Slash Tax

About Slash Tax

Slash Tax is your go-to podcast for legal tax strategies, powerful incentives, and tax-advantaged investments. Hosted by Heidi Henderson, this show is designed for high-income earners, business owners, real estate investors, and CPAs who want to cut tax bills, keep more cash, and build lasting wealth. Each episode brings expert insights, actionable strategies, and real-world examples—helping you take control of your financial future.

Publisher

Heidi Henderson

Category

business · education

Language

en

Explicit

No

First episode

28 May 2025

Latest episode

21 Oct 2026

Latest episodes

29 episodes in the feed.

1. 

   21 Oct 2026

   Mobile Home Parks: Affordable Housing With Serious Depreciation

   Most investors skip right past mobile home parks. Leo Young built his firm around them, and the depreciation numbers in this episode show why. “Trailer parks, mobile home parks, manufactured housing communities. They’re all three different terms for the same property.” Heidi Henderson talks with Leo Young, Founder and Managing Partner of Cornell Communities. Leo started in sales at Tesla, moved into real estate brokerage and then acquisitions at a private equity fund, and now owns and operates manufactured housing communities in several states. In most parks the investor owns the land and the residents own their homes, so residents handle their own upkeep and the property runs with a small team. Leo explains why Cornell buys existing parks instead of building new ones, and what he checks before buying: local regulations, and deferred maintenance on roads, septic and utilities that are often 50 years old or older. He also shares one of their deals, a distressed park in the Southeast with just under 80 units. They were in for around $600,000, fixed the roads and lighting, brought rents closer to market, added about 10 homes, and roughly tripled the value in 18 months. “You can’t depreciate past your basis.” On the tax side, a large share of a park’s value is land improvements and infrastructure, which can qualify for 100% bonus depreciation. Leo says they usually see 60 to 80% of the purchase price eligible in year one. For most LP investors those losses are passive and offset passive income. Real estate professionals may be able to use them against other income, so check with your CPA. “We’re not afraid to sit on our hands.” They also talk about how Cornell finds deals, sponsor fees, minimum investments, and why investors sometimes wait months between offerings. WHAT YOU’LL LEARN Why manufactured housing is an affordable housing play | How the land lease model works | Why Cornell buys existing parks instead of developing | Regulation and deferred maintenance risk | A distressed park that roughly tripled in value in 18 months | How LPs invest deal by deal and receive a K1 | Why a low purchase price limits depreciation | 60 to 80% of the purchase price eligible for bonus depreciation | Passive investors vs real estate professionals | Sponsor fees, minimums, and co investment ABOUT LEO YOUNG Leo Young is the Founder and Managing Partner of Cornell Communities, a real estate investment firm specializing in the acquisition, operation, and revitalization of manufactured housing communities across the United States. He focuses on disciplined underwriting, operational value creation, investor partnerships, and expanding access to affordable housing. CONNECT WITH LEO YOUNG & CORNELL COMMUNITIES Website: https://cornellcommunities.com/ LinkedIn: https://www.linkedin.com/in/leo-young Instagram: @leoyoungrealestate TIMESTAMPS 00:00 Highlights 00:30 Introduction 02:43 Meet Leo Young of Cornell Communities 03:12 From Tesla sales to real estate 06:53 Private equity acquisitions and mobile home parks 08:23 What private equity taught him about risk 13:51 Investing with impact 15:57 Trailer park vs mobile home park vs manufactured housing 17:43 Old parks and aging infrastructure 18:40 The business model: own the land, residents own the homes 19:26 Why they buy existing parks instead of developing 19:59 The two big risks: regulation and deferred maintenance 23:25 Case study: an 80 unit distressed park 24:48 Roads, lighting, and below market rents 26:03 Tripling the value in 18 months 26:52 How investors partner as LPs 28:40 Why a low basis limits depreciation 29:05 Land improvements and 100% bonus depreciation 30:36 60 to 80% of the purchase price in year one 31:41 Passive losses and who can use them 32:51 Real estate professionals and year end deductions 34:24 How Cornell finds deals 38:32 Running parks in multiple states 40:39 The ideal investor 44:52 Sponsor fees 46:32 Minimum investment and co investing 47:53 How to reach Leo 49:01 Final takeaways Resources: Free Cost Segregation Benefit Analysis: https://portal.engineeredtaxservices.com/get-started?ref_id=njg2zdv IRS Audit Technique Guidelines: https://www.irs.gov/pub/irs-pdf/p5653.pdf Baselane Affiliate Link: https://baselane.com/engineeredtaxservices Baselane Promo Code: ENGINEERING6 Use ENGINEERING6 for 6 months free of Baselane Smart Premium. Links: LinkedIn - https://linkedin.com/in/heidihenderson Instagram - https://www.instagram.com/slashtaxwithheidi/ Facebook - https://www.facebook.com/slashtaxwithheidi/ Engineered Tax Services has helped investors unlock millions in tax savings for nearly 25 years through cost segregation, R&D credits, and energy incentives. Visit engineeredtaxservices.com Past results do not guarantee future returns. Nothing here is investment, tax, or legal advice. Subscribe to Slash Tax | Leave a review | Share with an investor looking beyond multifamily

2. 

   1 Oct 2026

   The Roth IRA for Capital Gains Nobody Talks About

   What if a capital gain could be deferred for five years, partly discounted, and then everything it grows into came back to you tax free? Opportunity Zones started under the 2017 Tax Cuts and Jobs Act to push private investment into underserved communities. The One Big Beautiful Bill Act made them permanent and created a new generation of zones starting in 2027. In Part 2 of her conversation with Todd Lofgren of Alternative Tax Management, Heidi Henderson walks through what Opportunity Zones 2.0 actually changes and who it makes sense for. The original program had one fixed deferral date. The new version rolls. Every investment gets its own five year deferral, a 10% step up in basis if held five years, and 30% if the project sits in a rural zone, which now includes farms, ranches, and agricultural land. Hold for 10 years and the growth can be sold with no tax owed. That is why the industry calls a QOZ a Roth IRA for capital gains. Heidi also raises a difference she says nobody talks about. In a 1031 exchange, every dollar of proceeds has to roll into the next property. With a QOZ, you only reinvest the gain and you keep the rest. For investors who want out of real estate entirely, it works as a second exit after the DST strategy covered in Part 1. Todd covers what qualifies as a gain, why you have 180 days to invest it, and how some funds return capital at year five to help cover the tax bill when the deferred gain comes due. He explains why a gain triggered in the second half of 2026 can end up with close to six years of deferral, and why his team only brings on funds with a track record through multiple economic cycles. Both of them keep coming back to the same rule. Investment first, tax benefit second. A great tax incentive does not make a bad investment good. KEY TOPICS What an Opportunity Zone is and how each governor picks the tracts | The $160 billion invested since 2017 and what it did to household income and unemployment | Why the zones are now permanent and what is still unknown about the new tracts | The rolling five year deferral under QOZ 2.0 | The 10% step up in basis, and 30% for rural zones | Why a QOZ behaves like a Roth IRA for capital gains | QOZ 1.0 vs QOZ 2.0 | Why only the gain is reinvested, not the full sale price | 1031 exchange vs Opportunity Zone | Stock, crypto, art, and business sales as qualifying gains | The 180 day investment window | How some funds help investors pay the tax at year five through energy and real estate refinancing | Why business QOZs are rare and most funds are run by developers | Only investing what you can leave alone for 10 years | The biggest mistake: chasing the tax break without vetting the investment ABOUT TODD LOFGREN Todd Lofgren has over 25 years of experience in the financial services industry working with institutional asset managers, providing investment solutions to financial advisors and CPAs. He uses his diverse background to partner with advisors, accounting professionals, and others to deliver tax advantaged solutions for high net worth clients and small business owners. Todd lives in Berwyn, Pennsylvania with his wife Lianne and their three children, and in his free time enjoys tennis, pickleball, golf, and live music. CONNECT WITH TODD LOFGREN & ALTERNATIVE TAX MANAGEMENT Website: https://www.alternativetaxmanagement.com/ LinkedIn: https://www.linkedin.com/in/todd-lofgren-awm/ Email: tlofgren@alternativetm.com Resources: Get A Free Cost Segregation Benefit Analysis Here: https://portal.engineeredtaxservices.com/get-started?ref_id=njg2zdv IRS Audit Technique Guidelines: https://www.irs.gov/pub/irs-pdf/p5653.pdf Baselane Affiliate Link: https://baselane.com/engineeredtaxservices Baselane Promo Code: ENGINEERING6 Use promo code ENGINEERING6 to receive 6 months of free Baselane Smart premium tier. Enter the code when prompted to subscribe to Baselane Smart. Links: LinkedIn - linkedin.com/in/heidihenderson Instagram - instagram.com/slashtaxwithheidi Facebook - facebook.com/slashtaxwithheidi https://app.411core.com/r/XCB LEARN MORE Engineered Tax Services has helped investors and business owners unlock millions in tax savings for nearly 25 years through cost segregation, R&D credits, and energy incentives like 179D and 45L. 👉 Visit engineeredtaxservices.com Qualified Opportunity Zone funds carry risk, fees, illiquidity, and strict compliance requirements. Any figures discussed are illustrative and not a guarantee of future results. Nothing in this episode is investment, tax, or legal advice. Evaluate any QOZ investment with a qualified tax, legal, and investment professional before acting. Subscribe to Slash Tax | Leave a review | Share with someone sitting on a big capital gain

3. 

   23 Sept 2026

   Sell Your Rentals, Skip the Tax Bill: The 1031 DST Explained

   You have owned the property for years. It has appreciated. You have depreciated it down to almost nothing. Now you are tired of tenants, tired of toilets, tired of property managers, tired of making decisions about roofs and HVAC systems and lease renewals. So you decide to sell, and then your CPA tells you exactly how much tax you are going to owe. Most investors know a 1031 exchange defers that gain. The catch is that a traditional 1031 puts you right back into another piece of real estate you have to identify, acquire, own, and manage. Heidi Henderson sits down with Todd Lofgren of Alternative Tax Management to walk through the option a surprising number of investors have never heard of. The Delaware Statutory Trust. A DST lets you roll your proceeds into fractional ownership of a professionally managed portfolio of properties. It satisfies the 1031 requirements, it keeps you invested in real estate, and it moves the day to day management to a sponsor. Todd calls it the exit ramp from the managerial role. Todd and Heidi get into the mechanics. What you actually own, how sponsors structure the trust, why the debt on your old property has to come with you, and how distributions come back tax friendly because depreciation starts over. They also cover what you give up: zero liquidity, no control, and a four to seven year hold. If you ever cash out, the capital gains and 25% depreciation recapture from that original property follow you the entire way. Todd also breaks down the due diligence side, which is where most investors are flying blind. Boutique shops with creative marketing and nothing behind the fact sheets. Offerings that hit their capital raise and vanish. Why real inventory matters when your proceeds are ready to move. KEY TOPICS What a Delaware Statutory Trust is, its 1988 origin in Delaware, and the 2004 IRS ruling that made DSTs valid 1031 replacement property in all states | Sponsors, accredited investors, and the $100,000 typical minimum | The boot problem and how leftover 1031 proceeds avoid a tax bill | Diversifying across sponsors, locations, and asset classes from multifamily to self storage to net lease | Why the qualified intermediary process stays the same and why constructive receipt kills the exchange | Why a low basis after cost segregation makes selling so expensive | A $500,000 purchase that appreciated to $1 million, and why your debt has to be replaced inside the DST | Monthly and quarterly distributions and why the income is tax friendly | The four to seven year horizon and what happens at full cycle | What it costs to exit: capital gains plus 25% depreciation recapture | The legacy play and the step up in basis for heirs | Zero liquidity in a DST vs UPREIT liquidity windows | How to tell a quality DST from one to avoid | Why calling before you sell beats calling on day 43 ABOUT TODD LOFGREN Todd Lofgren has over 25 years of experience in the financial services industry working with institutional asset managers, providing investment solutions to financial advisors and CPAs. Todd uses his diverse background to partner with advisors, accounting professionals, and others to deliver tax advantaged solutions for high net worth clients and small business owners. He lives in Berwyn, Pennsylvania with his wife Lianne and their three children, and in his free time enjoys tennis, pickleball, golf, and live music. CONNECT WITH TODD LOFGREN & ALTERNATIVE TAX MANAGEMENT Website: https://www.alternativetaxmanagement.com/ LinkedIn: https://www.linkedin.com/in/todd-lofgren-awm/ Email: tlofgren@alternativetm.com Resources: Get A Free Cost Segregation Benefit Analysis Here: https://portal.engineeredtaxservices.com/get-started?ref_id=njg2zdv IRS Audit Technique Guidelines: https://www.irs.gov/pub/irs-pdf/p5653.pdf Baselane Affiliate Link: https://baselane.com/engineeredtaxservices Baselane Promo Code: ENGINEERING6 Use promo code ENGINEERING6 to receive 6 months of free Baselane Smart premium tier. Enter the code when prompted to subscribe to Baselane Smart. Links: LinkedIn - linkedin.com/in/heidihenderson Instagram - instagram.com/slashtaxwithheidi Facebook - facebook.com/slashtaxwithheidi https://app.411core.com/r/XCB LEARN MORE Engineered Tax Services has helped investors and business owners unlock millions in tax savings for nearly 25 years through cost segregation, R&D credits, and energy incentives like 179D and 45L. 👉 Visit engineeredtaxservices.com DSTs are investments. They carry risk, fees, liquidity restrictions, and specific tax requirements. Any return figures discussed are historical or hypothetical and are not a guarantee of future performance. Nothing in this episode is investment, tax, or legal advice. Evaluate any DST with a qualified tax, legal, and investment professional before acting. Subscribe to Slash Tax | Leave a review | Share with an investor who is ready to stop managing property TIMESTAMPS 00:00 Tired of tenants, tired of toilets 00:40 The problem with selling appreciated real estate 01:44 Why a traditional 1031 puts you back into another property 02:20 Meet Todd Lofgren of Alternative Tax Management 05:02 Who comes looking for a DST and why 06:32 The boot problem: leftover 1031 proceeds with nowhere to go 07:38 What a Delaware Statutory Trust actually is 07:52 1988 in Delaware and the 2004 IRS ruling that opened it up 09:12 Accredited investors and the $100,000 minimum 09:48 What you actually own and how property type drives distributions 11:25 Diversifying across sponsors, locations, and asset classes 12:37 The qualified intermediary and avoiding constructive receipt 13:47 Why DSTs fill their capital raise and disappear 14:43 When cost segregation leaves you with no basis left 15:12 The due diligence gap most investors never see 18:08 Smaller trusts vs the massive conglomerate funds 20:29 The numbers: a $500,000 purchase that appreciated to $1 million 21:03 Why your debt has to come with you into the DST 22:01 How you get paid: monthly and quarterly distributions 23:42 The four to seven year horizon and expected returns 24:23 Capital gains and 25% depreciation recapture if you exit 24:49 The legacy play: step up in basis for your heirs 26:19 UPREIT liquidity windows vs zero liquidity in a DST 28:05 Why baby boomers are driving DST demand 28:40 What separates a great DST from one to avoid 30:24 When to call: before you sell, or on day 43 if you have to 32:20 How to reach Todd and final takeaways

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• Adam Carver
• Chris Roehm
• Marc Goodin
• David Scott
• John Lankford

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Podcast Authority Score: 20 / 100

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