621.7K
Downloads
342
Episodes
Real Estate Investors, Stock Traders, and Business Owners guide to preserve their wealth, protect their assets, and prosper in the future.
Episodes
Tuesday Jul 27, 2021
Tuesday Jul 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
https://infinityinvesting.com/
https://www.irs.gov/charities-non-profits/charitable-organizations
https://andersonadvisors.com/entity_formation/
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
https://www.law.cornell.edu/uscode/text/26/469
https://andersonadvisors.com/living_trusts/
https://andersonadvisors.com/retirement_plan/
https://www.airbnb.com/
https://www.irs.gov/tax-reform
https://www.irs.gov/forms-pubs/about-schedule-e-form-1040
https://costsegauthority.com/
https://www.investopedia.com/terms/f/franchise_tax.asp
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
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
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
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.
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
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/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jul 13, 2021
Tuesday Jul 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
https://andersonadvisors.com/entity_formation/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
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
https://andersonadvisors.com/retirement_plan/
https://andersonadvisors.com/living_trusts/
https://www.ml.com/
https://www.edwardjones.com/us-en
https://www.airbnb.com/
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
https://costsegauthority.com/
https://www.investopedia.com/terms/f/franchise_tax.asp
https://www.mileiq.com/
Qualified Opportunity Fund/Zone
https://www.irs.gov/credits-deductions/businesses/invest-in-a-qualified-opportunity-fund
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.
https://www.congress.gov/bill/116th-congress/house-bill/1994/text
https://andersonadvisors.com/section-280a-deduction-explained/
https://home.treasury.gov/policy-issues/coronavirus
https://www.paypal.com/
https://www.irs.gov/charities-non-profits/charitable-organizations
https://www.wework.com/
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
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/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jun 29, 2021
Tuesday Jun 29, 2021
Do you want to be the next Elon Musk of Tesla Motors? Do you have stocks that you want to buy, sell, or borrow against? Find out first if they have tax benefits or consequences by asking Toby Mathis and Jeff Webb of Anderson Advisors your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can we defer capital gains tax or spread it across multiple years? Use the 1031 exchange with real estate only to defer the capital gains; or the qualified opportunity fund/zone for any other capital gains installments over multiple years
- Can I do a 1031 exchange from a single house rental into a percentage group rental? Or to a partial interest in multiple rentals? Only if you are a tenant in common (TIC), but not in a partnership
- How does an LLC that’s a disregarded entity differ from a living trust in terms of estate planning? What if you have both? How do I use both in estate planning? An LLC is for liability protection, so the recommendation is to have both - LLC owned by the living trust
- Are the gains in a traditional self-directed IRA taxed the same as the rest of the money in the SDIRA when doing a conversion to a Roth SDIRA? There is no such thing as capital gains in IRAs
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
https://andersonadvisors.com/entity_formation/
https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes
Old-Age Survivors and Disability Insurance (OASDI) Tax
https://www.ssa.gov/policy/docs/progdesc/sspus/oasdi.pdf
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
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.
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065
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
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/forms-pubs/about-schedule-d-form-1040
https://www.irs.gov/forms-pubs/about-schedule-e-form-1040
https://www.airbnb.com/
https://andersonadvisors.com/retirement_plan/
https://andersonadvisors.com/living_trusts/
https://www.investopedia.com/terms/s/section-1244-stock.asp
https://www.investopedia.com/terms/c/cryptocurrency.asp
https://costsegauthority.com/
Qualified Opportunity Fund/Zone
https://www.irs.gov/credits-deductions/businesses/invest-in-a-qualified-opportunity-fund
https://www.irs.gov/charities-non-profits/charitable-organizations
Paycheck Protection Program (PPP)
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
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/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jun 22, 2021
Tuesday Jun 22, 2021
Are you thinking of investing in or buying real estate during the housing boom? What lending options and products are available for investors and other homebuyers?
In this episode, Toby Mathis of Anderson Advisors talks to Benson Pang from NestMade Mortgage in Monrovia, Calif.
Benson started his career as a civil engineer. Then, he pivoted to mortgage lending and obtained his broker’s license. Benson decided to start his own company, which has helped more than 1,000 individuals and families with their home purchase journey.
Highlights/Topics:
- Housing Boom: People want to own a piece of the real estate market.
- Why? Rent and home prices are on the rise, and interest rates remain low.
- Money Options: Trillions of dollars are being pumped into the economy.
- Who’s looking to buy? Healthcare workers, families, and homebuyers wanting another home or to upgrade with new money.
- Home Prices: Depending on the location, buyers are offering thousands to millions above the asking price.
- Appraisals: Buyers need to work with their lenders to close escrow quickly and require financing contingencies to compete with cash offers.
- Delay Financing, Refinance, or Lien.Ways to get a home and then get your money back.
- Deed of Trust. After escrow closes, get a rate-and-term refinance loan from the lender.
- Worst Case Scenario: Understand risk of removing any of the financing contingencies.
- Cash Flow Crunch: Your tax scenario may not be your cash scenario.
- Inflation: With more money being printed, comes inflation and raising interest rates.
- Reality Check: What are you paying in rent? What can you afford to not be house poor? Make an educated choice and lifestyle change before buying a home.
- Forgotten Upgrade Costs: Once you own a house, you want to do things to it.
- Should you pay off your home mortgage loan? It depends.
Resources:
Monrovia Mortgage Broker - NestMade Mortgage
https://nestmade.com/
https://www.fanniemae.com/
http://www.freddiemac.com/
Form W-2: Wage and Tax Statement
https://www.irs.gov/forms-pubs/about-form-w-2
Debt Service Coverage Ratio (DSCR)
https://www.multifamily.loans/apartment-finance-blog/what-is-dscr
Principal, Interest, Taxes, and Insurance (PITI)
https://www.investopedia.com/terms/p/piti.asp
http://tobymathis.com/
https://andersonadvisors.com/
Tax and Asset Protection Event
http://andersonap.com/
Tuesday Jun 15, 2021
Tuesday Jun 15, 2021
What’s the best way to handle the ups and downs of investing and tax consequences? Sit on your hands long enough until everything is okay, again. The hardest thing sometimes is waiting. In the meantime, Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Does day trading cause a higher tax consequence than long-term investing? Typically, if you have gains, it’s going to have a higher tax consequence, primarily because the day trading is all going to be short-term trades; however, long-term capital gains is subject to that long-term capital gain treatment - usually a much lower tax percentage
- If I own a property and I owe back taxes, can the government take it? If you owe back taxes, the government can certainly take your property and put a tax lien on it; then if it’s not paid, the government can sell it to make up for the taxes
- Can I rent a house owned by one of my LLCs? You can’t rent to yourself your own house
- How does rental income get taxed? Rental income is taxed at ordinary rates, it’s ordinary income; however, it is passive income and passive losses are limited
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
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
https://andersonadvisors.com/entity_formation/
https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
https://www.investopedia.com/terms/c/cryptocurrency.asp
https://nexo.io/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
https://www.energystar.gov/about/federal_tax_credits/renewable_energy_tax_credits
https://www.energystar.gov/about/federal_tax_credits/renewable_energy_tax_credits
https://andersonadvisors.com/retirement_plan/
https://andersonadvisors.com/living_trusts/
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019
https://www.congress.gov/bill/116th-congress/house-bill/1994
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.
https://www.law.cornell.edu/uscode/text/26/469
Old-Age Survivors and Disability Insurance (OASDI) Tax
https://www.ssa.gov/policy/docs/progdesc/sspus/oasdi.pdf
https://costsegauthority.com/
https://www.law.cornell.edu/uscode/text/26/1256
https://www.irs.gov/forms-pubs/about-form-8283
https://www.irs.gov/forms-pubs/about-form-3115
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
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/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jun 08, 2021
Tuesday Jun 08, 2021
If you Google conservation easements, you get the IRS’s Dirty Dozen list of those that have abused them. Make no mistake, laws are written to allow certain situations to benefit the taxpayer. There's a difference between doing it right and wrong.
In this episode, Toby Mathis of Anderson Advisors welcomes back Tyler Surat to talk about the right way that conservation easements can benefit investors. Tyler works in the alternative energy sources industry and helps farmers and others with the conservation and preservation of their land by creating easements.
Savvy tax investors or business people and individuals use conservation easements to do two things—help society and the environment, and get a tax benefit as a result. If you are not interested in helping the environment, then it's probably not something for you to do. The purpose is conservation.
Highlights/Topics:
- What is a conservation easement? The U.S. government quit using funds to purchase land to conserve and expected constituents or the public to do so.
- How did the government incentivize them? Through taxes, which is its greatest asset to offer. It’s a trade. You take a viable development or property that could be developed in some form that has a large market value. It must be developed; hold conservation piece.
- Does it actually hold that conservation effort? The government will offer a tax deduction for the market-developed value of that property.
- What's the good, bad, and ugly of conservation? Somebody with land or something may use conservation easements to benefit themselves. The investor can be involved, too.
- What if ranchers have land that can be developed? If they do, can they continue to farm and ranch that land? If they can, then they typically take beautiful portions of the ranch or what they own, something that somebody would desire. They have true conservation.
- Is it at the same multiple in private and group investments? Probably not, but their purpose is true conservation. Benefit from it.
- What is given up or away with conservation easements? You're basically giving up the developed rights. Once you conserve and place that easement on that land, that land's not worth $2,000 an acre anymore. It's worth less because a land developer can't buy it. The only person that would want to buy it - somebody that wants green space.
- Are green spaces in highly developed areas? They can have townhomes.
- What are good investors doing now? Reaching out to local appraisers and getting that local feel. A good provider provides ample documents for investors to be well informed.
- When you become a partner, you're investing in real estate development. What are the three options? Do nothing, develop, or conserve.
- Do all states follow conservation easements or allow the deductibility? Most states go off adjusted gross or taxable income. They never get to see the conservation portion.
- Do most people know about the statute of limitations for conservation? Three years from the time you exhaust the deduction.
Resources:
https://www.linkedin.com/in/tyler-surat-1a17881b
mailto:tsurat@onetreeadvisors.com
Tyler Surat’s Phone Number: 719-580-3051
https://steelcitysolar.us/
https://andersonadvisors.podbean.com/e/conservation-easements/
Internal Revenue Service (IRS) - Dirty Dozen List
https://www.irs.gov/newsroom/dirty-dozen
https://www.maralagoclub.com/
Residential Energy Credit: Instructions for Form 5695 (2020)
https://www.irs.gov/instructions/i5695
http://www.ducks.org/
https://operationsurf.org/
http://tobymathis.com/
https://andersonadvisors.com/
Tax and Asset Protection Event
http://andersonap.com/
Tuesday Jun 01, 2021
Tuesday Jun 01, 2021
Did you miss the April 15 tax deadline? Are you safe from significant penalties? What’s the best way to legally, morally, and ethically not pay taxes? It depends. Jeff Webb, Tax Director, and Eliot Thomas, Senior Tax Advisor, of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- If you experience a one-time large capital gain from exercising stock options, is it absolutely imperative that you figure out quarterly payments to avoid penalty, and if so, what if you missed April? There’s a safe harbor for calculating tax estimates and it requires paying in 90% of the current year tax or 110% of the prior year tax; and estimated tax penalties are typical not significant, but handle missed payment soon
- What is the best way to take advantage of Section 179 for new vehicles over 6,000 pounds? Typically, most people do not use Section 179 because of bonus depreciation, restrictions, and limitations
- How are crypto currencies taxed, and what’s the best way to legally, morally, and ethically not pay taxes? Depends on how you are getting the crypto currency; if you are buying and selling, it is treated as a security and other rules apply; if you are mining crypto currency, find out the value of that crypto bitcoin the day it is created
- What will happen if you open an LLC with Corp status but you missed the deadline? What should you do? If you missed the tax deadline and have a loss on your Corp, it typically doesn’t affect you; if you have a lot of startup costs, you need to file your initial tax return on time
- Does tax on depreciation recapture, like capital gains, go away when property is inherited? When you inherit property, everything resets and goes away, like capital gains
- Do I have to report a home I lived in and sold even though I purchased a new home? Previous Section 121 states as long as you buy a more expensive home than the one you sold, you can defer any gain until the age of 55; Section 121 now states if you lived in the home for two of last five years, you can defer a large part or all the gain
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 on June 5
http://aba.link/iiw
Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis
http://aba.link/infinitybook
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
https://www.section179.org/section_179_deduction/
https://bitcoin.org/
https://nexo.io/
https://andersonadvisors.com/entity_formation/
https://andersonadvisors.com/retirement_plan/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
https://andersonadvisors.com/living_trusts/
Section 121 - Capital Gains Exclusion
https://www.irs.gov/taxtopics/tc701
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/forms-pubs/about-form-1040
https://z.cash/
https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes
Employee Retirement Income Security Act (ERISA)
https://www.dol.gov/general/topic/retirement/erisa
U.S. Department of Labor (DOL)
https://www.dol.gov/
https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065
https://costsegauthority.com/
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.
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
https://tobymathis.com/
https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
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/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday May 25, 2021
Tuesday May 25, 2021
If you are a real estate investor, you’ve probably been thinking about multifamily investing because there’s going to be scale in that space. Start house hacking and raise capital!
Today, Clint Coons of Anderson Business Advisors talks to Matt Faircloth from the DeRosa Group about how to get started in multifamily investing. Matt is a full-time investor and has successfully completed projects involving fix and flips, single family homes, apartment complexes, and office buildings.
Also, Matt is a regular contributor and podcast guest on BiggerPockets and has an active YouTube Channel dedicated to educating investors. He is the author of Raising Private Capital - How to Build Your Real Estate Empire with Other People's Money.
Highlights/Topics:
- Getting Started: Matt read Rich Dad Poor Dad and discovered the power of passive investing, creating assets, and not trading hours for dollars.
- Bigger and Better Deals: Matt and his wife didn’t get into real estate to start investing in multifamily, but worked their way up into larger deals with apartment complexes.
- Self-managed Properties: Matt learned about tenant relations, how to select tenants, and what it takes to manage and scale single-family properties for a small portfolio of rentals.
- Best Bang for Your Buck: Start with a small multifamily deal because it’s cheap debt and very little money down.
- Real Estate Syndication: Scale into larger multifamily assets faster by selling equity and raising capital.
- Words of Wisdom: Observe the masses and do the opposite to be competitive.
- Affordability Analysis: What’s the median income in the city and surrounding area of multifamily space?
- Can tenants afford a rent increase to justify improvements? Property management companies tend to approve tenants that make more than 3x the rent as their earned income before taxes.
- 50/50 Mix: Matt recommends seeking multifamily properties with a mix of one- and two-bedroom units, then add amenities, such as family oriented and pet parks.
- Self-manage vs. Property Management Companies: Depends on if you want to stay small and retain control or reduce vacancy rates and execute business plan to scale.
- Affordable/Low-Income Housing: Owners should perform due diligence because despite the stigma, tenants don’t want to lose their Section 8 status. They must follow rules or face penalties and be evicted. Low-income housing tax credits can be lucrative.
Resources:
https://www.derosagroup.com/
https://www.youtube.com/user/derosagroup
https://www.biggerpockets.com/
Raising Private Capital: Building Your Real Estate Empire Using Other People's Money
https://www.amazon.com/Raising-Private-Capital-Building-Peoples/dp/1947200984
Rich Dad Poor Dad by Robert T. Kiyosaki
https://www.richdad.com/
Federal Housing Administration (FHA)
https://www.hud.gov/program_offices/housing/fhahistory
U.S. Securities and Exchange Commission (SEC)
https://www.sec.gov/
https://www.fanniemae.com/
http://www.freddiemac.com/
https://www.hud.gov/topics/housing_choice_voucher_program_section_8
https://www.loopnet.com/
https://andersonadvisors.com/clint-coons/
https://andersonadvisors.com/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Thursday May 20, 2021
Thursday May 20, 2021
What is wholesaling and how do you make seven figures doing it? If you are interested in becoming a wholesaler and finding fix-and-flip real estate deals, learn from a problem solver extraordinaire who is part of a supergroup.
In this episode, Toby Mathis of Anderson Advisors talks to Jamil Damji about the art of wholesaling. Jamil has been in the real estate business since 2002 and successfully built KeyGlee, which is a national franchise with 100+ employees, spanning 180 U.S. markets.
Also, Jamil runs a mentorship called, AstroFlipping, where he mentors and educates hundreds of entrepreneurs on how to be successful in their own wholesaling real estate business. He is the co-host of the fastest growing podcast on wholesale real estate called, Wholesale Hotline, and he started his own podcast called, To the Moon, where he highlights student success.
Jamil’s mission in life is to impact as many lives as possible and share knowledge he has gained with those that have a desire to learn.
Highlights/Topics:
- Who invented wholesaling? As far as Jamil knows, he did in Canada, not Ron LeGrand
- How to wholesale? Find condos, apartments, and single-family homes to buy then sell
- Developers: Working and looking for raw materials for property conversions
- Skip Transfer: Get two contracts, one to buy, one to sell property to make a profit
- Business Model: Search classifieds for rentals to amass a small fortune, only to lose it all
- Financial Crisis: Parents cosigned construction loans and all residences were foreclosed
- Standup Comedy: Plan, prepare, strategize to take care of family cause it’s your fault
- Potential Properties: Wholesalers look at as-is value and after-repair or after-risk value
- Potential Property Sellers: Cash transaction is solution or only option to situation
- KeyGlee’s Core Competency: Building cash buyers, flippers, and buy-and-hold renters
- Keys to Success: No cash or credit necessary, it takes consistency and hustle
- Indicators: Lending criteria is significantly harder and inflation is a true fear
Resources:
https://www.instagram.com/jdamji/?hl=en
https://www.youtube.com/channel/UCDqJP0mZNOSR9JiIRE02NxQ
https://www.keyglee.com/
AstroFlipping - Real Estate Education
https://www.astroflipping.com/
https://www.youtube.com/watch?v=RYxRy710erI
https://www.youtube.com/watch?v=lQTvL0755MU
https://www.ronlegrand.com/
https://www.homevestors.com/
https://www.webuyuglyhouses.com/
https://www.dnb.com/business-directory/company-profiles.blackhawk_parent_llc.77000ae18ddcfae81d823a112bd88e4b.html
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday May 18, 2021
Tuesday May 18, 2021
Did you happen to watch Saturday Night Live with Elon Musk? Was it a waste of time and money? Maybe you should ask Toby Mathis and Jeff Webb of Anderson Advisors to answer your questions about buying a Tesla, investing in bitcoins, and other cryptocurrencies. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- I would like to make my investment condo my primary residence for tax benefits upon its sale - without sleeping there 731 days over five years. Is that only a safe harbor measurement or a hard-and-fast rule? Refer to Section 121 - Capital Gains Exclusion because your primary residence is where you spend the most nights
- How can I take profits out of an S Corp without paying a lot in taxes? If you are the 100% shareholder of the S Corp, whatever profit that S Corp has, that’s your income and you pay tax on that income, regardless of whether you take money out of that S Corp or not
- How do you account for remodeling expenses versus maintenance expenses for a rental property? Maintenance expenses or repairs are expenses for keeping the asset at its current value; remodeling expenses are improvements such as renovations or a betterment to increase the value of the asset
- Can an employer contribute to a profit-sharing retirement plan if there was no profit for the year? It has nothing to do with profit, but it does help to have profit to pay the contributions or create a loss
- If my business and house are in my revocable living trust when I die, what kind of tax will my kids (the beneficiaries) have to pay on getting the business or the house? When you die, a portion of the assets in the revocable living trust go into an irrevocable trust, so your estate may pay tax, but beneficiaries will never pay tax on inheritance or gifts
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
https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions
https://andersonadvisors.com/entity_formation/
https://andersonadvisors.com/retirement_plan/
https://bitcoin.org/
https://andersonadvisors.com/living_trusts/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
https://www.irs.gov/tax-reform
https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1400Z-2&num=0&edition=prelim
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.
Section 121 - Capital Gains Exclusion
https://www.irs.gov/taxtopics/tc701
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
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
https://costsegauthority.com/
https://nexo.io/
https://www.irs.gov/newsroom/additional-first-year-depreciation-deduction-bonus-faq
https://www.section179.org/section_179_deduction/
https://www.irs.gov/forms-pubs/about-form-1040
https://www.irs.gov/forms-pubs/about-form-3115
https://www.irs.gov/forms-pubs/about-form-1065
https://www.irs.gov/forms-pubs/about-form-1041
https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes
https://www.energystar.gov/about/federal_tax_credits/renewable_energy_tax_credits
https://www.bennet.senate.gov/public/index.cfm/american-family-act
https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf
https://www.law.cornell.edu/uscode/text/26/469
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
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/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/