Tax Tuesday with Toby Mathis 12-08-2020

How are you doing, really? Just don’t watch or listen to the news because it’s tough living in paradise—whether it’s California, Hawaii, or Iceland. However, Toby Mathis and Jeff Webb of Anderson Advisors are still here to offer answers to your tax questions with a side of awesome sauce. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

• How much can you give to charity and receive a full credit, even if filing a standard deduction? Choose between taking a standard deduction or an itemized deduction on Schedule A to give a cash donation to charity and write-off 100 percent of it against your adjusted gross income (AGI)
• What is Section 1202? Can a corporation managing real estate qualify for 26 U.S. Code Section 1202? Section 1202 refers to partial exclusion(s) for gain from certain small business stock and designed to get people to invest in manufacturing-type companies
• The recently passed California Proposition 19 will allow California to reassess any non-primary residence properties transferred to heirs at market rate? Yes, starting Feb. 16, 2021; for more information, visit the state’s Board of Equalization
• I’m trying to meet my goal of $50K for Infinity investing. I have about $30K that I could use to buy stocks, ETF, etc. Could I use all $30K to purchase stocks without violating the annual $6,000 contribution limit? Learn how to be a stock market landlord, buy assets, settle liabilities, and systematically make passive income to not work again

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Resources:

Tax Toolbox

http://aba.link/taxtoolbox

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf

Capital Gains and Losses

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

Charitable Organizations

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

Form 1023 - Application for Recognition of Exemption

https://www.irs.gov/forms-pubs/about-form-1023

Form 1024 - Application for Recognition of Exemption

https://www.irs.gov/forms-pubs/about-form-1024

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 D

https://www.irs.gov/pub/irs-pdf/f1040sd.pdf

Schedule E

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

Internal Revenue Code Section 1202

https://www.irs.gov/pub/irs-regs/ia2694.txt

California State Board of Equalization - Proposition 19

https://www.boe.ca.gov/prop19/

California Proposition 13

https://www.californiataxdata.com/pdf/Prop13.pdf

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Lifetime Gifts - Form 709

https://www.irs.gov/forms-pubs/about-form-709

Medicare

https://www.medicare.gov/

Social Security Administration

https://www.ssa.gov/

Individual Retirement Arrangements (IRAs)

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

Traditional and Roth IRAs

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

Self-Employment Tax

https://www.irs.gov/taxtopics/tc554

Community Property with Right of Survivorship

https://lslcpas.com/real-estate-ownership-community-property-right-survivorship-better-joint-tenancy/

1031 Exchange

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

Bonus Depreciation

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

Opportunity Zones

https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions

HUD

https://www.hud.gov/

Kiddie Tax

https://www.irs.gov/taxtopics/tc553

State and Local Tax (SALT)

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

Schedule K-1 (Form 1065)

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

Form 5498

https://www.irs.gov/forms-pubs/about-form-5498

Conservation Easements

https://www.conservationeasement.us/what-is-a-conservation-easement/

Alternative/Renewable Energy Tax Credits

https://www.americanprogress.org/issues/green/reports/2020/05/28/485411/renewable-energy-tax-credits-case-refundability/

Unrelated Debt-Financed Income (UDFI)

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

CARES Act

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

Tax Cuts and Jobs Act (TCJA)

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

Erik Dodds

https://afsplan.com/erik-dodds-2/

Tax-Wise Business Ownership by Toby Mathis

https://andersonadvisors.com/shop/

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/