Kasing Ng, CPA

Independent CRE Tax & Underwriting Advisor

Former Big 4 fund auditor · California CPA License #139270

I am Kasing Ng, a California-licensed CPA and former Big 4 fund auditor. I spent years auditing real estate funds and REITs, tracing every figure in the financials back to something you can point to. That is the habit I bring to a deal: a number you cannot support does not belong in front of an investor.

Today I work with small real estate sponsors, and increasingly with first-time mobile home park and RV park syndicators, on the one part of the deal most models skip: the after-tax number the sponsor and the LPs actually keep.

What I actually do

I read the after-tax side of a deal, independently. Specifically:

• After-tax LP and GP returns, carried past the pre-tax IRR to what survives depreciation recapture, capital gains, and the 3.8% surtax.
• Depreciation recapture at exit, split correctly between the capped §1250 rate and the ordinary-income §1245 rate, so a bonus-depreciation deal does not understate its exit tax.
• Catch-up depreciation on parks already held a few years without a cost-segregation study, recovered on the current-year return through a single §3115 / §481(a) filing, no amended returns. On a park bought in 2020 or 2021, that catch-up is often the largest single tax number on the deal, and it lands on the sponsor's return.
• The §469 passive-loss trap, 1031 exchanges, and Opportunity Zone treatment, since each one changes the after-tax answer.

Independent, and non-attest

This matters, so I state it plainly. I do not sell deals and I earn no commission. I do not sell cost-segregation studies, and I do not file your returns. I am an independent modeler and advisor to the sponsor. I hand you a traceable after-tax read that you can take to whoever prepares your taxes. The CPA credential is stated as background; the work I do here is non-attest.

The tool

Because I kept finding the same gaps, I built the model I wished those deals had come in on. It is called CREDevSim, a desktop app that runs on your own machine so nothing about your deal touches a server. It carries the deal to the after-tax LP number, splits recapture correctly, and lets every figure trace back to a formula you can open. It is free to use.