Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
How to Set Up a Beneficiary Deed
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Should you use your personal name as a beneficiary of a Lady Bird Deed or should you set up a new entity to receive ownership?

In the first Tax Tuesday episode of 2022, Toby Mathis and Jeff Webb of Anderson Advisors discuss how to set up a beneficiary deed and answer additional tax-related questions.

Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • Are the profits from my real estate syndication investment considered passive income? It’s highly likely that your syndication income is passive in nature for two reasons – you’re probably a limited partner and it’s real estate, which are both passive activities.
  • Should I use my personal name as a beneficiary of a Lady Bird Deed or should I set up a new entity to receive ownership? Medicare can take a real estate asset to pay for care, but a Lady Bird Deed is an enhanced life estate allowed in five states for a beneficiary to protect their home as an inheritance.
  • How does a C Corp pay me (the homeowner) for the use of part of my house as office space? Don’t report it on your 1040. It’s a tax-free reimbursement. However, if you rent your home to the corporation, then it is taxable income.
  • Can we still rollover a regular IRA to Roth? For now, you can still do a Roth conversion.

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:

Lady Bird Deed

Business Structures

Coronavirus Aid, Relief, and Economic Security (CARES) Act

Retirement Plans

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Full Episode Transcript:

Toby: All right, guys. Let’s see if everybody should be coming into the room right now. This is the first Tax Tuesday of 2022. Going to take me a while to get used to that. First off, welcome to Tax Tuesday. My name’s Toby Mathis. 

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