Michel Del Buono

speaker

515 appearances 1 recordings 1 series first heard May 2026 last heard 22 May

Michel Del Buono’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in May 2026 with 1.

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Sourcery · Inside Marc Andreessen & Ben Horowitz's Multi-Family Office (Part II) · 22 May 2026 podcast

There's all these very interesting strategies.

But what all these real assets have in common, real estate,

oil wells, patent portfolios, anything that has a cash flow generally has a depreciation tax credit against it.

Right.

And so you can shield your tax to some degree from that, provided it's structured properly.

And that's, I think, where, again, the difficulty is

is a lot of the standard funds out there don't do the structuring because most of their clients are not taxable.

So if you structure things, and here's the real problem.

Let's say you personally invest in real estate, but you're a podcaster.

So real estate's not your principal occupation.

So you can't necessarily leverage all those depreciation credits yourself because it's not your main occupation.

The IRS limits how much you can do from passive activities.

So you have to structure properly, you have to create a company effectively that inside the company uses all those tax credits and gives you something net of that.

If structured properly, you can offset almost all the income from the property.

And then because of something called a step up in basis at death, when you sell that asset after you pass away, you don't owe tax on that either.

So along the way, all the income you get from the asset doesn't pay tax because you got the depreciation credit.

And then normally, if you sell it at the end, you pay a ton of tax, right?

But if you pass away and hand it to your heirs, they get a new basis, a new price for the asset that's gone up so they can sell it with no tax.

But it's a very long-term and illiquid strategy.

You have to hold these things for a long time.

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