Anderson Business Advisors Podcast
How to Fill Out Tax Returns as a Real Estate Investor

How to Fill Out Tax Returns as a Real Estate Investor

October 19, 2021

If you are a real estate investor, Toby Mathis and Carl Zoellner of Anderson Advisors talk about how to fill out your tax returns. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • Can you speak about conservation easements as a way to decrease taxes in the correct and legal way? Conservation easement is donated property for a specific purpose
  • Can an LLC buy back member units from individual members? Technically, your LLC as a whole could buy back member units, but usually when looking at member units in an LLC, ownership’s dictated as a percentage
  • Is doing this when members are IRA accounts, a prohibited transaction? It depends
  • What line numbers on tax returns are the most important when trying to qualify for funding as a self-employed sole member LLC as a real estate investor? Refer to schedules A, C, E, and K-1 on Form 1040
  • If I want to establish an Airbnb from my timeshare, how do I structure my entities? What is the best way to operate that to save tax? Depends on timeshare rules and then refer to IRS’s Publication 925

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

Go to iTunes to leave a review of the Tax Tuesday podcast.

Resources:

State and Local Tax (SALT)

https://taxfoundation.org/tax-basics/salt-deduction/

Wills and Trusts

https://andersonadvisors.com/asset_protection_trusts/

Gene Guarino - Residential Assisted Living Academy

https://residentialassistedlivingacademy.com/meet-gene/

Coffee with Carl

https://andersonadvisors.com/category/shows/coffee-with-carl/

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

How to Use a 1031 Exchange to Sell Real Estate

How to Use a 1031 Exchange to Sell Real Estate

October 5, 2021

How do you use a 1031 Exchange to sell real estate? Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • Is the Section 1031 option applicable on personal-use property in case the same property is sold less than two years of use by the owner? This option is not applicable to personal-use property (primary residence or second home) unless it is converted into some type of investment or rental property
  • Who would you get a 1031 Exchange from when getting ready to sell property? If you are planning to do a 1031 Exchange, you need to start talking to a qualified intermediary before starting the sale
  • I have a second home in my personal name in a different state. It has appreciated. If I sell the property, how would it be taxed? The entire gain would be capital gain - there’s no 121 exclusion, no 1031 (unless made a rental property first); gain will be taxed at the federal level and the state it is in and in which you reside

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

Go to iTunes to leave a review of the Tax Tuesday podcast.

Resources:

Entity Formation

https://andersonadvisors.com/entity_formation/

Self-employment Tax

https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

Section 121 - Capital Gains Exclusion

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

Tax Tuesday Episode #150 (How to Set up an LLC for your Home Office)

Tax Tuesday Episode #150 (How to Set up an LLC for your Home Office)

September 21, 2021

How do you set up an LLC for your home or administrative office? It’s important to know the differences between the two, which to choose, and why. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • How do you set up a home office under a corporation or LLC? Depends on the type of entity, but if it’s a corporation or S Corp, set it up as an administrative office for that entity where you are being reimbursed for the expenses of using that office
  • Is it advisable to have the house you live in under an LLC? Preferably, do not put your house under an LLC because of homestead and capital gains exclusion issues that arise
  • When do I switch from wholesaling under my name to wholesaling as a corporation? Sooner than later; do not wholesale under your personal name in case you get sued
  • How do I get credit approvals under the business entity? It takes cash, collateral, or credibility to get business credits, so you will need personal guarantees

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

Go to iTunes to leave a review of the Tax Tuesday podcast.

Resources:

Entity Formation

https://andersonadvisors.com/entity_formation/

Schedule C

https://www.irs.gov/forms-pubs/about-schedule-c-form-1040

Capital Gains and Losses

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

Which Business Structure is Best for Real Estate Agents & More! Tax Tuesday #149

Which Business Structure is Best for Real Estate Agents & More! Tax Tuesday #149

September 7, 2021

Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions, including which business structure is best for real estate agents. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • What is the 1031 exchange? How is it used and is there any concern that it may go away? Section 1031 allows you to sell an investment property through a qualified intermediary (QI) and then replace that property; there’s no logical reason for the 1031 exchange to go away because it is a tax deferral not a tax avoidance technique
  • As a new wholesaler, what is the best way to set up my business structure? Through a corporation because a wholesaler is somebody that gets a property under contract and then sells the contract with a right to close on that property
  • How does the tax work on rent-to-own? The non-refundable deposit, monthly cash flow, and the backend? IRS views non-refundable deposit as a lease-purchase option or sale

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

Go to iTunes to leave a review of the Tax Tuesday podcast.

Resources:

Infinity Investing Workshop (Free virtual event on September 11)

https://aba.link/IIW

Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis

http://aba.link/infinitybook

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

Step-Up in Basis

https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death.

Entity Formation

https://andersonadvisors.com/entity_formation/

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Capital Gains and Losses

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

Section 121 - Capital Gains Exclusion

https://www.irs.gov/taxtopics/tc701

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf

 

Landlord Horror Stories and How To Select the Best Tenant

Landlord Horror Stories and How To Select the Best Tenant

September 2, 2021

Are you a landlord who has their fair share of horror stories? Do you need help evicting tenants, or finding and placing the best tenants? Who should you be renting to so that you don’t bring tenants in and then have to kick them out later?  Applicants can be nice or be nightmares.

Today, Clint Coons of Anderson Business Advisors talks to David Pickron, President of Rent Perfect, an investigative screening company that helps clients onboard tenants from the initial background check to leasing and payment collection.

David is a licensed private investigator and landlord who manages several short- and long-term rentals. Also, he hosts the Rent Perfect Podcast, which offers the latest industry news and provides expert tips on how to manage properties.

Highlights/Topics:

  • How much is a good tenant worth? The key to managing your own cash flow.is to have stable tenants.
  • What’s going on with moratoriums to collect rent? The government wanted to pass another one, but it did not go through. Landlords are partners with the government right now because they can’t evict someone or take their property.
  • How do landlords protect themselves? They want long-term renters and holds to set it, forget it, and let them go.
  • What can landlords do to find the right renters? There are still a lot of regulations stacked against landlords, and there are a lot of courts that are withholding data.
  • Why did credit bureaus pull off all evictions, judgments, and liens? They were getting sued for putting the wrong data on the wrong people's files
  • Have you heard of that new Experian Boost? They're realizing that they're not giving us all the information we need on those credit bureaus. They're allowing consumers to start reporting their own credit to their own credit bureau.
  • If you are screening a tenant, can you find out if they were evicted because they weren't paying rent during the pandemic? There's an eviction moratorium, but some people could be or were evicted because of set parameters.
  • Why ask tenants for 12 months of bank statements? It shows if they paid their rent or prioritized spending money on other things, such as a new boat.
  • What are detailed criteria? Exactly who qualifies for your property so everybody's treated the same. Don't allow anybody with a felony record within the last 5 years or misdemeanor within the last 3 years; or collections against landlords for the last 2 years.
  • What is fair housing? If they have a criminal history, do an individual assessment - How long ago did the crime occur? How old was the person when they did it? Have they been in any rehabilitation that they can prove? Does this affect your property?
  • What does Rent Perfect offer? No more waiting for checks in the mail, no more dropping off checks. It's a complete platform and helps you find that right renter.
  • How much does Rent Perfect cost? There’s a one-time $4.95 signup fee. Applicants pay for everything else, such as $39 for the background and credit checks.

Resources:

Rent Perfect Landlord Registration

Rent Perfect

Rent Perfect Podcast

Sample Criteria: Email info@rentperfect.com.

Rent Perfect: 877-922-2547

National Real Estate Investors Association (REIA)

Arizona Multihousing Association (AMA)

Experian Boost

Paycheck Protection Program (PPP)

Clint Coons

 

Tax Tuesday Episode 148: Land Trust Property Tips

Tax Tuesday Episode 148: Land Trust Property Tips

August 24, 2021

Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions related to retirement plans, partnerships, real estate, wills, and trusts. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • Are there any restrictions on being a real estate professional (REP) during retirement? No, if you are retired, not working anywhere else, and spending a substantial amount of time working on rentals; depending on amount of losses, you may not have to be a REP
  • Why would someone invest in a Publicly Traded Partnership (PTP)? How are they taxed? Is PTP a good option to invest in for diversity? Be careful, some PTPs are complex, but as far as traxation, there’s nothing special about PTPs - look at them from an investment, not a tax perspective
  • I have converted my primary home to a short-term rental (STR) this year.If I complete 100+ hours of material participation and more than anyone else, can I deduct the losses from my W-2 wages (active income)? Yes, but if it’s rental income and you accelerate depreciation, you could lose your REP status
  • I plan to donate my timeshare. Does that relieve me of my maintenance fee yearly? There are two types of timeshares - right to use and for deed; the nonprofit may use them personally, within the entity, or sell it to a third-party - know who is taking over the liability/responsibility of the asset

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

Go to iTunes to leave a review of the Tax Tuesday podcast.

Resources:

Free Tax and Asset Protection Workshop - Aug. 28

https://aba.link/AP

Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis

http://aba.link/infinitybook

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Entity Formation

https://andersonadvisors.com/entity_formation/

Retirement Plans

https://andersonadvisors.com/retirement_plan/

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf

Airbnb

https://www.airbnb.com/

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Capital Gains and Losses

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

Section 121 - Capital Gains Exclusion

https://www.irs.gov/taxtopics/tc701

Secure Act

https://www.congress.gov/bill/116th-congress/house-bill/1994/text

Tax Cuts and Jobs Act (TCJA)

https://www.irs.gov/tax-reform

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

Coronavirus Aid, Relief, and Economic Security (CARES) Act

https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf

Step-Up in Basis

https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death.

Schedule K-1

https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

Self-Employment Tax

https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes

Old Age, Survivors, and Disability Insurance (OASDI)

https://www.ssa.gov/policy/docs/progdesc/sspus/oasdi.pdf

Cost Segregation Authority

https://costsegauthority.com/

Form 3115

https://www.irs.gov/forms-pubs/about-form-3115

Form 8949

https://www.irs.gov/forms-pubs/about-form-8949

IRC 469(c)7

https://www.law.cornell.edu/uscode/text/26/469

Schedule A

https://www.irs.gov/forms-pubs/about-schedule-a-form-1040

Schedule D

https://www.irs.gov/forms-pubs/about-schedule-d-form-1040

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Workshop

https://andersonadvisors.com/asset-protection/

Anderson Advisors Tax-Wise Workshop

https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/

Anderson Advisors Infinity Investing Workshop

https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

 

 

Creative Real Estate Investing Techniques To Maximize Value

Creative Real Estate Investing Techniques To Maximize Value

August 17, 2021

If you don't qualify for a home loan because you don’t make enough to pay the mortgage, there are ways to creatively do it. Creative landlording is essential to gain maximum personal satisfaction and financial profit.

Today, Clint Coons of Anderson Business Advisors talks to Danielle Villegas, an artist and landlord who shares some of her real estate investing strategies, including how she takes investments and maximizes their value.

Danielle spent years struggling as a film and theater artist. She set her sights on home ownership and managed to become a landlord. Over time, Danielle developed a unique housing model for an underserved growing population. 

Highlights/Topics:

  • First Home: Make sure it includes rental rooms to earn extra income
  • House Hacking: Don’t pay your own rent or mortgage if you don’t have to
  • Financial Adviser: Danielle learned how the rich get richer and other tricks/tools
  • Creative Financing: Refi made all the difference and cut mortgage in half to be profitable
  • When selecting renters/tenants:
    • Priority #1: Make sure they have at least one job to pay the rent
    • Priority #2: Offer furnished rooms/rentals because it’s easier to move them out
  • Weekly, monthly, or longer? Danielle rents out space weekly to make more money
  • Private vs. Shared Space: People need own space, common space is wasted money
  • Where Danielle tends to find tenants - she advertises mostly on Craigslist
  • Potential Tenants: Let them tell you what you want/need to know to minimize risk
  • Used or Not: Make money with rooms not used, won’t be used, used for something else
  • It’s not just about the money: Make a difference - it's very rewarding

Resources:

Danielle Villegas’ Email

mailto:artoflandlord@gmail.com

Art of Landlording

https://artoflandlording.com/

Craigslist

https://www.craigslist.org/

Clint Coons

https://andersonadvisors.com/clint-coons/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/asset-protection/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Tax Tuesday Episode 147: Selling Rental Property as a 1031 Exchange

Tax Tuesday Episode 147: Selling Rental Property as a 1031 Exchange

August 10, 2021

Can you sell your rental property as a 1031 exchange? It depends. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • Can I offer my condo as a rent-to-own rental for six months and sell it as a 1031 exchange? If you’re offering the condo as rent-to-own, you’re contemplating the sale of that property, so it becomes a sale property, not a rental property, and taxed differently
  • Should I invest into limited partnership (LP) multifamily syndications with the same LLC as I have active personal rentals? Ideally, everything should be in its own LLC or you may be at risk for outside liability
  • I am a co-founder of a startup (C Corp). Can I establish a self-directed Roth IRA and put my company share in it? Yes, you can, but it depends on how you go about doing it - Rollover as Business Start-ups (ROBS)

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

Go to iTunes to leave a review of the Tax Tuesday podcast.

Resources:

Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis

http://aba.link/infinitybook

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

IRS - Section 168

https://www.irs.gov/pub/irs-drop/rr-14-17.pdf

IRS - Section 179

https://www.irs.gov/newsroom/irs-issues-guidance-on-section-179-expenses-and-section-168g-depreciation-under-tax-cuts-and-jobs-act

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Entity Formation

https://andersonadvisors.com/entity_formation/

Cost Segregation Authority

https://costsegauthority.com/

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf

Airbnb

https://www.airbnb.com/

Retirement Plans

https://andersonadvisors.com/retirement_plan/

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Tax Reform Act of 1986

https://www.investopedia.com/terms/t/taxreformact1986.asp

Self-Employment Tax

https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes

Old Age, Survivors, and Disability Insurance (OASDI)

https://www.ssa.gov/policy/docs/progdesc/sspus/oasdi.pdf

Capital Gains and Losses

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

Section 121 - Capital Gains Exclusion

https://www.irs.gov/taxtopics/tc701

Step-Up in Basis

https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death.

Fannie Mae

https://www.fanniemae.com/

Freddie Mac

http://www.freddiemac.com/

Schedule A

https://www.irs.gov/forms-pubs/about-schedule-a-form-1040

Schedule C

https://www.irs.gov/forms-pubs/about-schedule-c-form-1040

Schedule E

https://www.irs.gov/forms-pubs/about-schedule-e-form-1040

Schedule K-1

https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065

Unrelated Business Income Tax (UBIT)

https://www.irs.gov/charities-non-profits/unrelated-business-income-tax

Unrelated Debt-Financed Income (UDFI)

https://www.irs.gov/pub/irs-tege/eotopicn86.pdf

Rollover as Business Start-ups (ROBS)

https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project

IRC 469(c)7

https://www.law.cornell.edu/uscode/text/26/469

Secure Act

https://www.congress.gov/bill/116th-congress/house-bill/1994/text

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Workshop

https://andersonadvisors.com/asset-protection/

Anderson Advisors Tax-Wise Workshop

https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/

Anderson Advisors Infinity Investing Workshop

https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

 

Tax Tuesday with Toby Mathis Episode 146

Tax Tuesday with Toby Mathis Episode 146

July 27, 2021

The IRS is 35-million tax returns behind by their own admission, and they managed to answer 3% of the calls that were placed last year. If you need an answer to your tax question, don’t call the IRS. Toby Mathis and Jeff Webb of Anderson Advisors are here to help and answer your tax questions sooner than later. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • What is the process for a non-profit to invest in syndication? Depends on whether you are required to be an accredited investor or not
  • What are the pros and cons of moving a company to Puerto Rico for tax planning purposes? You have to be a bonafide resident in Puerto Rico to get any benefit at all
  • Are life insurance proceeds taxable if a revocable living trust is the beneficiary? No, life insurance proceeds, in general, if you did not deduct the premiums, are not taxable
  • Is tuition for professional learning deductible? CPE, CME, and CLE credits/courses are deductible when something new for your career, but not when starting a new career
  • Can I buy an Airbnb with money inside and outside of an IRA? Yes, but form a partnership between yourself and your IRA, so it does not become a prohibited transaction or if you are a disqualified party

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

Go to iTunes to leave a review of the Tax Tuesday podcast.

Resources:

Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis

http://aba.link/infinitybook

Infinity Investing

https://infinityinvesting.com/

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

Entity Formation

https://andersonadvisors.com/entity_formation/

Capital Gains and Losses

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

Section 121 - Capital Gains Exclusion

https://www.irs.gov/taxtopics/tc701

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf

IRC 469(c)7

https://www.law.cornell.edu/uscode/text/26/469

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Retirement Plans

https://andersonadvisors.com/retirement_plan/

Airbnb

https://www.airbnb.com/

Tax Cuts and Jobs Act (TCJA)

https://www.irs.gov/tax-reform

Schedule E

https://www.irs.gov/forms-pubs/about-schedule-e-form-1040

Cost Segregation Authority

https://costsegauthority.com/

Franchise Tax

https://www.investopedia.com/terms/f/franchise_tax.asp

Form 568

https://www.ftb.ca.gov/forms/2020/2020-568.pdf

Continuing Professional Education (CPE)

https://www.aicpa.org/cpe-learning/cperequirements.html

Continuing Medical Education (CME)

https://www.accme.org/

Continuing Legal Education (CLE)

https://www.americanbar.org/events-cle/mcle/

Unrelated Business Income Tax (UBIT)

https://www.irs.gov/charities-non-profits/unrelated-business-income-tax

Unrelated Debt-Financed Income (UDFI)

https://www.irs.gov/pub/irs-tege/eotopicn86.pdf

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Qualified Opportunity Fund/Zone

https://www.irs.gov/credits-deductions/businesses/invest-in-a-qualified-opportunity-fund

Step-Up in Basis

https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death.

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Workshop

https://andersonadvisors.com/asset-protection/

Anderson Advisors Tax-Wise Workshop

https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/

Anderson Advisors Infinity Investing Workshop

https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

 

 

Tax Tuesday with Toby Mathis Episode 145

Tax Tuesday with Toby Mathis Episode 145

July 13, 2021

How was your 4th of July? Did you enjoy your time off and travel to visit family and friends? Now, back to reality and talk about taxes. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • Business Vehicle: Buy or lease? What are the pros and cons of each? Do trucks and SUVs have an added deduction? Better to buy than lease larger vehicles, but it’s better to lease versus buy vehicles, such as sedans and coupes, under 6,000 lbs because depreciation is limited
  • Can I pocket money when I file taxes when there is no profit with the business? Yes, if it’s your business; the only time you can’t take money is in excess of your business and you are not at risk for the business
  • Are solo 401ks impacted by the new IRS rules for IRA accounts? Play by the rules and don’t begrudge those who win by playing the rules
  • How many properties should one have before considering doing a cost segregation? One property is all you need to do a cost segregation

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

Go to iTunes to leave a review of the Tax Tuesday podcast.

Resources:

Anderson Advisors Tax and Asset Protection Workshop (July 17)

http://aba.link/TAP17

Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis

http://aba.link/infinitybook

Entity Formation

https://andersonadvisors.com/entity_formation/

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Capital Gains and Losses

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

Section 121 - Capital Gains Exclusion

https://www.irs.gov/taxtopics/tc701

Retirement Plans

https://andersonadvisors.com/retirement_plan/

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Merrill Lynch

https://www.ml.com/

Edward Jones

https://www.edwardjones.com/us-en

Airbnb

https://www.airbnb.com/

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

Cost Segregation Authority

https://costsegauthority.com/

Franchise Tax

https://www.investopedia.com/terms/f/franchise_tax.asp

MileIQ

https://www.mileiq.com/

Qualified Opportunity Fund/Zone

https://www.irs.gov/credits-deductions/businesses/invest-in-a-qualified-opportunity-fund

Step-Up in Basis

https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death.

SECURE Act

https://www.congress.gov/bill/116th-congress/house-bill/1994/text

IRC Section 280a

https://andersonadvisors.com/section-280a-deduction-explained/

CARES Act

https://home.treasury.gov/policy-issues/coronavirus

PayPal

https://www.paypal.com/

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

WeWork

https://www.wework.com/

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Workshop

https://andersonadvisors.com/asset-protection/

Anderson Advisors Tax-Wise Workshop

https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/

Anderson Advisors Infinity Investing Workshop

https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

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