Anderson Business Advisors Podcast

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Real Estate Investors, Stock Traders, and Business Owners guide to preserve their wealth, protect their assets, and prosper in the future.

Episodes

Tuesday Dec 28, 2021

Can You Turn a 1031 Exchange Property Into Your Primary Residence?

Tuesday Dec 28, 2021

Happy Holidays! In the last episode of the year, Toby Mathis of Anderson Advisors goes through a long list of tax questions from listeners to give quick answers, such as whether you can turn a 1031 exchange property into your primary residence. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

When you gift more than $15,000 a year to one family member, do you have to pay tax on it? Any individual can give $15,000 to another individual without having to submit a gift tax return, but a gift tax return is required if the amount exceeds $15,000
How do I pay taxes on rental properties that I own in Canada while I am in the United States? The United States accepts Canadian LLCs, but still charges you tax on all income generated from any properties anywhere in the world
Can I turn a property that I acquired through a 1031 exchange into my primary residence? Yes, you can convert it under Section 121
What is the difference between a family trust and living trust? Same type of document, but a family trust is irrevocable and for the descendents; a living trust can be revocable and changed

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