But Chris, what do you think?

Well, I think to start, yeah, Scott's precisely right.

Understanding the individual is key.

There's not a single tax strategy out there that's cookie cutter.

or could simply be taken away from, say, a TikTok video.

You have to understand the individual to see whether or not they have a tax position that works and then go this step.

So that's where Scott and the partnership is key, because his team does that really well.

But if there's no documentation, then did you really do anything to begin with?

So can you explain to me in the audience what is a Section 1245 exchange?

Sure.

Well, to begin, it's good to understand what a cost seg is when you do it.

So a lot of people see it and they get excited about it and they get a big windfall of the tax benefit if they did the short term rental loophole or if they have another property they did one on.

And it sits in a massive deduction that you get a time value of money benefit because that bank is no longer with the federal government.

It's sitting in your account.

What happens when you sell the property? This is often not a big discussion.

And from what you're saying, what a section 1245 exchange does is it takes a look at that personal property portion and reallocates it so you could potentially consider that long-term gain instead of recapture