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!

  • 7:28 – I understand that, if I want to set up my own Qualified Opportunity Zone Fund, it needs to be in a partnership of some kind, with an LLP, LLC, C-corp, or some other entity structure. Can I form a viable partnership for this purpose with my IRA-owned LLC?
  • 14:35 – I would like to make my investment condo my primary residence for tax benefits upon its sale — without sleeping there 731 days over 5 years. Is that only a safe harbor measurement or a hard-and-fast rule?
  • 24:24 – How can I take profits out of an S-corp without paying a lot in taxes?
  • 30:36 – How do you account for remodeling expenses versus maintenance expenses for a rental property?
  • 42:04 – If you mine bitcoin, how is it taxed? Is it taxed at the price of bitcoin minus electricity, then turned into US dollars?
  • 50:51 – Can an employer contribute to a profit-sharing retirement plan if there was no profit for the year?
  • 56:47 – 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?
  • 1:07:33 Has the IRS relaxed the 750 hours requirement for real estate professional status for 2020 in light of the difficulties of the Corvid pandemic?
  • 1:13:48 – I understand that I will owe income taxes on the amount of a withdrawal from my traditional IRA. Can I use passive activity losses (PALS) from rental real estate investments to offset this IRA withdrawal income to avoid income taxes on the IRA withdrawal?
  • 1:15:00 – Can I buy an investment property before selling a property in a 1031 exchange?
  • 1:16:19 – For a W-2 employee, what do you recommend is the best way to save on taxes when stock market trading? 

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.

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