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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 Sep 21, 2021
Tuesday Sep 21, 2021
How do you set up an LLC for your home or administrative office? It’s important to know the differences between the two, which to choose, and why. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- How do you set up a home office under a corporation or LLC? Depends on the type of entity, but if it’s a corporation or S Corp, set it up as an administrative office for that entity where you are being reimbursed for the expenses of using that office
- Is it advisable to have the house you live in under an LLC? Preferably, do not put your house under an LLC because of homestead and capital gains exclusion issues that arise
- When do I switch from wholesaling under my name to wholesaling as a corporation? Sooner than later; do not wholesale under your personal name in case you get sued
- How do I get credit approvals under the business entity? It takes cash, collateral, or credibility to get business credits, so you will need personal guarantees
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/entity_formation/
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Sep 07, 2021
Tuesday Sep 07, 2021
Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions, including which business structure is best for real estate agents. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- What is the 1031 exchange? How is it used and is there any concern that it may go away? Section 1031 allows you to sell an investment property through a qualified intermediary (QI) and then replace that property; there’s no logical reason for the 1031 exchange to go away because it is a tax deferral not a tax avoidance technique
- As a new wholesaler, what is the best way to set up my business structure? Through a corporation because a wholesaler is somebody that gets a property under contract and then sells the contract with a right to close on that property
- How does the tax work on rent-to-own? The non-refundable deposit, monthly cash flow, and the backend? IRS views non-refundable deposit as a lease-purchase option or sale
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 (Free virtual event on September 11)
https://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/pub/irs-news/fs-08-18.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://andersonadvisors.com/entity_formation/
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
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
Thursday Sep 02, 2021
Thursday Sep 02, 2021
Are you a landlord who has their fair share of horror stories? Do you need help evicting tenants, or finding and placing the best tenants? Who should you be renting to so that you don’t bring tenants in and then have to kick them out later? Applicants can be nice or be nightmares.
Today, Clint Coons of Anderson Business Advisors talks to David Pickron, President of Rent Perfect, an investigative screening company that helps clients onboard tenants from the initial background check to leasing and payment collection.
David is a licensed private investigator and landlord who manages several short- and long-term rentals. Also, he hosts the Rent Perfect Podcast, which offers the latest industry news and provides expert tips on how to manage properties.
Highlights/Topics:
- How much is a good tenant worth? The key to managing your own cash flow.is to have stable tenants.
- What’s going on with moratoriums to collect rent? The government wanted to pass another one, but it did not go through. Landlords are partners with the government right now because they can’t evict someone or take their property.
- How do landlords protect themselves? They want long-term renters and holds to set it, forget it, and let them go.
- What can landlords do to find the right renters? There are still a lot of regulations stacked against landlords, and there are a lot of courts that are withholding data.
- Why did credit bureaus pull off all evictions, judgments, and liens? They were getting sued for putting the wrong data on the wrong people's files
- Have you heard of that new Experian Boost? They're realizing that they're not giving us all the information we need on those credit bureaus. They're allowing consumers to start reporting their own credit to their own credit bureau.
- If you are screening a tenant, can you find out if they were evicted because they weren't paying rent during the pandemic? There's an eviction moratorium, but some people could be or were evicted because of set parameters.
- Why ask tenants for 12 months of bank statements? It shows if they paid their rent or prioritized spending money on other things, such as a new boat.
- What are detailed criteria? Exactly who qualifies for your property so everybody's treated the same. Don't allow anybody with a felony record within the last 5 years or misdemeanor within the last 3 years; or collections against landlords for the last 2 years.
- What is fair housing? If they have a criminal history, do an individual assessment - How long ago did the crime occur? How old was the person when they did it? Have they been in any rehabilitation that they can prove? Does this affect your property?
- What does Rent Perfect offer? No more waiting for checks in the mail, no more dropping off checks. It's a complete platform and helps you find that right renter.
- How much does Rent Perfect cost? There’s a one-time $4.95 signup fee. Applicants pay for everything else, such as $39 for the background and credit checks.
Resources:
Rent Perfect Landlord Registration
Sample Criteria: Email info@rentperfect.com.
Rent Perfect: 877-922-2547
National Real Estate Investors Association (REIA)
Arizona Multihousing Association (AMA)
Paycheck Protection Program (PPP)
Tuesday Aug 24, 2021
Tuesday Aug 24, 2021
Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions related to retirement plans, partnerships, real estate, wills, and trusts. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Are there any restrictions on being a real estate professional (REP) during retirement? No, if you are retired, not working anywhere else, and spending a substantial amount of time working on rentals; depending on amount of losses, you may not have to be a REP
- Why would someone invest in a Publicly Traded Partnership (PTP)? How are they taxed? Is PTP a good option to invest in for diversity? Be careful, some PTPs are complex, but as far as traxation, there’s nothing special about PTPs - look at them from an investment, not a tax perspective
- I have converted my primary home to a short-term rental (STR) this year.If I complete 100+ hours of material participation and more than anyone else, can I deduct the losses from my W-2 wages (active income)? Yes, but if it’s rental income and you accelerate depreciation, you could lose your REP status
- I plan to donate my timeshare. Does that relieve me of my maintenance fee yearly? There are two types of timeshares - right to use and for deed; the nonprofit may use them personally, within the entity, or sell it to a third-party - know who is taking over the liability/responsibility of the asset
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:
Free Tax and Asset Protection Workshop - Aug. 28
https://aba.link/AP
Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis
http://aba.link/infinitybook
https://andersonadvisors.com/living_trusts/
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://www.airbnb.com/
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://www.congress.gov/bill/116th-congress/house-bill/1994/text
https://www.irs.gov/tax-reform
https://www.irs.gov/charities-non-profits/charitable-organizations
Coronavirus Aid, Relief, and Economic Security (CARES) Act
https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.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/forms-pubs/about-schedule-k-1-form-1065
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes
Old Age, Survivors, and Disability Insurance (OASDI)
https://www.ssa.gov/policy/docs/progdesc/sspus/oasdi.pdf
https://costsegauthority.com/
https://www.irs.gov/forms-pubs/about-form-3115
https://www.irs.gov/forms-pubs/about-form-8949
https://www.law.cornell.edu/uscode/text/26/469
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-d-form-1040
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 Aug 17, 2021
Tuesday Aug 17, 2021
If you don't qualify for a home loan because you don’t make enough to pay the mortgage, there are ways to creatively do it. Creative landlording is essential to gain maximum personal satisfaction and financial profit.
Today, Clint Coons of Anderson Business Advisors talks to Danielle Villegas, an artist and landlord who shares some of her real estate investing strategies, including how she takes investments and maximizes their value.
Danielle spent years struggling as a film and theater artist. She set her sights on home ownership and managed to become a landlord. Over time, Danielle developed a unique housing model for an underserved growing population.
Highlights/Topics:
- First Home: Make sure it includes rental rooms to earn extra income
- House Hacking: Don’t pay your own rent or mortgage if you don’t have to
- Financial Adviser: Danielle learned how the rich get richer and other tricks/tools
- Creative Financing: Refi made all the difference and cut mortgage in half to be profitable
- When selecting renters/tenants:
- Priority #1: Make sure they have at least one job to pay the rent
- Priority #2: Offer furnished rooms/rentals because it’s easier to move them out
- Weekly, monthly, or longer? Danielle rents out space weekly to make more money
- Private vs. Shared Space: People need own space, common space is wasted money
- Where Danielle tends to find tenants - she advertises mostly on Craigslist
- Potential Tenants: Let them tell you what you want/need to know to minimize risk
- Used or Not: Make money with rooms not used, won’t be used, used for something else
- It’s not just about the money: Make a difference - it's very rewarding
Resources:
mailto:artoflandlord@gmail.com
https://artoflandlording.com/
https://www.craigslist.org/
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
Tuesday Aug 10, 2021
Tuesday Aug 10, 2021
Can you sell your rental property as a 1031 exchange? It depends. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can I offer my condo as a rent-to-own rental for six months and sell it as a 1031 exchange? If you’re offering the condo as rent-to-own, you’re contemplating the sale of that property, so it becomes a sale property, not a rental property, and taxed differently
- Should I invest into limited partnership (LP) multifamily syndications with the same LLC as I have active personal rentals? Ideally, everything should be in its own LLC or you may be at risk for outside liability
- I am a co-founder of a startup (C Corp). Can I establish a self-directed Roth IRA and put my company share in it? Yes, you can, but it depends on how you go about doing it - Rollover as Business Start-ups (ROBS)
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/pub/irs-news/fs-08-18.pdf
https://www.irs.gov/pub/irs-drop/rr-14-17.pdf
https://www.irs.gov/newsroom/irs-issues-guidance-on-section-179-expenses-and-section-168g-depreciation-under-tax-cuts-and-jobs-act
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://andersonadvisors.com/entity_formation/
https://costsegauthority.com/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
https://www.airbnb.com/
https://andersonadvisors.com/retirement_plan/
https://andersonadvisors.com/living_trusts/
https://www.investopedia.com/terms/t/taxreformact1986.asp
https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes
Old Age, Survivors, and Disability Insurance (OASDI)
https://www.ssa.gov/policy/docs/progdesc/sspus/oasdi.pdf
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.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.fanniemae.com/
http://www.freddiemac.com/
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/forms-pubs/about-schedule-e-form-1040
https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065
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
Rollover as Business Start-ups (ROBS)
https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project
https://www.law.cornell.edu/uscode/text/26/469
https://www.congress.gov/bill/116th-congress/house-bill/1994/text
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 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/