Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
Tax Tuesday with Toby Mathis 06-08-2021
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What’s the best way to handle the ups and downs of investing and tax consequences? Sit on your hands long enough until everything is okay, again. The hardest thing sometimes is waiting. In the meantime, Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • Does day trading cause a higher tax consequence than long-term investing? Typically, if you have gains, it’s going to have a higher tax consequence, primarily because the day trading is all going to be short-term trades; however, long-term capital gains is subject to that long-term capital gain treatment – usually a much lower tax percentage
  • If I own a property and I owe back taxes, can the government take it? If you owe back taxes, the government can certainly take your property and put a tax lien on it; then if it’s not paid, the government can sell it to make up for the taxes
  • Can I rent a house owned by one of my LLCs? You can’t rent to yourself your own house
  • How does rental income get taxed? Rental income is taxed at ordinary rates, it’s ordinary income; however, it is passive income and passive losses are limited

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:

Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis

Capital Gains and Losses

Section 121 – Capital Gains Exclusion

Entity Formation

Self-Employment Tax

Bonus Depreciation

Depreciation Recapture

1031 Exchange

Cryptocurrency

Nexo – Banking on Crypto

Real Estate Professional Requirements

Renewable Energy Tax Credits

Federal Solar Tax Credit

Retirement Plans

Wills and Trusts

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019

Step-Up in Basis

Section 26 U.S. Code 469

Old-Age Survivors and Disability Insurance (OASDI) Tax

Cost Segregation Authority

26 U.S. Code Section 1256

Form 8283

Form 3115

Toby Mathis

Anderson Advisors

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Full Episode Transcript:

Toby: All right, guys. We got a lot to do. A lot to do, very little time. Here’s what we got. Tax Tuesday, ask a lot of questions. If you need a detailed response, you can always send it in via the Platinum Portal. Otherwise, we’re going to answer it. This is supposed to be fast, fun, and educational. We answer a lot of questions here and we want to make sure that we get you guys squared away.

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