Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
Can a 1031 Exchange Property Become Your Primary Residence?
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Happy Holidays! In the last episode of the year, Toby Mathis of Anderson Advisors goes through a long list of tax questions from listeners to give quick answers, such as whether you can turn a 1031 exchange property into your primary residence. Submit your tax question to taxtuesday@andersonadvisors.com

Discussed in the Episode

  • When you gift more than $15,000 a year to one family member, do you have to pay tax on it? Any individual can give $15,000 to another individual without having to submit a gift tax return, but a gift tax return is required if the amount exceeds $15,000
  • How do I pay taxes on rental properties that I own in Canada while I am in the United States? The United States accepts Canadian LLCs, but still charges you tax on all income generated from any properties anywhere in the world
  • Can I turn a property that I acquired through a 1031 exchange into my primary residence? Yes, you can convert it under Section 121
  • What is the difference between a family trust and a living trust? The same type of document, but a family trust is irrevocable and for the descendants; a living trust can be revocable and changed

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Links

Full Episode Transcript: 

Hey, guys. This is Toby Mathis, and you’re watching a very special Tax Tuesday. I am not in the continental United States, and Jeff has been out on a cruise ship. And it’s the holidays. What we’re doing is we’re going to record a bunch of questions and answers for you guys. I’m just going to go down a huge list today. I’m going to answer twice as many questions as normal, but I don’t have Jeff to bounce things off of, so I get to just give you my opinion on things, which could be very dangerous. 

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