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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 Apr 19, 2022
Tuesday Apr 19, 2022
How can reinvesting help you avoid capital gains taxes? Jeff Webb and Eliot Thomas of Anderson Advisors answer that question and others about capital gains. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Is it true that creating a revocable living trust will raise my capital gains taxes if I sell my primary residence vs. if I transfer the house into my name, I must live in it for two to five years to qualify for lower capital gains taxes? If you take advantage of Section 121,You have to live in it for two to five years no matter what. Putting it under the revocable living trust or in your own name, that can be done.
- I have sold a real estate transaction in 2022. Can I avoid capital gains taxes if I purchase another real estate transaction in 2022? It depends. If you have already sold it and received the proceeds from the sale, Section 1031 (like-kind exchange) is no longer available or possible.
- I am a retired person wanting to give a sum of money to my son. How can I advise him regarding deferring taxes on that inheritance money? You don't have to tell your son anything because he's not the one who has to pay taxes on it. The recipient doesn't have to pay tax. It's the grantor, donor, gift giver that may have to pay taxes on it.
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:
https://andersonadvisors.com/living-trusts/
https://www.irs.gov/taxtopics/tc409
https://andersonadvisors.com/entity-formation/
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/taxtopics/tc701
https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-tips
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Thursday Apr 07, 2022
Thursday Apr 07, 2022
If you haven’t watched “Triple Digit Flip” on A&E yet, you need to because it’s tough to find real deals. What do you need to look at when analyzing properties and going through the numbers?
Today, Clint Coons of Anderson Business Advisors talks to Pace Morby, who shares his real estate investing secrets for 2022. If you haven’t listened to Pace’s first episode, go to Creative Financing Strategies with Pace Morby.
Pace is on a mission to bring others value and snuff out the fluff in the industry. He is known as the go to "subto guy" bringing creative strategies to the mainstream real estate investment industry.
Pace and his partner have amassed more than $32 million in buy-and-hold properties while operating wholesale, fix-and-flip, and other symbiotic businesses.
Also, Pace’s high energy and no BS approach attracts loyal followers across social media. He is able to tell stories and crush it when closing sellers.
Highlights/Topics:
- Highest and Best Offer: How much are you willing to pay for a property?
- Wholesale vs. Cash: Seller is willing to work with cash or terms in competitive market
- Secure Creative Financing: Structure loan the right way to buy deals and not overpay
- Why? Sellers accept terms rather than cash because of tax liability and capital gains
- Morby Method: Use better negotiation tactics or find lender to get a non-recourse loan
- Cash Flow: Do you listen and follow Robert Kiyosaki or Dave Ramsey’s advice?
- Where to find off-market deals and comp listings? PropStream or BatchLeads
- Triple Digit Flip: How to get selected and start in real estate for free with Pace
Resources:
Pace Morby Mentorship: http://subto.com/
http://subto.com/
Pace Morby Ebook: Subto Seller Spells
https://go.subto.com/ebook-seller-spells
Pace Morby on Youtube: https://www.youtube.com/c/PaceMorby
https://www.youtube.com/c/PaceMorby
Pace Morby on Instagram: https://www.instagram.com/pacemorby/
https://www.instagram.com/pacemorby/
Facebook Group: Creative Financing with Pace Morby
https://www.facebook.com/groups/creativefinancewithpacemorby
https://www.aetv.com/shows/triple-digit-flip
https://www.myinvestorloan.com/
https://andersonadvisors.com/clint-coons/
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Apr 05, 2022
Tuesday Apr 05, 2022
Are there any strategies to mitigate capital gain tax on the sale of a vacation home? Can you no-tax your vacation home? Toby Mathis and Michael Bowman of Anderson Advisors answer your questions about how to mitigate capital gains taxes. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- For a partnership LLC, can capital gains (such as stock sale) from brokerage account owned by the business be combined/offset with real estate losses *such as depreciation) in the LLC? It depends on the type of real estate. If it's rental real estate, no, unless you’re a real estate professional or active participant in real estate, and you make less than $150,000.
- When I sell a property for 1031 exchange, can I sell 100% ownership of the owning LLC instead of the actual real estate to avoid the transfer taxes, title fees - assuming the LLC is single owner and only owns the subject property, nothing else? You can’t do a 1031 exchange of an entity to try to avoid the transfer taxes and title fees, nor should you. Technically, the change of ownership of an entity, even 50%, is a deemed sale of the underlying asset.
- If I buy an existing home inside an opportunity zone will I be able to save tax on the capital gain, if I keep the property for 10 years? You can buy a piece of property, but you have to double its depreciable basis. If you do that and hold it for at least 10 years, you could step up the basis on any given year to its fair market value and avoid tax on the growth of that asset. Yet, you have to recognize the deferred gain in the 2027 period.
- Our vacation home is in another state and it's solely for personal use and never rented. We've owned it for 10 years. Are there strategies to mitigate capital gains tax on the sale of a vacation home? Do we have to make it our primary residence for two years before we can sell it and get the capital gains exemption? You have to live in your vacation home as your primary residence for two years prior to selling it. Or, make it into an investment property and do a 1031 exchange.
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:
https://www.irs.gov/taxtopics/tc409
https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-tips
https://www.irs.gov/credits-deductions/businesses/opportunity-zones
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/michael-bowman/#:~:text=Michael%20B.,Nevada%2C%20Arizona%2C%20and%20Washington.
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Thursday Mar 31, 2022
Thursday Mar 31, 2022
What are some mind-blowing ways to access capital that you may not be aware of—where the money is 100% tax-free and you don’t have to report it on your personal credit and FICO score?
In this episode, Toby Mathis of Anderson Advisors talks to Geal Talbert, Vice President of Wealth Management at UBS Financial, and Dan Ollman, Executive Manager - Anderson Funding Community, which helps people get money for new businesses as well as for flippers from non-traditional sources.
Geal and Dan are two experts in the realm of other people’s money (OPM) and how you get access to it.
Geal's specialization includes advanced planning strategies for tax minimization, estate transfer, and business exit planning to ensure clients maximize the net proceeds from the sale of their business.
DISCLAIMER: The rates mentioned on this podcast change regularly.
Highlights/Topics:
- Rampant Inflation: At almost 8%, now is not the time to sell assets to pay bills.
- Why sell when you don’t have to? Instead, you buy, borrow, and step up in basis.
- Security-backed Lines of Credit: Different investments have different line maximums.
- How long does it take and how much do you get? Depends on quality of equity of stock.
- What could go wrong? You’ll have to come up with more cash or sell to cash.
- No Cost: What does it cost to get a line of credit? Do you pay for points upfront?
- What does somebody need to have in their account to qualify for a fixed rate? $25,000
- Private Money: If assets continue to grow, then dividends are used to pay back loans.
- Non-revenue-producing Business: Brand new companies/startups can get lines of credit.
- Line of Credit: Get credit when you don’t need it. You never know when you’ll need it.
Resources:
https://advisors.ubs.com/geal.talbert/
https://advisors.ubs.com/successiongroup/
Dan Ollman Phone: (800) 706-4741 x 270
Dan Ollman Email: funding@andersonadvisors.com
1-on-1 Consultation: https://calendly.com/anderson-funding-community/
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Mar 22, 2022
Tuesday Mar 22, 2022
Should you consider switching from a Limited Liability Company (LLC) to S corporation? Not if you and your business partner have an LLC for your real estate investments that is an LLC taxed as a partnership. There’s no reason to convert it to an S-Corp.
In this episode of Tax Tuesday, Toby Mathis and Jeff Webb of Anderson Advisors provide answers to your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- If I buy an existing home inside an opportunity zone, will I be able to save tax on the capital gain if I keep the property for 10 years? Qualified opportunities had three benefits. The deferral, step-up, and payout. You still get the deferral. It's a shorter deferral now, but you still get it. The step-up in basis is now gone. You've got a 10% step-up in basis of your property that you put into the opportunity zone. The payout is if you hold the property you put in there for 10 years, that's tax free and still exists. The one thing that's missing is that 10% step up-in basis.
- We sold a single family residence in December 2021 and in the process of a 1031 exchange. Can our expenses, such as repairs, painting interior, and replacing carpet, be deducted as expenses, or used to increase the cost basis of the property? Although the word, repairs, was used, carpet and paint is always deductible as a repair. You never capitalize that. Anything that's truly repairs, write it off as a rental expense. If it goes to basis, you're not getting any benefit out of it.
- My business partner and I have an LLC for our real estate investments. Our LLC is taxed as a partnership. Would it be better to convert our LLC to a S corporation? If so, why? No, there’s no reason to convert it to an S-Corp.
- I incorrectly allocated too much building versus land. I understand that my depreciation expense will decrease. How do I correct my tax returns for a basis error on my vacation rental property? This is a change in accounting estimate, which means if it's wrong on last year's return, you go in and correct the numbers on this year's return. If you mess up something on a return, but thought you were correct when you did it, you are not under any legal obligation to go back and restate it.
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:
https://www.irs.gov/credits-deductions/businesses/opportunity-zones
https://www.irs.gov/forms-pubs/about-form-3115
https://www.irs.gov/pub/irs-drop/rr-14-02.pdf
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Mar 08, 2022
Tuesday Mar 08, 2022
In this episode of Tax Tuesday, Toby Mathis and Jeff Webb of Anderson Advisors provide answers to your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- I bought a property in Georgia in 2021, doing renovations and repairs, planning to rent it out in March 2022. I didn't collect rents in 2021, so, I can't claim this property on my 2021 tax return, correct? Can I deduct the expenses ahead for renovations in 2021 in my next year's tax return, 2022? Correct, you cannot claim those deductions in 2021. They don't disappear, but what happens is the majority of those renovation and repair expenses go into the basis of your property. You will get to depreciate them if you do cost segregation.
- Is YouTube income considered passive or active? It depends on whether you're passively or actively participating. What matters is a test for material participation.
- I manage properties for a relative as an employee of a C-Corp. During a banking transaction, I personally received the rents through Zelle in 2021, the start of 2022. Those rents were then redeposited into the property owner's personal bank account. Will I have a problem with my 2021 tax return? Do I need to issue a 1099 to the property owner for 2022? Never accept payments in your personal name that belonged to somebody else. You're not going to have a problem, but if you did receive a 1099 for this money, then issue a 1099 back to whoever the money was paid to.
- Can you elaborate on revocable versus irrevocable trust from a tax standpoint? A revocable trust is almost like a disregarded entity. It's good for protecting assets—your estate and so forth—from probate, but you can change it every day if you want. The revocable trust is taxed as though it doesn't exist.
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:
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-b-form-1040
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Feb 22, 2022
Tuesday Feb 22, 2022
Oh, you did what? I can't believe you did that! Call me next time. Accountants and attorneys could have saved you money. You, too, can annoy and laugh at others at family and social gatherings and parties.
In this episode of Tax Tuesday, Toby Mathis and Jeff Webb of Anderson Advisors discuss how to write off rental property expenses, as well as answer additional tax-related questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can losses from real estate syndications be taken against active income if you or your spouse are real estate professionals, or is there more criteria? Real estate syndications are treated pretty much the same way that any other type of real estate property would be that's for rent. If you do a cost segregation, you have accelerated depreciation. You can deduct stuff as a real estate professional that you may not be able to deduct as just somebody investing in real estate.
- Can I owner finance or lease purchase a property that currently has a mortgage on my personal name and the deed is titled on my LLC? Yes, you could do this as a Subject 2. They're not taking over the mortgage, they're buying it subject to the existing mortgage.
- Trying to buy a short-term rental. If I sign for the loan personally and title the property in an LLC, would that be considered co-mingling personal assets with LLC to break the corporate veil? No, that doesn't really break the corporate veil, but you should keep the transactions as separate as possible. If you're just buying the property and then transferring it to the LLC, that's not a big deal.
- Can I start filing taxes for LLCs I created for two of my rental homes, even though the real property deeds have not yet been transferred/filed/recorded to said LLCs? It depends on how the LLC is being taxed. If they're disregarded to you personally, report them on your 1040. If it's going through an entity, they're not titled to that entity, that's more problematic. You still have to file the taxes.
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:
The Build Back Better Framework
https://www.whitehouse.gov/build-back-better/
https://www.irs.gov/tax-reform
https://mileiq.com/
Uniform Gifts to Minors Act (UGMA)
https://www.investopedia.com/terms/u/ugma.asp
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Monday Feb 21, 2022
Monday Feb 21, 2022
How do you get started in real estate investing outside of your local area? Are you struggling to get started in a different state? Trying to figure out how to find properties outside the area in which you live?
Today, Clint Coons of Anderson Business Advisors talks to Gary Beasley, Co-founder and CEO of Roofstock, a leading real estate investment marketplace. Gary explains how to start investing in real estate that is not in your local area, but in markets where you get higher cap rates and properties without having to put in hundreds of thousands of dollars.
Gary has spent most of his career building businesses in the real estate, hospitality, and technology sectors. Before starting Roofstock, Gary led one of the largest single-family rental platforms in the United States through its IPO as Co-CEO of Starwood Waypoint Residential Trust, now part of Invitation Homes.
Highlights/Topics:
- Numbers Game: Sizable portfolio with multiple properties for multiple cash flow streams
- Roofstock: Unlocks asset class for investors to break down geographic barriers
- Result: Real estate investors buy homes with tenants to create efficient marketplace
- Differences between Roofstock, Redfin, and Zillow when it comes to property research
- Risk-Reward: What returns will be generated and what risks are you willing to take?
- Where to get properties? Organically, customer acquisition, PR, educational content
- Rent Ledger: Access data in the system and view tenant payment history
- Best of Both Worlds: Opportunity to buy it now and all returns are based on that price
- Roofstock Academy: Sign up and get proprietary access to experts who help you
- Different Sellers, Motivations. Some want to sell quickly, and some are more patient
Resources
https://www.linkedin.com/in/gary-beasley-956647
https://www.roofstock.com/
https://www.roofstockacademy.com/courses
The Remote Real Estate Investor
https://podcasts.apple.com/us/podcast/the-remote-real-estate-investor/id1502473360
https://www.greatjones.co/
https://www.salesforce.com/
https://andersonadvisors.com/clint-coons/
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Feb 08, 2022
Tuesday Feb 08, 2022
Are you going to inherit a house from your parents? Also, how will the new IRS rule on third-party payer apps, such as Venmo and Zelle, affect a landlord to collect rental payments? Beware of gift taxes from real estate, 1099-K and 709 forms, and other tax implications.
In this episode of Tax Tuesday, Toby Mathis and Jeff Webb of Anderson Advisors discuss gift taxes from real estate and new IRS rules on CashApp as well as answer additional tax-related questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- I am from Dallas, Texas. My parents have a primary home and rental house. They want to give me their rental house, but they owe $42,000 to the mortgage company. What’s the best way to inherit the house, how do I deal with the gift tax, what tax implications do I need to be aware of, and how can I avoid the taxes if possible? If you are gifted an encumbered property, it decreases the gift amount. Take over the loan, or if you are not able to pay off the loan and the parents continue to pay it, then that would be considered a gift. Otherwise, do nothing.
- Can one circumvent the $16,000 maximum yearly gift tax exclusion by giving $16,000 to multiple persons who in turn also give $16,000 to the same single final recipient? No, you can't do this step transaction, a collapsible transaction. The IRS looks at what happened from the beginning to the end and will find that you actually made that gift yourself to that single recipient.
- How will the new IRS rule on third-party payer apps, such as Venmo, Zelle, etc., affect a landlord to collect rental payments via a phone number or email linked to one bank account. The landlord will get a 1099-K for payments received, which is personal income, but taxable revenues are split amongst rental entities. What’s the best way to handle this? If all the properties are in your name, it will not make any difference. If you have one party collecting for yourself, partnership, or S Corp, then it can create an issue.
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:
https://www.irs.gov/businesses/understanding-your-form-1099-k
https://www.irs.gov/forms-pubs/about-form-709
Unrelated Business Income Tax (UBIT)
https://www.irs.gov/charities-non-profits/unrelated-business-income-tax
Unrelated Debt Financing Income (UDFI)
https://www.irs.gov/charities-non-profits/unrelated-business-income-from-debt-financed-property-under-irc-section-514
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jan 25, 2022
Tuesday Jan 25, 2022
How are taxes calculated when renting only one room in your home for Airbnb? How are the expenses calculated, such as cleaning fees, lawn care, pest control, maintenance, snacks, and other amenities offered to guests?
In this episode of Tax Tuesday, Toby Mathis and Jeff Webb of Anderson Advisors discuss calculating Airbnb taxes and answer additional tax-related questions.
Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- What are your thoughts on using a nonprofit that is funded with cryptocurrency? The cryptocurrency will need to be converted to cash and appraised when donating it.
- When purchasing a self-storage facility, should it be in it’s own LLC and can it be combined in an LLC that already has a property within its entity? It’s recommended to put it into two LLCs: Property in one and business in the other. Always separate them.
- How are taxes calculated when renting only one room in your home for Airbnb? How are the expenses calculated for amenities offered to guests? Depends on if it is a rental or for a business. There are two kinds of expenses that need to be calculated - direct (only applies to specific rental space) and indirect (utilities, mortgage interest, homeowners association fees, etc.).
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:
How Women Achieve Financial Freedom With Stocks & Real Estate (Feb. 5, 2022)
https://infinityinvesting.com/infinity-women-investing/
https://www.irs.gov/taxtopics/tc409
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/forms-pubs/about-form-709
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/