Toby Mathis and Ian Hanuscin of Anderson Advisors talk about how to deduct taxes when purchasing a home and answer other tax questions.
Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
How to Deduct Taxes When Purchasing a Home
/

Toby Mathis and Ian Hanuscin of Anderson Advisors talk about how to deduct taxes when purchasing a home and answer other tax questions. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • How can I eliminate paying capital gains? I recently sold my rental property because I needed the cash to pay off a divorce settlement. What are my options? Since you already sold the rental property, doing a 1031 exchange is no longer an option, but a qualified opportunity zone is an option to defer the tax
  • Which is better? A 1031 exchange with limited time and capital availability or paying capital gains with unlimited time available and no restrictions on capital? Depends on your income bracket, so before doing a 1031, talk to your tax person
  • After receiving a sizable amount of money, how soon after do taxes need to be paid? Usually, it’s 90% of the current year’s income or either 100 or 110% of last year’s income for tax liability
  • If I register a vehicle under my company name, is this tax deductible? If it’s 100% business use, yes; if not, determine the percentage of use and deduct that amount

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

Go to iTunes to leave a review of the Tax Tuesday podcast.

Resources:

Capital Gains and Losses

1031 Exchange

Real Estate Professional Requirements

Qualified Opportunity Zones

Toby Mathis

Anderson Advisors

Anderson Advisors Events

Anderson Advisors on YouTube

Anderson Advisors on Facebook

Anderson Advisors Podcast

Full Episode Transcript:

Toby: All right, everybody. Welcome to Tax Tuesday. We’ll give you a second to come on in. If you’re looking for Tax Tuesday, you’re in the right place. We were going to do it Tax Monday, but then we said no. We’re going to just do them on Tuesdays.

... Read Full Transcript