Tax Tuesday with Toby Mathis 09-01-2020
Tax Tuesdays

 
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Besides guidance from the Internal Revenue Service (IRS) regarding U.S. President Donald Trump’s executive order to allow deferral of the employee portion of Social Security payroll tax, Toby Mathis and Jeff Webb of Anderson Advisors provide further clarification. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • If I sell a piece of land and keep the primary house, what is the 1031 valued at? Is it a $0 or 150k purchase price in 2012? Get each parcel of land appraised to identify value for the basis
  • Can I write off an RV, if I use it for business travel? It is possible to write off the RV by using it 100% for business, not personal use as a second home
  • How does a trust work in relationship to LLC in real estate? Provides anonymity for beneficiary and LLC
  • Can you take depreciation on a rental condo? What do you use for the basis? Yes, you can take depreciation on a rental condo, if you own the condo, not as a renter
  • Is there an option to give employees a bonus without being charged a luxury tax? You can give employees bonuses, but bonuses are subject to regular payroll taxes  

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:

The Tax Toolbox (only $495; regularly $1,500)

Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster

Internal Revenue Service (IRS)

IRS: Notice 2020-65

1031 Exchange

Wills and Trusts

Self-Employment Tax

Airbnb

Real Estate Professional Requirements

Form W-2

Form 1065: Schedule K-1

Bonus Depreciation

Depreciation Recapture

CARES Act

Small Business Administration (SBA)

Cost Segregation

Tax Cuts and Jobs Act (TCJA)

Healthcare Reform (Affordable Care Act) 

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

Capital Gains Exclusion/Section 121

Schedule A

Schedule C

Schedule E

Hobby Loss/Safe Harbor Provision 

Earned Income Tax Credit

MileIQ

Charitable Organizations

26 U.S. Code Section 280A

California Assembly Bill 5 (AB5)

Franchise Tax Board (FTB)

QuickBooks

ADP

Unrelated Business Income Tax (UBIT)

Unrelated Debt-Financed Income (UDFI) 

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. You’re listening to Tax Tuesdays. This is Toby Mathis, with…

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