Tax Tuesday with Toby Mathis 07-21-2020
Tax Tuesdays

 
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Are you smarter than your accountant, especially when they tell you there’s nothing they can do? Toby Mathis and Toni Covey of Anderson Advisors answer your tax questions to provide clarity and understanding. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • I have an empty plot of land. If I sell it and have a loss, am I able to write-off the loss on my taxes? If treated as a capital loss because it’s a capital asset, the loss is deductible against any other capital gains or up to $3,000 of ordinary income
  • Can you set up a hedge fund or other entity where you can trade your stocks, so you’re not taxed as long as the proceeds stay in the fund you created until they are reinvested? Hedge funds are usually operating in an LLC taxed to a partnership or limited partnership, which flows through owner’s tax return 
  • Are there any strategies to reduce paying taxes on benefit or pension income and Social Security benefits? Distributions from a retirement plan are taxable income most of the time; Social Security benefits may/may not be taxable, depending on other income
  • What are the tax benefits of setting up a charity? Charity doesn’t pay any tax and you can give it assets
  • Can I use my self-directed IRA as a hard money lender? Yes, but you’re personally responsible for excess liabilities with an IRA 
  • I was a passive real estate investor and I have passive activity losses (PALs). Now, I’m a real estate professional. Can I use those PALs against my ordinary income, if I’m a real estate professional? No, they’re suspended until you substantially dispose all the activity
  • I’ve noticed that taxes on new construction properties are generally lower for a year or two before increasing. Why? Property taxes are based on assessed value of the home
  • What are the limits for bonus depreciation? There are none; you can create $1 million worth of loss and not pay tax for a long time
  • Does getting a disaster loan and PPP affect taxes? No

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:

New Opportunities in Real Estate Accounting with Aaron Adams

Tax-Wise Business Ownership by Toby Mathis

Infinity Investing Workshop

1-day Online Tax-Wise Class

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

1031 Exchange

CARES Act

Economic Injury Disaster Loan (EIDL)

Paycheck Protection Program (PPP)

Paycheck Protection Program (PPP) Flexibility Act

Small Business Administration (SBA)

457 Plan

Cost Segregation

Real Estate Professional Requirements

469(c)(7)

Self-Employment Tax

Form 1065: Schedule K-1

Capital Gains Exclusion/Section 121

403(b) Plan

Charitable Organizations

Bonus Depreciation

Depreciation Recapture

Camp YouCan

Internal Revenue Service (IRS)

Schedule C

Schedule D

Schedule E

Form 3115

Statute 12B-4.014

UCC-1 Statement

Wills and Trusts

Rollover as a Business Start-up (ROBS)

Form 941

Form 1040-EZ

Traders in Securities

Section 199A Deduction

Toby Mathis

Anderson Advisors

Anderson Advisors Events

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Event

Tax-Wise Workshop

Anderson Advisors on YouTube

Anderson Advisors on Facebook

Anderson Advisors Podcast

Full Episode Transcript

Toby: Hey guys, this is Toby Mathis and I have…

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