Kasing Ng, CPA
Independent CRE Tax Advisor
Former Big 4 fund auditor · California CPA License #139270
I am Kasing Ng, a California-licensed CPA and former Big 4 fund auditor, with a BS in Business Administration from UC Berkeley. 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 real estate investors and small sponsors across multifamily, commercial, and smaller residential deals, on the one part most models skip: the after-tax number the owner, or the sponsor and the LPs, actually keep.
What I actually do
I read the after-tax side of a deal, independently. Specifically:
- After-tax returns, yours or the LP and GP split, 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 a property 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 an asset bought in 2020 or 2021, that catch-up is often the largest single tax number on the deal, and it lands on the owner's return.
- The §469 passive-loss rules, including the short-term-rental material-participation tests, plus 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 investor or 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.
See the model. The after-tax engine behind the work above. Free, runs on your machine. Open CREDevSim →中文簡介 · Chinese
伍嘉昇，美國註冊會計師 (CPA) · 獨立商業地產稅務與承銷顧問 · 前四大基金審計師 · 加州 CPA 執照 #139270
我是伍嘉昇，持有加州執照的美國註冊會計師，曾任四大會計師事務所的基金審計師，並擁有加州大學柏克萊分校 (UC Berkeley) 商業管理學士學位。我花了多年審計房地產基金與 REIT，把財報上的每一個數字都追溯到站得住腳的依據。這就是我帶進每一筆交易的習慣：一個無法支持的數字，不該出現在投資人面前。
現在我與房地產投資人及中小型發起人合作，涵蓋多戶住宅、商業地產與較小型的交易，專注在大多數模型略過的一環：業主，或發起人與 LP，真正留在手上的稅後數字。
我實際做的事
我獨立解讀交易的稅後面向，具體包括：
- 稅後回報，無論是你自己的，還是 LP 與 GP 的分配，從稅前 IRR 一路算到折舊回補、資本利得與 3.8% 附加稅之後真正剩下的部分。
- 出場時的折舊回補，正確區分受上限的 §1250 稅率與一般所得的 §1245 稅率，使採用加速折舊的交易不會低估其出場稅負。
- 持有數年、未做成本分離研究之資產的追補折舊，透過單次 §3115 / §481(a) 申報在當年度報稅表上一次認列，無需修改以往年度報稅表。對 2020 或 2021 年購入的資產而言，這筆追補往往是整筆交易中最大的單一稅務數字，且落在業主的報稅表上。
- §469 被動損失規則，包括短期租賃的實質參與測試，以及 1031 交換與機會區 (Opportunity Zone) 處理，因為每一項都會改變稅後的答案。
獨立，且屬非鑑證
這一點很重要，我直接說清楚。我不銷售交易，也不收取任何佣金。我不銷售成本分離研究，也不代為報稅。我是投資人或發起人的獨立模型建置者與顧問。我交給你一份可追溯的稅後解讀，你可以帶給任何替你報稅的人。CPA 資格僅作為背景說明；我在這裡所做的工作屬非鑑證性質。
這套工具
因為我一再發現同樣的缺口，我打造了一套我希望這些交易當初就採用的模型。它叫 CREDevSim，一個在你自己電腦上運行的桌面應用程式，所以你的交易資料不會經過任何伺服器。它把交易一路算到稅後 LP 數字、正確拆分回補，並讓每個數字都能追溯回一條你可以打開檢視的公式。免費使用。