What Are the New Rules for IRAs

by Toby Mathis

July 13, 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!

8:55 – I own SFH rentals: 2 in UT (home state), 2 in TN, 3 in FL. What is the best way to own them under a Series LLC? When using Series LLC to own properties in several estates, only one series owns them all or how does it work?

14:55 – Business vehicle: Buy or lease? What are the pros/cons of each? Do trucks and SUVs have an added deduction?

24:14 – I’m in the process of selling my home and looking to use the capital gains to purchase an investment property in an OZ in IL. (1) What things do I need to consider prior to closing? (2) how should I apply those funds when I find a property whether a rehab, land to build or an operational property? (3) do I need to use the funds within a specific time frame?

30:08 – Hi, I am the Personal Representative of my brother’s estate and am receiving the money from a Merrill Lynch retirement account to be deposited into the estate account. Is it better for the estate to pay the taxes on the money before distributing to the heirs or distributing the money and letting the heirs of the estate be responsible for remitting the taxes? Also, what is the effective tax rate under each scenario?

41:14 – I have an S-Corp and I need an office space large enough to shoot video. How can I rent a privately owned house (that I will also live in) and deduct a portion of the rent for office purposes? More specifically, is it legal for the homeowner to give my company an invoice for a portion of the rent?

45:20 – Can I pocket money when I file taxes when there is no profit with the business?

51:56 – Are Solo 401ks impacted by the new IRS rules for IRA accounts?

56:05 – How many properties should one have before considering cost segregation?

58:33 – I’m buying a beach property in a month and planning on short-term renting it for the summer via Airbnb. It has a separate garage with plumbing. I COULD live in it all year, but would probably move back into the house. What are my best tax structure options?

1:03:33 – If I decide not to buy a replacement property through a 1031 exchange, I will end up paying capital tax. But will doing owner financing help to reduce capital gain tax?

As always, take advantage of our free educational content and every other Tuesday we have Toby’s Tax Tuesday, another 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.

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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.