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!

 

9:55 – What is the process for a non-profit to invest in syndication?

12:35 – Can I write off the interest on the amounts over $1m in my s corp for house flips? 19:37 – What are the pros and cons of moving a company to Puerto Rico for tax planning purposes?

23:53 – Are life insurance proceeds taxable if a revocable living trust is the beneficiary?

26:41 – Would the tenant pay their monthly rental check in the name of an s-crop?

35:04 – If we put our personal bank accounts and investment accounts into a revocable living trust, must we change the owner’s name on the bank account from our name to the name of the trust?

40:29 – I am buying property in AR in my name, putting into an LLC, the LLC will be put inside a WY LLC. How do I pay my CA taxes properly since I’m in CA with these other LLCs? Also, can I move my CA properties to an out of state LLC to reduce my taxes?

45:28 – At the exit of a real estate syndication, can suspended passive losses be released to offset the 1231 gain?

48:47 – I have been told that as a land flipper I would not be considered a dealer by the IRS, do you agree?

54:23 – Is tuition for professional learning deductible?

57:59 – Can you buy an Airbnb with money inside and outside of an IRA?

1:02:36 – I am selling my primary residence house and will close 7/23/21. I am not buying a new house immediately. How long do I have to reinvest? Do I need to keep the funds separate? Can I use them in the interim to either invest or pay off debt, then later “rollover” the full amount in a new house?

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