Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
Tax Tuesday Episode 148: Land Trust Property Tips
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Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions related to retirement plans, partnerships, real estate, wills, and trusts. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • Are there any restrictions on being a real estate professional (REP) during retirement? No, if you are retired, not working anywhere else, and spending a substantial amount of time working on rentals; depending on amount of losses, you may not have to be a REP
  • Why would someone invest in a Publicly Traded Partnership (PTP)? How are they taxed? Is PTP a good option to invest in for diversity? Be careful, some PTPs are complex, but as far as traxation, there’s nothing special about PTPs – look at them from an investment, not a tax perspective
  • I have converted my primary home to a short-term rental (STR) this year.If I complete 100+ hours of material participation and more than anyone else, can I deduct the losses from my W-2 wages (active income)? Yes, but if it’s rental income and you accelerate depreciation, you could lose your REP status
  • I plan to donate my timeshare. Does that relieve me of my maintenance fee yearly? There are two types of timeshares – right to use and for deed; the nonprofit may use them personally, within the entity, or sell it to a third-party – know who is taking over the liability/responsibility of the asset

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

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Resources:

Free Tax and Asset Protection Workshop – Aug. 28

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

Wills and Trusts

Entity Formation

Retirement Plans

Real Estate Professional Requirements

Airbnb

Bonus Depreciation

Depreciation Recapture

Capital Gains and Losses

Section 121 – Capital Gains Exclusion

Secure Act

Tax Cuts and Jobs Act (TCJA)

Charitable Organizations

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

Step-Up in Basis

Schedule K-1

1031 Exchange

Self-Employment Tax

Old Age, Survivors, and Disability Insurance (OASDI)

Cost Segregation Authority

Form 3115

Form 8949

IRC 469(c)7

Schedule A

Schedule D

Toby Mathis

Anderson Advisors

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Full Episode Transcript:

Toby: All right. Welcome everybody to Tax Tuesday. My name is Toby Mathis.

... Read Full Transcript