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?