As they attend an Executive Retreat in Maui, Toby Mathis and Michael Bowman of Anderson Advisors help you watch out for sharks, especially when it comes to taxes. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
- Can I take advantage of business deductions, if I don’t directly own rental properties, but invest in real estate as a limited partner in syndications and funds that generate K-1s? No; have one entity for investments and one entity to manage investments entity
- Regarding the 280A Form, how do I get reimbursed? You don’t have to report payment as income or pay taxes on it
- Can the Charitable Purpose Board’s activities take place in another country? Yes, approve it in the United States, but perform activities in another country
- If I purchase a property within an opportunity zone and start a business based from that building, do I still need to improve the property? Yes, substantially improve the property
- If a person uses cost segregation on rental home, isn’t depreciation recaptured upon sale of home? Can a 1031 Exchange be used? Cost segregation lets you write-off things and a 1031 Exchange can be used
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