what’s the best for my books to keep money in the bank for now, because I need to live to realize the benefit of any amortization.”
Chip Franklin:
Yeah.
Steve Moskowitz:
And that’s why we even call this Practical Tax because we can cite chapter and verse from the books, but well wait a minute, this is somebody’s life and your spouse’s life and your kid’s life, and how do you want to live and what do you want to do? And your kid doesn’t want to hear it, if they want the latest something for school and you say, “Well wait a minute, I could save taxes if,” so the idea is planning not just for the dollars, but how do you want to live? And if you had a twin sibling and you were identical in all respects financially, what we did could be very different because your goals could be very different.
Steve Gilman:
I’ll give the example, you mentioned QuickBooks. Every startup company grabs QuickBooks, right? It integrates with everything, for the most part. The amount that QuickBooks has to give you as a discount for an annual payment upfront is continuing to grow. It’s probably 50% right now, right? Pay us 50% of what you would normally pay over the next course of a year for us to take your money up front. And that might continue to increase just cause everybody’s used to the pure SAS model of spreading out payments, cutting things off if you need to.
Chip Franklin:
Well, it’s funny not to sound like I’m something from Dickens’ Oliver when we were kids, my mom literally did the thing with the envelopes. This is the money for this, this is the money for that. And Steve and I have talked about this before, with being able to handle cash flow and making sure with a startup that you’re putting money aside and you know that next quarter may not be this quarter. You have to be smart about that. And does that play out too, Steve, for new startups that are just maybe three or four people, are they paying quarterly taxes even if they don’t make a profit in those quarters?
Steve Moskowitz:
So what happens is you have to take a look at always, are we talking about payroll taxes, are we talking about sales taxes? If you’re in the type of business to collect sales taxes, income taxes, and that’s what we were talking about last week with the envelope system where I always tell clients you need a minimum of three checking accounts, your business account, your tax account, and your personal account. So when you make X number of dollars, you need to put Y number of dollars in your tax account. Because a lot of business owners don’t, and they just, like exactly what Steve Gilman is saying, is they just go ahead and they spend what they have. And then we get into, well wait a minute, what you just spent suppose, for example, they buy inventory and they say, “Well, there’s no cash left. So how could I have a profit?”.
Well, wait a minute, get a little bit technical, that goes on the balance sheet. That’s an asset, that’s not an expense, “But I don’t have any money left in the checking account.” Yes, but on your income statement, which you pay taxes from, you owe tax on that. So that’s one of the things you always have to watch out for because a lot of people, an awful lot of people, confuse cash flow with profit. And Steve, I was a CPA before I was a tax attorney. So income statement, balance sheet and assets and expense, that means a lot to me. But the typical business person is, “But I spent the money, I thought I could deduct it.” Well, wait a minute, if it’s inventory, it’s an asset sitting on the balance sheet. And yes, eventually you’ll deduct it when you sell it and the client says, “Well, wait a minute, I got rent due right now. What are you talking about? And how could I have taxes? I don’t have any money.”
Chip Franklin:
That to me, that’s fascinating. Is that one of the reasons why restaurants go down, because of taxes? Just that they-
Steve Moskowitz:
It’s not just taxes. The reason most small businesses go down is they just don’t have enough money, enough capitalization. And the problem is, I know there’s a joke about banks, but there’s an awful lot of truth to it, that if you want to borrow money, you have to prove to the bank you don’t need it. And that’s why sometimes businesses want to look at maybe government loans or maybe private loans with friends and relatives. But the bottom line is most small businesses have that terrible problem. They just don’t have enough cash. And most business, it’s up and down. It’s not like employment where you get a steady paycheck and you know that twice a month I get X number of dollars. In business, you could have a great month, we make lots of money, and then you buy lots of inventory and the next month nobody comes in your store.
Chip Franklin:
Well, so you guys are telling me that the primary strategies for success go across the board, regardless of what your business is. Is that a fair assessment?
Steve Moskowitz:
That’s pretty good? I mean, there’s obviously individual differences, but you have a lot of situations where businesses just share a lot of common characteristics.
Chip Franklin:
Well, our next guest coming up is also a former… Well you’re a reserve right now, reserve intelligence officer, is that right? Does that mean you don’t have to think part of the time?
Steve Gilman:
That’s right. They call me a weekend warrior right now.
Chip Franklin:
Yeah, I bet you are. We do really appreciate it, getrange.com is the website, right?
Steve Gilman:
Yes.
Chip Franklin:
And it’s fascinating too. I love going to these sites, again, especially by younger people like yourself that are in this. And you’re right in the middle of this, yet you’re also learning from the acumen of a hundred years before you and some of the insight to look forward as well. It’s exciting stuff. Again, it’s getrange.com. Steve Gilman has been our guest. Again, thank you again for your service. And will you come back?
Steve Gilman:
I will. I’d love to.
Chip Franklin:
Thank you so much. All right.
Steve Gilman:
Thanks so much. Pleasure.
Chip Franklin:
Bye-bye. Well yeah, I tell you, it’s fascinating to see how many people, and I wonder how much they learned from their military services too about-
Steve Moskowitz:
I would think a lot, because you learn leadership and you learn about getting a job done and putting personal problems aside and getting the job done. And that all translates into business.
Chip Franklin:
It’s time now for ask a tax attorney with Steve Moskowitz. So Steve, what is signing under penalty of perjury? What does that mean?
Steve Moskowitz:
That means that you can go to prison if you don’t tell the truth.
Chip Franklin:
You had me at prison. But we see that all the time, under penalty of perjury, when you sign. Most of us, I think of perjury as making a statement, but when you sign something to be false, is that… In other words, if I sign a tax return that I know is false, is that perjury as well?
Steve Moskowitz:
Well, it’s a number of things including you could be charged with tax evasion. You could be charged with making a false tax return. You can be charged making a false statement. I mean, all types of things. But the bottom line is, when you’re talking about under penalty of perjury, if you don’t tell the truth, you can be criminally punished for that.
Chip Franklin:
That’s ask a tax attorney with Steve Moskowitz. All right. Our next guest is one of the top loan originators in the mortgage industry. GP Therior is also a captain the United States Army and has 20 years of experience bringing people the dream of home ownership. And he gets this stuff really well and he is nice enough to join us here on Practical Tax with tax attorney Steve Moskowitz. GP, hello my friend.
GP Theriot:
Hey, how are you?
Steve Moskowitz:
Doing great.
Chip Franklin:
Good to see you. Yeah, it’s interesting we talk about… I was just in San Francisco the other day and I was walking through the city and I know it’s commercial real estate, but it was borderline dystopian, Steve, to see so many businesses that had left the city. That contrasts greatly to the very few homes that we saw in ’08 or ’09 that were empty. What’s the difference between when you have commercial real estate that’s empty and you find people can’t sell homes, and they have adjustable-rate mortgages coming in and the whole thing starts to fall apart. GP, what is the major difference do you see there?
GP Theriot:
With ARMs right now with adjustable-rate mortgages?
Chip Franklin:
And in general, I guess that’s why most commercial businesses fail, because the business goes away, as in the pandemic and they couldn’t get their nut. But how does that apply? I mean, what happened in ’08 and ’09 was a unique set of circumstances. Can that happen again?
GP Theriot:
Yeah, well it’s a great topic because we can talk about Bank of America just came out this past week with their 100% loan. But to talk about adjustable-rate mortgages, back in 2008, 2009, the problem was that was the subprime market. And so you had people getting into homes already at a higher rate. It was a two-year variable. I mean the rate was locked in for two years and then that’s when the adjustable went and that’s when people just, they couldn’t afford the payments. They were getting in properties they had no business getting into. The no-doc loans, stated income, no credit loans. Well, over time we’ve learned from that where now if you see what’s going on in the market, so many people have so much equity in their home because they actually had to qualify this time, verifying income, putting a down payment, all the things that you need to have for a home.
So it was brought up today, I’ve got some concerns again because Bank of America, it’s like can we not learn from what we did in 2008 where what they’re doing is going into distressed markets, lower income markets and offering to give a hundred percent financing, no credit check, they’ll cover their closing costs at $10,000 credit. I mean, it sounds great, and look, I’m all for everybody to live the American dream and have home ownership, but if you don’t qualify, you don’t qualify, so you have no business getting a mortgage or getting in home ownership right now.
Chip Franklin:
Were the banks part of that in that they knew that if the person defaulted, they’d resell it and they could get closing cost points, the whole thing again, was that part of it?
GP Theriot:
Are you talking about what’s coming out currently or in the past?
Chip Franklin:
No, no. I mean, when you’re giving ARMs to people that have no jobs and no income, right, and when the rates go up, they’re not going to be able to deal with it. Was some of that intentional?
GP Theriot:
No, I think their true mentality was they have two years to fix their credit and to get it to where they can then refinance out of it. But that was not the case at all. I mean, I think you had a lot of bad loan officers that were just trying to make a quick dollar and get everybody in and a lot of money was made back then on loan officers, which gave us a bad rep to begin with.
So that’s why it’s critical to work with the right professionals that will educate you, walk you through, go through the process of, do you qualify for a loan? Because I still see too many loan officers right now, they’re not intentional to truly be an advisor and help people get into home ownership. Like I deal with clients all the time that their credit might not qualify, but we come up with a plan. The military in me is, let’s have a strategy, let’s have a plan and let’s execute and implement it so you’re ready, prepared in the next 6 to 12 months, or even if it’s three years, to buy a home. But yeah, back then it was just the wild, wild west is the best way I can put it.
Chip Franklin:
Hey Steve, let me ask, can I ask you a question about… I know there was a few years ago, there was legislation in Congress that took away some of the Californian’s rights… Well not rights, but ability to take interest deductions of their income for their home interest loans. Has that changed at all?
Steve Moskowitz:
Sadly, that’s still in effect. However, there is a modification with a tax court case because what happened was, at one point, we could deduct all our interests, credit cards, mortgage, whatever, unlimited. Then we lost the credit cards, then it was down to a million principal on the house, now it’s 750. But what happens if two people buy a house, two people that are not married to each other buy a house? The IRS said, “Well, you’re still limited to the 750 for the house.” And a taxpayer bought a house with his girlfriend and he said, “Well no, it’s per taxpayer, it’s not per house.” They went to tax court. The tax court found that it was per person, so a boyfriend and girlfriend buy the house, they each have a 750. So that’s a mil-and-a-half together. And that applies to an awful lot of people, because an awful lot of people are unmarried and buy houses together and essentially they’ve doubled the amount they can deduct.
Chip Franklin:
Is there a hard number that we can tell people watching this about how much they can deduct from the interest they paid that year on their home?
Steve Moskowitz:
Oh sure. Because what happens is the hard number is you have a maximum of 750,000 per person. So suppose a single person gets a mortgage for a million bucks, he or she can only deduct on the first 750. Now if boyfriend and girlfriend had the mortgage of a million, they each have 750. They can deduct all of it.
Chip Franklin:
So you’re telling people to get divorced before they buy a home is what we’re saying here.
Steve Moskowitz:
No, I’m saying that it’s funny-
Chip Franklin:
Or get a girlfriend.
Steve Moskowitz:
We’ve always said that marriage is a very important tax event. And when I say that, people thought I was joking, they laugh. No, I mean it.
Chip Franklin:
This sounds crazy, right? It does.
Steve Moskowitz:
Well, that’s the interpretation of the tax court.
Chip Franklin:
GP, do you run into workarounds like this all the time in financing?
GP Theriot:
Well, I mean when it comes to tax questions, tax write offs, I’m the smart one. I stay in my lane and send people to Steve. To talk about, “Hey, when you start talking about that stuff, you need to talk to the professional on that side with the CPA and the tax attorneys.” But I mean, when it comes to different programs and stuff, yeah, I mean, there’s all… Going back to ARMs, so adjustable-rate mortgages, I do think it’s a great product, and you’re seeing a lot more of it happening right now because of, one, it’s a lower rate than a 30-year fix right now. But again, people have to understand what they’re getting into and they truly understand what an ARM means.
Chip Franklin:
Yeah, it’s interesting that… Sometimes I see, and this is, I guess the reason is because if you go on iTunes or Stitcher and you look at the podcast, the really successful ones are about business. I think people have really become more curious because it seems to me there’s more opportunities today if you know what you’re doing, if you have an idea, who to contact to help you through step-by-step. I saw this headline the other day and it said how the student debt relief can improve your chances of getting a mortgage. And I would think that makes sense. So if you got, for example, my son’s fiance had about $20,000 in debt and they’re both starting out. And she got about three quarters of that wiped out. And of course, that improves her books. Is that the kind of thing that can make a big difference to a loan officer?
GP Theriot:
Oh, absolutely. I mean, debt can kill a deal. So I mean, the two things that we look at first off is, one, what’s your credit score? And two, what’s your debt-to-income ratio to truly see what kind of price range can you afford based off your current income? So debt, I mean the credit report plays a huge piece for me. I can tell you right up front if I could qualify somebody just based off their credit report alone.
Chip Franklin:
I remember when, and this is years ago, and I grew up in apartments, so I didn’t have this experience. I didn’t live in a house till I was 30. But I remember hearing how you could deduct the depreciation of your home despite the fact that it was appreciating. Steve, that sounds to me like either a scam or something that you know, you just don’t-
Steve Moskowitz:
It’s not a scam, but you’d mix some concepts. If it’s your personal home, there’s no depreciation for you.
Chip Franklin:
Really?
Steve Moskowitz:
You don’t get to deduct your own personal residence-
Chip Franklin:
But there used to be?
Steve Moskowitz:
Steve Moskowitz:
No, it’s always business property. But suppose you have this situation, suppose you buy a rental building and you buy it for a million bucks and the next day it’s worth 10 million. Even though it’s going up in value, you still get to depreciate it. And all depreciation is, and you’re depreciating the cost of the building, not the cost of the land. All depreciation is letting you deduct a portion of the house over a period of years. Now there’s modifications on that, because we’ve talked about cost segregation analysis, where we send an engineer to the property and he or she says, “Well, you know what, this part,” because basically if you’re talking about rental property, we’re talking about depreciation over 27 and a half years for residential and 39 years commercial.
So the engineer says, “Well, this part is in fact 27-and-a-half or 39, but this portion is 15-year, this portion is 10-year, this portion is 5-year. And this portion you can write off this year. So you can greatly accelerate the depreciation.” We could do a whole show on that. But the bottom line is the fact that the properties are becoming more valuable has nothing to do with your taking a tax deduction for what you’ve spent.
Chip Franklin:
GP, can you still assume somebody’s loan? I remember hearing about that when I was younger. Is that still out there?
GP Theriot:
The only thing that you can assume a loan is on a government loan. So VA loan right now could be very attractive to people because they can’t assume that. But on a standard Fannie Mae, Freddie Mac type loan, you cannot assume it. No.
Chip Franklin:
You mentioned earlier, before we let you get out of here, I want to hear your thoughts on this. Obviously what happened in 2008, 2009 is still in some people’s heads, although as you mentioned before, Bank of America and the non-QM loans that are out there that seem better than the NINJA stuff from the Great Recession. Do you get this feeling though, that moving forward that we’ve learned a lesson about that and maybe we’re a little more cautious about how we sell homes to people.
And maybe, I mean, I’ll be honest with you, I grew up in apartments my whole life and there was no guilt about it. There was nothing wrong renting an apartment. Steve, you spent a good chunk of your life too, that way when you were younger. Renting, it’s not, I know people that rent their whole life. My mother rented her entire life lived to be 98 and there was not… Is there time maybe for that kind of message to come out again? It’s just like, it’s okay if you don’t have a home, it doesn’t mean you less of a person. But I can’t see a realtor saying that, right?
GP Theriot:
Well, I’ll be honest with you, it’s almost a two-way street now. I mean, rental rates right now are going up just as fast as mortgage rates.
Chip Franklin:
No, you’re right. You’re right. My house next door, they’re paying more. And the people that are renting it, I know it’s about $2,000 more than the nut. And I’m thinking to myself, “God, if they could just buy a place, they’d be saving money.” Yeah, I get it.
GP Theriot:
Well, that’s just what you had put in perspective is that rental, they can increase your rental rate at any time. Even though, let’s say you have a 12-month lease, a three-month lease or three-year, that’s going to go up every time. Where, at least on a mortgage you’re locking that in, if it’s a 30-year fix, you know what your fixed payment is for 30 years. And when the rates do go down, you could always refinance it to a lower rate. So right now we’re consulting clients on get comfortable with the payment, don’t fall in love with the home and just date the rate, because we can always refinance you, which I truly believe we’re going to see rates go down in the next 24 months or less. I mean, that has shown, the history has shown it will happen.
Chip Franklin:
Steve, what should somebody ask their tax attorney as they’re heading into escrow or into the first part of a purchase of a home? What’s something important for them to know other than they can just afford it? Are there other aspects to that, things that we’re missing?
Steve Moskowitz:
Well, sure. And again, it depends on the individuals because the first thing when I talk with a client is you tell me what you want to do. You tell me your goals and aspirations, desires, and I’ll tell you the best way to do that tax wise and financially. Because somebody might say, “Well, you know what? I want a really small home because I want to,” and this is true with a lot of millennials, a lot of millennials are talking now, they would rather have the experience than the material thing.
So suppose you make X number of dollars and you could afford a big house. You might say, “Well, I’d rather have a smaller house and travel the world.” Somebody else says, “Well, I plan on having 19 kids and I want a big place with a giant backyard.” Somebody else says, “Well, I can get more home by moving further out into the burbs. And I don’t mind the commute.” Somebody else says, “Look, I work a lot of hours and I’d like to walk to work, have a really short commute.” So again, be before we get down to the numbers. What do you want to do in life? Then we’ll figure out the numbers, and that’s so vitally important.
Chip Franklin:
Last question, Steve, about that, before I forget. If I have to borrow money for an extension or a home repair, is that interest deductible since it’s my home? Or is it only a loan for the home?
Steve Moskowitz:
So what happens is if you’re talking about expenses for your personal home, that’s not deductible. However, let’s see what you’re doing because you might be adding to the basis of the home and when you sell it, decreasing your capital gains and saving taxes that way.
Chip Franklin:
Got it. GP, I know you wear that red for Thursdays to honor veterans. And-
GP Theriot:
Fridays.
Chip Franklin:
Fridays. I meant Friday. Today’s Friday, yeah. Right. And thank you again for your service and for your time today on the show with us. Really appreciate it.
Steve Moskowitz:
Thanks so much.
GP Theriot:
Absolutely. Yeah. The red stands for, Remember Everyone Deployed. Red Fridays is what we call it.
Chip Franklin:
All right, we’ll send people to your website at the end of this again, but I call it, you can just say it, The Riot Mortgage team, that’s how you spell his last name. Well, good to see you again. You be well. Okay.
GP Theriot:
Thank you so much.
Chip Franklin:
Thank you. GP Theriot from the Theriot mortgage team. See, Steve, that blows me away. There’s so many… I never would’ve thought to ask questions about closing our homes before, about the tax advantages with the tax attorney. It can never hurt, right? Before you go into that.
Steve Moskowitz:
Of course, you should always ask.
Chip Franklin:
Right. Great, great. Another great Practical Tax episode. You can find these on YouTube or go to moskowitzllp.com with our tax attorney, Steve Moskowitz. I’m Chip Franklin. We’ll see you next time.
Outro:
Thanks for joining us on the Practical Tax podcast with tax attorney Steve Moskowitz. To hear more and view more podcasts, go to moskowitzllp.com/practicaltax.