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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
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
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/pub/irs-news/fs-08-18.pdf
Real Estate Professional Requirements
https://www.aicpa.org/resources/article/tax-rules-for-real-estate-professionals
https://andersonadvisors.com/entity-formation/
https://www.irs.gov/taxtopics/tc409
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 Dec 14, 2021
Tuesday Dec 14, 2021
Toby Mathis and Ian Hanuscin of Anderson Advisors talk about how to deduct taxes when purchasing a home and answer other tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- How can I eliminate paying capital gains? I recently sold my rental property because I needed the cash to pay off a divorce settlement. What are my options? Since you already sold the rental property, doing a 1031 exchange is no longer an option, but a qualified opportunity zone is an option to defer the tax
- Which is better? A 1031 exchange with limited time and capital availability or paying capital gains with unlimited time available and no restrictions on capital? Depends on your income bracket, so before doing a 1031, talk to your tax person
- After receiving a sizable amount of money, how soon after do taxes need to be paid? Usually, it’s 90% of the current year’s income or either 100 or 110% of last year’s income for tax liability
- If I register a vehicle under my company name, is this tax deductible? If it’s 100% business use, yes; if not, determine the percentage of use and deduct that amount
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/pub/irs-news/fs-08-18.pdf
Real Estate Professional Requirements
https://www.aicpa.org/resources/article/tax-rules-for-real-estate-professionals
https://www.irs.gov/credits-deductions/businesses/opportunity-zones
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 Nov 30, 2021
Tuesday Nov 30, 2021
Happy Thanksgiving! What are you thankful for? Toby Mathis and Jeff Webb of Anderson Advisors talk about how to use LLCs for your wholesale real estate, retirement plans, and other tax questions. They relate seasoning and cooking the turkey as well as words of wisdom from Bobby Boucher in Waterboy to tax topics. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Roth Account: I’m not 59 ½ yet. I know I can withdraw my contribution/conversion amounts without paying taxes, but will I be penalized? If you withdraw your contributions from a Roth IRA, there’s no taxes or penalties, but if you take out earnings from a Roth IRA held for less than 5 years and you’re under 59 ½, you’re subject to taxes, penalties
- Wholesaling: Should that be an LLC by itself? One LLC per deal or just use the same one? Depends on whether your state has a series LLC because it’s easy to create a series but it’s difficult to open bank accounts for them
- I’m thinking about delivering packages for a delivery service to supplement my income. My current car is paid off. Should I buy or lease a vehicle for business use? Should my earnings fall under the protection of an LLC and Employer Identification Number (EIN)? Do not lease a vehicle for something like this because you will quickly exceed the mileage limitations, but do set up an active entity (S/C Corp, LLC) for liability protection
- If I purchased a course or educational support not in my LLC’s name, can I still deduct it for my business? Yes, if it is directly related to your business, but get reimbursed
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://infinityinvesting.com/
https://andersonadvisors.com/retirement-plan/
https://andersonadvisors.com/entity-formation/
https://www.irs.gov/taxtopics/tc409
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/
Thursday Nov 18, 2021
Thursday Nov 18, 2021
Do you know how to invest in real estate, evaluate property, and spot potential? Learn how to wholesale, invest, and change your life for the better. Once you can understand value, you can create enormous amounts of wealth.
Today, Clint Coons of Anderson Business Advisors talks to Jamil Damji, an internationally known real estate investing/wholesaling expert, about identifying real estate potential.
Jamil is known as the “Wholesale Genie” and hosts Triple Digit Flip on A&E. Also, Jamil is a co-founder of KeyGlee, the #1 wholesale company in the world with more than 180 current franchises. He teaches students around the world with his mentorship program, AstroFlipping, where students constantly crush their goals and find financial freedom.
Highlights/Topics:
- Triple Digit Flip: Dives into and pulls back the curtain on real estate businesses
- KeyGlee: Nationwide wholesale operation that’s franchised across the country
- How to Find Properties: Door knocking, driving around, and developing relationships
- Decision-Making Process: Break down reasons to wholesale or fix and flip properties
- Property Assets: Can people see where the value is? Can they be taught to do that?.
- Asset Classes: Working-class neighborhoods to luxury flips (value-add opportunities)
- Nationwide Buyers List: Nearly half a million people and growing every single day
- Inflation: Cost of living in a world (and specific locations) that is out of control
- Private Equity Companies: Unprecedented new form of demand in real estate market
- Cyclical Market: Interest rates, demand, and global socio-political things drive pressure
- Natural Human Behavior: People either jump into the market or relax out of the market
- Trends: Profit from buying properties for yourself and others that make huge profits
- Housing Piece: Need cash in an investment vehicle that's protected against inflation
- Patterns: Look for activity to determine whether to buy or sell property from somebody
- Skip Tracing: Available resources to find contact information for a homeowner or LLC
- How to Comp Properties: Don't take somebody’s word on how much something is worth
- Common Criteria: When appraising houses - don’t leave subdivision without viable comp
Resources
https://www.youtube.com/channel/UCDqJP0mZNOSR9JiIRE02NxQ
https://www.instagram.com/jdamji/?hl=en
https://www.aetv.com/shows/triple-digit-flip
https://www.keygleehomes.com/
https://www.astroflipping.com/
How Buy Real Estate with Seller Finance with Pace Morby & Clint Coons
https://www.youtube.com/watch?v=oIVrrK1CL2s
Breaking Down Wholesale Real Estate with Max Maxwell
https://andersonadvisors.com/podcast/wholesale-real-estate-with-max-maxwell/
https://ibuyer.com/
https://andersonadvisors.com/clint-coons/
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Nov 16, 2021
Tuesday Nov 16, 2021
What business expenses can be deducted? Are memberships, technology, coaching, training, and supplies included? Jeff Webb and Eliot Thomas of Anderson Advisors talk about how to claim business expenses on year-end taxes and other topics. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can the owner of a C Corp and the founder of a nonprofit have a 401k plan for the C Corp and a 403b plan for the nonprofit without there being a control group? Depends on who is controlling the nonprofit (i.e., directors vs. shareholders)
- Are capital gains from stock sales/options trading included in calculating minimum income for IRA/Roth IRA limit? Capital gains from stock sales/options are all considered portfolio or non-earned income
- When trading crypto, if you trade an altcoin for bitcoin, is that a taxable event? Yes, it’s similar to securities but more of a direct conversion; whenever you buy something or trade with bitcoin, that is a taxable event
- I have rental property that I would like to sell. Can I find a replacement property first and still do a 1031 transaction? Yes, you can do a reverse 1031, but you need to loan money to a qualified intermediary (QI) to buy the replacement property on your behalf
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 by Toby Mathis
https://www.amazon.com/Infinity-Investing-Rich-Richer-Same/dp/1950863271
https://andersonadvisors.com/retirement-plan/
https://andersonadvisors.com/entity-formation/
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://andersonadvisors.com/1031-exchange/?highlight=1031%20exchange
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Wednesday Nov 10, 2021
Wednesday Nov 10, 2021
Cost segregation is one of the best tax strategies for anybody in real estate investing, such as short-term rentals, to create losses that offset active and passive income. Find out how to keep your taxes as low as possible.
Today, Clint Coons of Anderson Business Advisors talks to Erik Oliver, Managing Director of Cost Segregation Authority. Erik shares cost segregation techniques that you should apply on your properties to reduce your income taxes.
Also, Erik speaks at local, regional, and national events. He brings with him a passion for identifying cost savings and educating commercial real estate owners on the benefits of cost segregation. Prior to joining the Cost Segregation Authority, Erik was an operations manager for a multi-million-dollar landscaping and design firm in Long Island, NY.
Highlights/Topics:
- What is cost segregation? Accelerated depreciation of property assets
- How does cost segregation work? Get cost seg study done to get deductions sooner
- Past vs. Present: Cost seg was only for commercial properties, now includes residential
- Bonus Depreciation: Benefits are bigger, fees are less for cost seg study of properties
- Missed Depreciation: Fix asset depreciation w/ cost seg study, w/out amending returns
- Why not do a cost segregation study? Passive loss issue or huge carry forward
- What about inflation? No other reason to wait, get deductions sooner than later
- Partial Asset Disposition: If assets are disposed of early, write-off book value as expense
Resources
Request a FREE Cost Segregation Benefit Analysis
Erik Oliver’s Phone: 602-568-0032
Wednesday Nov 10, 2021
Wednesday Nov 10, 2021
If you do wrong by your investment clients, who are they going to blame? The name on the door.
Today, Toby Mathis of Anderson Business Advisors talks to Andrew Spaventa of The Spaventa Group about how to invest in the next innovative company via a venture round investment.
Andrew is a high-energy, outgoing, positive person who loves what he does and that’s why he started his own investment firm to create wealth for his clients and workforce.
Highlights/Topics:
- The Spaventa Group: Embodies/represents work culture, leadership, growth, guidance.
- Pre-IPO: Large, private company that exists 5-10 years and within 2-5 years of liquidity.
- Technology: Advancing at a rapid pace and changing the way companies operate.
- Risk Capital: Does not mean investing all in, but the likelihood of losing it all is slim to none.
- No Regrets: Don’t miss opportunities, make decisions quickly because shares sell fast.
- Expectations: Due diligence, limited access, client influx, more rounds or other situation.
- One-Stop Shop: Spaventa Group striving to be a full-service, alternative investment firm.
Resources:
https://www.thespaventagroup.com/
https://twitter.com/tsginvest
The Spaventa Group on Facebook
https://www.facebook.com/tsginvest/
The Spaventa Group on LinkedIn
https://www.linkedin.com/company/the-spaventa-group/
Andrew Spaventa’s Email: dspaventa@thespaventagroup.com
Andrew Spaventa’s Phone: 631-614-2615
https://www.spacex.com/
https://www.wework.com/
Investment Opportunities in the Companies of Tomorrow
https://andersonadvisors.com/podcast/investment-opportunities-in-the-companies-of-tomorrow/
http://tobymathis.com/about-toby-mathis/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Nov 09, 2021
Tuesday Nov 09, 2021
Are you interested in wholesaling? You need to learn how to invest, but you don’t have to have money to make money. You can build wealth through real estate without a ton of cash to do it.
Today, Clint Coons of Anderson Business Advisors talks to Max Maxwell about wholesale real estate. In the business of wholesaling, Max and his team solves problems for people that typically don't fit in the box that society has created.
Max loves wholesaling. No matter what part of real estate people get into—from doing single family homes, all the way to building high rises—learn how to identify a deal. A good deal never searches for money. Money always searches for a good deal.
Highlights/Topics:
- Good vs. Bad Failures: What made Max ready to absorb what real estate gives him.
- What is wholesaling? Foundation of real estate investing. Know the area to get results.
- Hot vs. Cold Market Trends: One rule - never identify or buy anything that is for sale.
- Mindset Change: Don’t ignore, but start to see more opportunities than ever seen before.
- Out of Box: Do something different; hang out with people who are where you want to be.
- Competition and Conversations: Be real and genuine. Human instinct is to help people.
- Simple Process: Identify house, identify owner, call them, agree on price, write contract.
Resources
https://www.therealmaxwell.com/
https://www.youtube.com/channel/UCnkmQCJ4f6rRl1PXCblppvA
Max and Nas - One Deal Away Webinar
https://www.maxandnas.com/
https://www.millionacres.com/real-estate-investing/house-flipping/driving-for-dollars-explained-what-it-is-and-how-it-works/
https://www.facebook.com/marketplace
https://magnolia.com/about/
https://andersonadvisors.com/clint-coons/
Anderson Advisors Tax and Asset Protection Workshop
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/
https://andersonadvisors.com/
Thursday Nov 04, 2021
Thursday Nov 04, 2021
Real estate syndications involve taking down larger deals, using other people's money, and bringing in partners for deals. Be careful because the last thing you want to do is break the law, or you’ll be wearing an orange jumpsuit. There are no second chances when it comes to joint ventures with other people if it borders on syndication.
Today, Clint Coons of Anderson Business Advisors talks to Kim Lisa Taylor from Syndication Attorneys, PLLC, about creating syndications.
Kim is the author of How to Legally Raise Private Money, hosts the “Raise Private Money Legally” podcast, and teaches at real estate trading events. She started Syndication Attorneys, PLLC, to help entrepreneurs create sustainable, successful real estate investment companies.
Highlights/Topics:
- Joint Venture vs. Syndication: What's the difference? Whether or not you're selling securities. In a joint venture, all members play an active role in generating their own profits. In a syndicate, passive investors rely on the promoter to generate profits.When passive investors rely on you to generate profits, you're selling an investment contract.
- What is an investment contract? Investment contracts are securities. The Securities Act of 1933 created a definition of what constitutes securities.
- What is the friends and family exemption? It's called Regulation D Rule 506(b). It's the federal exemption, but each state has its own securities agency. Most people follow the federal rule because it preempts all these individual state laws.
- How are investors sophisticated? If they are interested in being in the deal that you are proposing, whether or not this is a good fit for them, you have to document that conversation before you even tell them about a deal.
- When should you get a syndication, operating agreement going? Kim recommends three things: A deal under contract, review of the financials, and physically visit the site. By the time you've done those three things, you're 90–95% likely to close.
- How long does it take to generate legal documents? About 140–180 pages of legal documents are generated and you have to review them until 100% correct. Then, you're ready to start raising money. The whole process takes two to three weeks.
- What's the appropriate structure and what's going to pass with the lender? Draft the securities compliance documents (a private placement memorandum that describes all the risks of the investment), and a subscription agreement, where investors certify to you that they read the private placement memorandum, understand the risks, can afford to take the risks, and how much they're going to invest.
- With a non-recourse loan, how could they still be a guarantor? There are things called carve-outs for anything illegal that happens at the property that causes the loss.
- What are some common mistakes that people make? Drafted documents are inconsistent and incorrect. Sometimes, starting over costs less and is necessary.
Resources
https://syndicationattorneys.com/
Free Ebook: How to Legally Raise Private Money.
https://syndicationattorneys.com/how-to-legally-raise-private-money/
Raise Private Money Legally Podcast
https://podcasts.apple.com/us/podcast/raise-private-money-legally-for-real-estate/id1553530036
https://www.investopedia.com/terms/s/securitiesact1933.asp
U.S. Securities and Exchange Commission (SEC)
https://www.sec.gov/
https://www.sec.gov/smallbusiness/exemptofferings/rule506b
https://www.sec.gov/about/forms/formd.pdf
https://www.irs.gov/businesses/small-businesses-self-employed/bank-secrecy-act
https://andersonadvisors.com/clint-coons/
https://andersonadvisors.com/
Tuesday Nov 02, 2021
Tuesday Nov 02, 2021
While Congress is busy planning changes before the end of the year, such as taxing unrealized gains for the wealthy, Toby Mathis and Jeff Webb of Anderson Advisors talk about how to protect your Turo car rental business and other tax topics. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- If I invest in a Turo car sharing business, should I put the vehicle inside the business (cleanest) or own individually and let the business use it every weekend? If the business owns it, am I restricted from using the vehicle for personal use, or might it be covered by the 14-day rule? Keep track of the mileage because a Turo business is the rental of personal property where you lease out a vehicle you own to other people unrelated to you - it’s like Airbnb for cars
- During the pandemic, I have been using our boat as well as our house as an office. Would I be able to claim the time on the boat as a legitimate business expense? You are only allowed to have one admin office, and the boat does not meet the exclusive use test
- What is the difference between “Admin Office” and “Home Office” deduction? Home Office is reported on Schedule C, but the Admin Office follows different rules - for your business but not owned by your business
- I want to employ my daughter to help with my business, where do I start? I have an LLC, but do I need it to be an S Corp? No, any entity including a sole proprietorship can have a payroll
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: