Would You Like Some Tax Advice?

by Toby Mathis

February 23, 2021

Free Tax Tips & Strategies

In this episode of Tax Tuesday, tax attorney Toby Mathis, Esq. and CPA & Tax Director at Anderson Business Advisors, Jeff Webb, bring tax knowledge to the masses and answer your tax questions LIVE!

Featured Questions

08:43 – How do you give your son a fully depreciated rental property without causing a tax consequence?
14:03 – I have a home and a second home in different states (neither are rentals) and the one with the largest unrealized gain is in a high tax state but isn’t my primary residence. How might I exchange that for a new home in another state without having it as my primary residence for 2 of the last 5 years and avoid the big tax hit when selling it?
19:55 – I have an LLC created in NY state in 2013 that I used to run my books business. However, I am now pivoting to a web design business. In order to keep my business straight, should I create a DBA specifically for the web design business OR should I just open a new LLC?
24:08 – We are considering purchasing a vehicle that will be used probably 75% of the time for our real estate business. Is it advisable to purchase it in the LLC (an S-corp.) or personally? Advantages or disadvantages of both?
30:30 – Excluding the 1031 exchange, is there any way to legally avoid paying depreciation recapture tax when you sell a rental property?
34:22 – My question is when to collect and when NOT to collect W-9s? In particular, I have several vendors refusing to give me their W-9s and I have to threaten to withhold payments.
40:25 – Can we sell our home on an installment sale to an IDGT and then lease it back? Then, at the same time, have the depreciation and other costs flow through to our return because of IDGT taxation rules?
45:31 – If I purchase a fourplex using an FHA loan and live in 1 of the units 2 of the 5 years, how are the capital gains taxes calculated when I sell the property? Is Section 121 exclusion valid for the entire $250K?
53:08 – If I invest my SDIRA funds in a private company that is structured as a C-corp. & they provide Form 1099-MISC (not 1099-INT or 1099-DIV) for my earnings, will my SDIRA be subject to UBIT?
57:41 – Can you explain the conservation easement and its benefits?
1:06:25 – I have two entities created with assets in each one of them. Do I need to file two separate tax returns or combine them into one filing?
1:08:25 – Can we depreciate a solar energy system plus take the 26% tax credit?

As always, take advantage of our free educational content and every other Tuesday we have Toby’s Tax Tuesday, a great educational series. Our Structure Implementation Series answers your questions about how to structure your business entities to protect you and your assets. One of my favorites as well is our Infinity Investing Workshop.

Additional Resources:

Author Bio

Toby Mathis, Esq. ~ Founding Partner, Attorney, Author & Business Tax Expert.

Toby Mathis is a founding partner of Anderson Law Group and current manager of Anderson’s Las Vegas office.

He has helped Anderson grow its practice from one of business and estate planning to a thriving tax practice and national registered agent service with more than 18,000 clients.

In his work as an attorney, he has focused exclusively in areas of small business, taxation, and trusts. In addition, Toby was the past director and host of the longest-running local business radio program on KNUU in Las Vegas “The BOSS Business Brief”.

He sits on the board of directors for several companies and was recently appointed to the local board of Entrepreneurs’ Organization, a worldwide association of owners of successful businesses. He has authored more than 100 articles on small business topics and has written several books on good business practices, including first, second and third editions of Tax-Wise Business Ownership and 12 Steps to Running a Successful Business.