In this episode of Tax Tuesday, Anderson attorneys Eliot Thomas, Esq., and Amanda Wynalda, Esq., tackle ten listener questions covering a range of real estate and tax topics. They explain when short-term rentals belong on Schedule E versus Schedule C, and how material participation and substantial services factor into that decision. They explore strategies for mitigating capital gains on rental properties, including 1031 exchanges, Delaware Statutory Trusts, and UPREITs, and clarify why house flippers cannot use a 1031 exchange since flipped properties are treated as inventory. Eliot and Amanda also cover write-off strategies for fix-and-flip investors using a C corporation, grouping rental activity with an operating business to offset income, and deducting stock trading education expenses through startup costs. Additional topics include accountable plans for home office and mileage reimbursements, the difference between contributing funds to a for-profit business versus donating to a nonprofit, reporting the sale of foreign property on a U.S. tax return, and whether a prior-year cost segregation study can still be applied in 2026. Tune in for expert, practical guidance on all of these topics and more!

Submit your tax question to taxtuesday@andersonadvisors.com

Highlights/Topics:

• [06:08] “Can I file a Schedule E if I’m doing short term rentals?” Avoid substantial services and keep average guest stays over seven days.
• [15:49] “How can I mitigate capital gains taxes for rental property if I do not want to be hands on operate rentals anymore?” Consider a 1031 exchange into a Delaware Statutory Trust or UPREIT.
• [22:38] “How can I get tax write offs on fix and flips?” Use a C corp for deductions through accountable plans and reimbursements.
• [26:24] “If I’m in the business of flipping houses, could I use a 1031 exchange to defer my taxes?” No — flipped properties are inventory and not eligible for 1031s.
• 30:29] “How does grouping work in order to claim losses in a self rental situation?” Group your rental property with your business to offset income with depreciation.
• [35:41] “I already purchased stock trading education programs before having any entity set up. How can I deduct those education expenses?” Set up your C corp now; deduct education courses as startup costs.
• [39:33] “How can I get reimbursed for a home office, business mileage and other expenses?” Use an accountable plan through your S corp or C corp.
• [44:15] “Can you write off or deduct a financial contribution made from your personal account to your for profit business account in the same way you can make a contribution or donation to your nonprofit?” No deduction; contributions adjust your basis and reduce future taxable distributions.
• [49:58] “If I sell property abroad, how do I handle the taxes on my US Tax return?” Report on Form 8949, Schedule D; claim a foreign tax credit.
• [53:15] “If I had a cost segregation study conducted in a previous year but did not use it, can I still use it in 2026?” Update calculations with your original cost seg firm before filing your return.

Resources:

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Full Episode Transcript:

[00:00.00] Intro:

[00:11.68] Amanda: Do the masses. Let’s get an idea for, as people start coming into this live where you’re joining us from.

[00:20.08] Eliot: Yes, we have from around the world.

[00:25.68] Amanda: Now we got to license that song. I cut it off right at the limit.

[00:30.44] Eliot:  You can maybe get the same producer as Kareem.

[00:33.44] Amanda: Chat is open. Is chat open? We’re doing a little test here, so if you can hear us. Oh, chat is disabled. Sherry, thank you, Sherry. If you want to go ahead and put that into the Q&A for now. Thank you, Sherry and Alva. The perils of a live show.

[00:53.96] Eliot: California.

[00:55.16] Amanda: California, yay. You’re going to have to scroll now, Eliot.

[00:58.60] Eliot Yeah, we’re going to have to scroll now.

[01:00.44] Amanda: We’re going to have to scroll. Okay, chat’s probably open now, if some of you can move over into chat so we can see that. Washington, Portland, Dallas, Redlands. I grew up near Redlands. San Diego, it’s working now. Chat’s working now. Okay, great. Now we got to move over there. Alabama.

[01:18.52] Eliot: San Fran. Used to live there.

[01:22.16] Amanda: Used to live in San Francisco. Nice. I used to live there.

[01:26.80] Eliot: Las Wages, ooh. Down the street.

[01:30.72] Amanda: We are joining you from Las Vegas, California in the infamous Studio 210. Rules for today, because tax rules, but we also have some tax Tuesday rules. The live Q&A, we’re going to use that. for any questions you have. We’ve got a set number of questions we’re going to be addressing today.

[01:50.70] But if you, our viewers, have any questions, we’ve got a pretty deep bench in the background of tax professionals, CPA, tax advisors, attorneys, who are going to be able to answer any question you have coming in. If you’d like us to feature your question on a future episode of Tax Tuesday, go ahead and email us at taxtuesday@andersonadvisors.com.

[02:12.60] And if you need a more detailed response than what we can provide to you on this live forum, consider becoming a platinum or tax client. This is designed to be fun, fast, and educational. We strongly believe that the more people know about tax, the better this world becomes, right?

[02:29.84] Eliot: Absolutely.

[02:31.22] Amanda: How many of you would like to pay no tax? Go ahead and raise your hand in the chat. Say me, say I do, no tax.

[02:39.64] Eliot: That’s our way to not pay any tax.

[02:41.64] Amanda: Is there a way to not pay any taxes? Everyone, thumbs up. Well, stick around. We’ll send you out a form. You could give us your measurements so we can fit you for that orange jumpsuit. We don’t want to pay zero tax, so we want to pay as little as possible.

[02:55.60] We don’t like giving the government a tip, but we often want to balance tax savings with business interest, investment opportunities, and whatnot. Let’s get into our questions. We’ll review them before we get into the answers. First, we’re going to start off with, can I file a Schedule E if I’m doing short-term rentals?

[03:13.56] Eliot: How can I mitigate capital gains taxes for rental property if I do not want to hands-on operate rentals anymore?

[03:21.96] Amanda: How can I get tax write-offs on fix and flips?

[03:26.08] Eliot: If I’m in the business of flipping houses, could I use a 1031 exchange to defer my taxes?

[03:31.84] Amanda: Great question. How does grouping work in order to claim losses in a self-rental situation?

[03:39.90] Eliot: I already purchased stock trading education programs before having any entity set up. How can I deduct those education expenses?

[03:47.80] Amanda: And how can I get reimbursed for a home office business mileage and other expenses?

[03:54.48] Eliot: Can you write-off or deduct a financial contribution made from your personal account to your non-for-profit business account in the same way you can make a contribution or donation to your nonprofit?

[04:07.34] Amanda: If I sell property abroad, how do I handle the taxes on my US tax return?

[04:12.40] Eliot: And lastly, if I had a cost segregation study conducted in a previous year, but did not use it, my fault there, can I still use it in 2026?

[04:21.64] Amanda: All right, he’s saying it’s his fault because Eliot picks the questions.

[04:24.92] Eliot: I do.

[04:25.76] Amanda: If you don’t like these questions, you can also email text Tuesday at Anderson and Vice.

[04:29.76] Eliot: Let me know.

[04:30.60] Amanda: He answers those emails. In the meantime, please subscribe to our YouTube channels. This one’s run by Clint Coons, one of our founding partners. He is an expert, a best-selling author, and a worldwide speaker on real estate asset protection, as well as Toby Mathis. If you haven’t heard of him, that’s weird because you’re on his channel right now.

[04:50.64] He’s got a lot of great videos on how to save on taxes and asset protection as well. Look at that one right there. How many views we got? Over 300,000, look at us, look at us. All right, and if you’re ready to discover  the hidden secrets of America’s most successful investors, come join us for our three-day live tax and asset protection event.

[05:11.16] It’s our next ones in Phoenix, Arizona, May 28th through 30th. That’s 2026, register now with this QR code. Or if you can’t commit to three whole days if you’re still just dipping your toes into this type of world, come join us at our live tax workshops. They’re from 9 a.m. to about 4, 4:30 p.m. You can register on our website and come join us there. Learn about taxes and asset protection from the comfort of your own home.

[05:40.52] Eliot: Yes, or better yet, go to Phoenix.

[05:43.20] Amanda: Go to Phoenix. If you’re just ready to schedule a strategy session, go ahead and click on this QR code. It’s a free session, free 45 minutes, sitting with one of our strategists. We’ll talk about your goals. We’ll talk about your hopes and your dreams and your investments and your deep-seated desire to save on taxes. We’ll build you out of blueprint structure to do just that.

[06:05.80] Eliot: Tell them Amanda sent you.

[06:06.88] Amanda: Okay, so we’re headed into our first question. Can I file a Schedule E if I’m doing short-term rentals? Well, first let’s talk about what is that Schedule E.

[06:20.12] Eliot: Schedule E is just a form that comes in with a 1040, your individual tax form. And it’s typically where you’re going to have your rental activity. If you have a single-family rental out there or something like that, it will just have a place for the rents. And then all the various deductions right below.

[06:36.16] It’s really nice because a lot of the times people are asking what deductions can I deduct or how should I organize my expenses? Well, just go to a Schedule E. Go to irs.gov/pdf/schedulee and it will show you what categories they expect to see on your return. But that’s what the Schedule E is. It’s typically for your rental activity.

[06:54.08] Amanda: Yep, and that’s going to be Schedule E, page one.  Schedule E, page two is for any K-1s from partnerships or S-corps you may be receiving. And to contrast, this question’s really asking in the alternative, what would the alternative be? And in some cases, as we’re going to find out, you may be reporting your rental activity on the Schedule C, which is typically for active businesses.

[07:15.96] Any sole proprietorship. Although if you’ve been listening to us long enough, you know we don’t do sole proprietorships. We always want to be conducting our business activity through a business entity. But a Schedule C is where you would be seeing that. Secondly, let’s also define this term short-term rentals because I think a lot of us have an idea

[07:38.20] of what a short-term rental is. In the real world, we’ve stayed in short-term rentals, but from a tax standpoint, what is a short-term rental, Eliot?

[07:47.24] Eliot: Short-term rental defined under the code typically is going to be if you, the average stay was seven days or less. We had maybe three different people stay there throughout the year, add up the number of days that it was rented by them, not all the days of the year, just the days that we call them fair market rental days, divide by the number of people who stayed there, you get the average. If that average stay is seven days or less, then under the tax code you have a short-term rental.

[08:16.40] Amanda: All right, and so how does this, whether it’s a short-term rental, the alternative is maybe what we think of as a long-term rental, what’s going to be a long-term rental?

[08:27.00] Eliot: It really is going to be anything that’s not short-term. Here if the average stay was more, generally that’s going to be a long-term. Now in fairness, there are a couple other categories where you could have short-term rentals. If it’s less than 30 days, and there’s actually one above 30 days, but those have special unique qualities to them. Most of the time when you get above the seven days, you’re going to be in long-term rental. Think of your rent out a building for a year long lease or something like that.

[08:54.88] Amanda: Before we get too complicated, you already teased up these special circumstances with 30 days, long-term rentals are going to be on your Schedule E, Schedule E, page one.These are going to be anything over that seven days. And then do we report the seven days or less, the short-term rental? Does that normally go on the Schedule E?

[09:17.16] Eliot: It can, it will depend on the amount of activity you put into it. If you put a lot of work, a lot of services that you’re providing, the people who stay there, we call it substantial services. Now you could shift from Schedule E on a short-term rental over to Schedule C. The difference being, you may pay more tax on Schedule C.

[09:38.24] Amanda: Substantial services. We’re paying more tax on Schedule C because the IRS thinks of that as the trader business. You’re, if you’re running any home-based business or if you’re a sole proprietor or a disregarded LLC, typically that’s active income. And what happens if you’re working for yourself earning active income? You’re going to pay that self-employment tax. If we have substantial services, then that’s going on that Schedule C, right?

[10:07.08] Eliot: Those substantial services, just some examples. Maybe you’re changing the linens every day. You have cleaning crews come in every day, providing transportation, meals and entertainment, things of that nature, more of a concierge service. It’s kind of the list that they look at. The IRS does, whether or not we’re going to be on Schedule E or C.

[10:27.10] Amanda: Now, what if we have above an average length of stay of seven days or less? What if we’re higher than that?

[10:34.32] Eliot: Next category is 30 days or less. And what they’ll look at there, they being the tax code, is whether or not you provide significant services.

[10:44.12] Amanda: Wait, substantial? Now we’re talking about significant? How are these different?

[10:49.56] Eliot: Well, they’re really not. The significant services is just the test to determine if it is 30 days or less, whether or not you’re going to call it a short-term rental or a long-term rental. If you provide those significant services, well, okay, the IRS will say, all right, well, then it is a short-term rental, even though it’s over seven days average, but it’s under 30. Now, that list that they use is pretty much exactly the same list that we use for substantial services. Concierge, changing the linens, cleaning daily.

[11:21.12] Amanda: Ooh, come in and cook my food for me, too, yes.

[11:23.76] Eliot: Absolutely, all those type of things that we just talked about for substantial services happens to be the same list that we got here, too.

[11:31.40] Amanda: That average 30 days or less, plus the significant services, makes it a short-term rental, and then we’re putting it on which schedule?

[11:40.16] Eliot: Then we look, whether or not we’re materially participating, typically. Well, let me back up. Here, because you are using almost that identical same list, you got that same test of you probably did provide substantial services because of the same list. Probably here you are going to be on schedule C.

[11:59.28] Amanda: Schedule C. Now, you said a very familiar term to most of our real estate investors, material participation.

[12:07.10] Eliot: It’s coming out.

[12:08.04] Amanda: Where does that fit into this scenario? And does it change where we’re reporting the income?

[12:13.82] Eliot: It doesn’t necessarily change where we report, but it definitely has a factor on the results. And material participation is just the difference of whether or not you have passive or active income, non-active income, the difference there being what you can typically deduct. If you have passive losses,  you can only take those against passive income.

[12:33.44] But if we materially participate,  that is, and we’ll go through that test here in a second,  that’s going to turn it into active income, and if you have losses there, those losses will go against anything else  on your tax return. And what is material participation?  Well, there’s several tests, there’s seven,  but we typically look at the most common ones, over 100 hours, you put in over 100 hours,

L and more than anyone else, or maybe over 500 hours, or you pretty much do all the services from A to Z, regardless of hours.

[13:02.58] Those are the three primary tests that we run into, and that gets us material participation, which turns it into active or non-passive, and that determines the overall effect. Because you can still be on a Schedule C, and if you ever look at the Schedule C, I believe it’s letter G, as in girl, that says, “Did you materially participate?” They ask you, and you got to check it or not check it, and that’s what’s going to determine if it’s a passive loss on your Schedule C, or an active loss.

[13:28.60] Amanda: I think that, right there, is the misconception, that if you are actively participating in the property,  then it should go on Schedule C, and then it’s not passive, but it’s not really material participation that’s putting it there. You can, material participation is determining if it’s active or passive income. That determines whether or not losses generated by that will offset your other active income or not. What schedule it’s going on has more to do with the length of time and the types of services.

[14:02.28] Eliot: If we pull it back a little bit, just going back to the nature, what is really the individual asking here, can I still file on Schedule E if I’m doing short-term rentals? What they’re really asking is, can I do it where I’m not going to get hit with an extra 15.3%, i.e. Schedule C? 

Certainly you can, you just want to do less.

[14:22.16] You just want to make sure it’s an average day of seven days or less, and then we probably can get on Schedule E as long as it materially participates, it’s going to be an active loss, okay?

[14:31.92] Amanda: Maybe you have a property manager, that’ll work. Maybe you’re doing some repairs, but you’re not providing all of these additional services.

[14:41.20] Eliot: Once we get into the manager, having a third-party property manager, we really hurt our chances of material participation, so we want to watch out for that.

[14:49.56] Amanda: Well, that’s if they’re trying to do material participation and Schedule E.

[14:54.56] Eliot: Yeah, there you just do, you don’t provide a lot of services for the individual staying there. Again, not concierge. You don’t clean it every day while they’re staying there. No changing of the linens while they’re staying there, those type of things. Provide less services. We can still get pegged over on Schedule E. As long as we materially participate, then we can get that active loss that we’re looking for.

[15:17.24] Amanda: So yeah, short answer, yes. Depends on what your goals are. If your goal is to avoid that self-employment tax, then if you’re doing seven days or less, then no substantial services, which sign me up. Sign me up for that. But if you’re really looking to take advantage of, let’s say the short-term rental loophole, or establish yourself as a real estate professional status, then you do need that material participation, and you will be providing those services, regardless.

[15:46.76] Eliot: Here we go.

[15:49.48] Amanda: How can I mitigate capital gains from rental property if I do not want to hands-on operate rentals anymore? People are just not, it’s like they don’t want to work. We need that Kim Kardashian sound. It’s like, so this is typically happening. I know that we had talked about older investors that we know that maybe were more hands-on in their younger years.

[16:13.08] But now they’re either well into retirement or nearing retirement and wanting to not have to do that, but still get the benefit of investing in real estate. When you see this question, what did your thoughts immediately go to?

[16:27.76] Eliot: Certainly when we’re trying to mitigate capital gains and we’re talking about maybe disposing real estate, you got to think 1031, like kind of exchange. That always comes to the forefront. Basic idea there is, if it’s real estate, we’re not talking about other types of assets, but if it’s real estate using a trader business, then we can typically sell it and pick up another piece of real estate.

[16:49.04] And as long as the property that we picked up has more value than the one we gave up or has equal or more debt, and has equal or more debt than the one we gave up, you’re typically going to get full deferral of your capital gains. This questioner could be able to get rid of one property and then get one back without paying capital gains.

[17:10.32] Now that doesn’t exactly help us out because they don’t want to really work anymore. They don’t want to have any of the activity. You certainly could go out there and get a property manager or something like that, but generally when we start hearing these stuff–

[17:21.00] Amanda: Stop to manage the property manager.

[17:22.24] Eliot: Exactly, right?

[17:24.40] Amanda: Now in middle management.

[17:25.72] Eliot: Exactly, and you’re still getting the phone calls late at night from the property manager, et cetera. There are some alternatives here. You can actually, 1031, which we just talked about, into something called a Delaware Statutory Trust, DST for short. What’s going on here is, because of the nature of this trust, the way they word it and the way the courts interpreted it, you can exchange, get rid of your property, relinquish it, and in turn, through your qualified intermediary, you can pick up interest, owner, beneficial interest into a trust that holds usually a substantial property or two in it, I think industrial.

[18:05.12] Maybe a big shopping mall or something like that generally, but usually it’s not a whole lot of properties, and that’s going to be key here in a second. But you’re thinking fewer properties. There’s other investors, completely unrelated, that will be in there as well with this type of interest. But again, this individual at this point has been able to get rid of the property that required all that time and effort from them.

[18:26.12] Still stay in the real estate game, but they just picked up an interest in the Delaware Statutory Trust that owns other real estate rental activity, and they don’t have to do anything. They just get a check from it.

[18:38.08] Amanda: I love it. It’s my kind of investment. The 2004 ruling that Eliot was talking about stated that the DST is a fixed investment trust. It also needs to be set up as a grantor trust in order for that grantor to get that beneficial interest. But this isn’t where the strategy stops. You’re in the DST for two, maybe three years, and then we’re going to?

[19:02.80] Eliot: Well, we could stop here. I just want to really hit with some of the concept.

[19:06.44] Amanda: Wow, I built it up.I built it up and then he just let it fall on the ground.

[19:10.24] Eliot: But the problem with the DST is that there’s not a lot in there, and if they sell it, you’re right back in the same boat. Gosh, I have these capital gains coming my way.There’s not a lot of properties in the DST. I may have to find another one, or we can go into what’s called an up-reit.

[19:26.16] Amanda: See, just not quite as climatic as the way I set it up, but sure, up-reit.

[19:33.96] Eliot: Umbrella Partnership Real Estate Investment Trust. Basically, and this is while Leica 1031 is a 721 exchange that we’re doing from our DST interest into this new vehicle, this partnership, and you’re getting ownership units in that, what’s the key here?  Now we’re talking big, big amounts of investments.There’s not just one or two properties. Just mammoth amounts. – 

[20:05.16] All different types, not just single family. It could be apartment complexes. It could be shopping malls. It could be huge business parks, things like that. All kinds of stuff going in here. A lot of investment going on. Tons of money, usually. Multiple hundreds of millions, usually. That will allow you to get into something where you have even less worry, because even if they’re buying or selling or trading, that doesn’t put you in a situation like the DST, where you’re going to have all these gains that you have to reinvest right away. It’s a little bit of a different vehicle.

[20:37.08] Now, like anything, there’s good and bad. One thing, probably the number one knock that most investors have against the up-reit is it’s not very liquid. You put your money in there, you’re not getting it back out very quickly. You’re not going to be able to just exchange your, excuse me, your interest in there.

[20:55.40] Usually they have limits to how much you can take out per month or quarter.  And so that’s probably the number one concern ] is the liquidity that we hear. I’ve worked with a couple here recently, went through just this. They’re actually in the DST stage right now. They had a piece of property, didn’t want to manage it anymore, couldn’t keep control.

[21:13.16] They’re at that age where they just couldn’t control everything and oversee as much as they wanted. They moved into a DST. Now, they do have to wait. There’s usually a seasoning if your end goal is this up-reit. You have to wait maybe two to three years. Depends on the nature of that DST.

[21:27.68] It could be five to seven years, but usually it’s a two to three, and then they can 721 exchange, which still defers tax much like the 1031. That will get you into the up-reit where you have a broad band and depth of different real estate investments.

[21:43.58] Amanda: And so through this process, you’re potentially never paying capital gains.

[21:49.56] Eliot: It’s very possible, yes.

[21:53.32] Amanda: And in this strategy, you don’t even have to die like in the swap and drop one.

[21:57.16] Eliot: That’s correct, no one has to die here.

[21:59.28] Amanda: Throw right there for you.

[22:01.32] Eliot: Yeah, exactly, that’s always a benefit. Don’t have to die, you know, that’s nice. And just jumping back here, that term fixed investment trust that we have in the DST requirement by the IRS, that just means that the investments really are that. They’re fixed, they don’t jump around. It’s a stock you held for 75 years.

[22:17.80] In this case, being real estate, it’s going to be a property that they’re not going to sell anytime soon. Once they do, gosh, you’re in the same boat. You got that capital gains that has to be reinvested.

[22:28.92] Amanda: Perfect, another sort of related topic, how can I get right off on fix and flips? What’s a right off?

[22:38.88] Eliot: Well, it’s a fix and flip, I mean, yeah.

[22:40.44] Amanda: What’s a fix and flip? It’s where you fix your hair and then you flip it back and then you head out into the world. Fix and flip is going to be your HGTV people. You buy a property, you rehab it, you fix it up, and then you flip it to either a new homeowner or a new investor.

[22:58.02] The key here is that fixing and flipping is not considered, those properties are not considered capital assets like rental properties would be.  They’re considered inventory. How does that change the right offs?

[23:13.36] Eliot: Yeah, that’s it, you nailed it. The inventory status turns into something that we can’t do that 1031 we just talked about, but as inventory, you have to sell it and it’s going to be taxed at ordinary rates and it’s going to be subject to that employment tax we talked about earlier. Now we think, well, maybe I got the ability to put it into a different vehicle and you can put it into maybe a C corporation or something like that.

[23:37.88] Now, even if you didn’t and it was a sole proprietorship type of business, you can take your ordinary operating expenses as a deduction, what you paid for it and the cost incurred and management oversight and things like that. Those regular operating expenses you can take against the sales price. You don’t have to be in an entity to do that. We strongly recommend it.

[23:58.76] But then once we get into the entity, if we do put it in say a C corporation, we get to take all those deductions we just talked about, but we get to add some more. We could do an accountable plan, which as I always say is just a fancy IRS term. It means reimbursement, that’s it. And underneath that reimbursements, you could have that administrative office and use of your home that you’re using.

[24:21.56] A portion of your home that you’re getting reimbursed for the related costs, tax free to you, deduction to the C corp in this case. Because you have that office every time you drive on behalf of the business of the C corp, you could be reimbursed that mileage. Makes it really handy. Just point out here, if you didn’t have that office, anytime you drive from your home to a business function, that’s just a commute. You don’t get to deduct that. That office becomes quite a key piece. But again, that’s our accountable plan.

[24:48.48] That’s just one of three major prongs. Number two, we have the Augusta Rule or Section 280A. That’s the idea that you can rent out your home as an individual for the maximum 14 days a calendar year, no more, and the income that you receive is tax free. You could have your C corporation having meetings in your home about that very project that you have going on for a fix and flip, deduction to the corporation and it’s paying you cash tax free to you.

[25:16.20] Amanda: And the final strategy is the 105B plan that’s our out-of-pocket medical reimbursement plan. Any medical bill, co-pay, cost of the doctor,  prescription medicine, orthodontia, that is you pay for out-of-pocket meaning not paid for by your company with post or pre-tax dollars and not paid for with an HSA, you can be reimbursed for those expenses completely tax free through the corporation as well.

[25:45.24] This is why we are often recommending our fix and flippers to set up a corp to do their flips within a state specific LLC, one for each property. That means you get all the tax benefits of the C corp, all of the write-offs on the corporation, but then it also gives you the liability protection. Once you’ve done a flip, you sell it, you dissolve out that LLC. Hey, somebody comes back two years later, sues that LLC, your other flips remain unaffected by any potential liability. Anything else to add, Eliot?

[26:23.40] Eliot: No, I think that’s about it.

[26:24.84] Amanda: Our next question is related. Another flipper, I’m in the business of flipping houses. Could I use a 1031 exchange to defer my taxes? Based on our last answer, the short answer would be no, but let’s go over why exactly we can’t do the 1031.

[26:42.56] Eliot: As you pointed out on the previous, this is inventory when we’re flipping. It’s not something you’re holding as a long-term trader business asset. It’s not a long-term rental. It’s not even a short-term rental. It’s just being bought and sold immediately as quickly as possible to try and get whatever gain you can.

27:02.12] When it’s inventory of that nature, we’re not allowed to take that in a 1031. 1031 is only for assets used in a trader business, investment purposes and things like that, and indeed, it’s only real estate. We’d have to have this as a rental property before we could do a 1031. 1031’s not allowed for flipping. We have to go back to what we talked about previously, try and get all those deductions through a C corporation, all those reimbursements and things like that to try and get, but there’ll be no deferral of the taxes.

[27:33.76] Amanda: This brings up a great point because often flippers, well, they will be finding houses and maybe you’ve done the rehab on a house and maybe the market has shifted or you just really like what you’ve done, or maybe you’ve used lesser quality materials so you’re not necessarily gearing that flip towards a homeowner, but more towards an investor. 

[27:53.46] Maybe you can’t find one. So you think, hey, I’m just going to keep this as a rental property, and let’s say you keep it as a rental, run it as a rental for 10 years. Can I then do the 1031 exchange?

[28:07.10] Eliot: If you held it as a rental for 10 years, you probably could get by with the 1031. They always want to know what the intent was, but if you’ve had it for that long and shown that, hey, the intent changed, more than likely you probably could do a 1031, but it’s going to be in the C corp. Whatever you buy, you get rid of that property, you pick up a new one, it’s going to have to come right back to that C corp.

[28:27.04] Amanda: Yep. What if it was two years?

[28:30.56] Eliot: There’s no bright line test, but you’re going to probably have a more difficult challenge showing that your real intent was holding it as a long-term rental.

[28:40.40] Amanda: Yep, very true. If you are here, not just for tax, but for that asset protection, please subscribe to Clint Coons’ YouTube channel, this flipping strategy. There’s probably a dozen videos on this channel regarding that flipping strategy. If you want to know more about tax strategies for real estate or even other things, not real estate focus, please subscribe to Toby’s channel. If you just happen to be here and not already subscribed and just wonderfully stumbled upon our live Tax Tuesday show.

[29:11.16] Eliot: I’m fortunate for them.

[29:12.00] Amanda: Yeah, thank you, thank you. Welcome, smash that subscribe button. If you’re ready to just start talking with us, please use this QR code to schedule a free strategy session. It’s 45 minutes talking about your goals, your assets, your investments, your risks and your fears, and we’re going to build a wealth planning blueprint for you to give you the exact steps you need to move forward in your investing journey. Let’s get back into our questions.

[29:40.48] Eliot: One just, if we could, just hitting back on that last question, because another thing that we get asked a lot, well, okay, what if I’m flipping, but you know, and I don’t want to get, maybe I can’t get full deferment under 1031, but can I maybe push it out by taking payments over time and installment sales.

[29:57.36] Amanda: Wow, yeah, and installment sales a great idea.

[29:59.64] Eliot: It is, except for that the code says, no, you can’t do that. You can receive payments over time, but you have to recognize all the gain immediately in the first year. If I sold something to Amanda over five years and it was a flip or something like that, I have to recognize all my tax the year I sold it, even though I’m only getting payments for five years from her. A lot of people ask us that question too, just wanted to tag that on there as well.

[30:23.20] Amanda: You made me go back three slides to tell everyone about a thing that’s also not going to work.

[30:28.60] Eliot: Yeah, exactly.

[30:29.80] Amanda: Yeah, just in case you were wondering. How does grouping work in order to claim losses in a self-rental situation? As in their code, liking to use similar words in different ways, such as substantial and significant in our short-term rental situation. Grouping, and there is another term often used, aggregating.

[30:55.34] They’re different terms actually, while aggregating properties tends to relate to becoming a real estate professional or using bonus depreciation on multiple properties. This grouping is slightly different, isn’t it, Eliot?

[31:10.24] Eliot: It is, the grouping is more, when we’re looking at just one or two isolated businesses, well, it’d have to be at least two.

[31:17.44] Amanda: Yeah, you can have a group of one.

[31:18.56] Eliot: No, right?

[31:19.20] Amanda: It’s a pretty sad group.

[31:19.96] Eliot: That’s a terrible group. We’re probably looking, what the code actually uses, or I should say the publication that the IRS uses is an example of maybe you have a bakery and a theater in Philadelphia, and then you have the same bakery and a theater in, I believe it’s Baltimore.

[31:37.32] And what the code’s pointing out here is what they’ll allow you is, well, maybe by location, you can group the two activities there in Philadelphia or in Baltimore or something like that, and why you would even want to do this is because there can be some tax benefits. If one is an operating business, again, and maybe you have the rental building itself, you can group them together,

[32:00.36] If you have nice depreciation deductions from the rental activity of the building that your business operates out of, you can group them and have that offset the activity of that business. In other words, we see this a lot with some of our physicians out there, our clients who are physicians. Maybe they have their practice in their own building.

[32:18.40] They don’t, we certainly would keep them in separate entities because of asset protection standpoints. You don’t want to sue the practice and then take the building from them. Buildings in one entity practices in another, but you can group them together. Maybe we can take some bonus depreciation costs, say get a heavy deduction here on our rental activity, have it offset our practice income is the idea here. 

[32:40.24] That’s grouping where you have just one or two, or excuse me, two or more businesses being put together and get that right off. How’s that different than aggregation? Aggregation says, again, we use that for real estate professional status, that says we pull in all, and I mean all, capital A-L-L, all rental activity gets pulled in, not just two or three businesses like we have in grouping.

[33:03.28] There is quite a bit of a difference and a different purpose behind them, how we use them. Appropriate economic unit is the test that the IRS says, and they go by location, by common ownership, common control. These are all the facts and circumstances that the IRS looks at to kinda get a gauge of whether or not it’s proper to put these two together.

[33:24.76] Again, the previous example, we had Philadelphia locations, and then we had Baltimore, maybe by city you could do this, or, you have the two theaters. Now they’re in different towns, one’s in Philly, one’s in Baltimore, you could group those together because they’re the same type of business. So there’s reasons, the IRS is kinda flexible on that, in that regards, typically, but it just has to pass this, what we call it, AEU, appropriate economic unit test and then you can push them together if it makes sense from a tax perspective.

[33:53.48] Amanda: Those are cupcakes for the bakery and those are the masks for the theater.

[34:00.36] Eliot: Yes, I get it, I see it.

[34:01.20] Amanda: You could group them because two bakeries are an appropriate economic unit, two theaters are an appropriate economic unit, also two just unrelated businesses in the same town, owned by the same person, can be an appropriate economic unit as well.

[34:17.36] This is a great way that if you have one business that’s very high earning and you’re having trouble finding deductions, you can purchase the property your business is running out of and use that bonus depreciation.

[34:31.02] Eliot: And again, back where I used the example of the physician, if the physician owns the practice, they must own the building. You have to have similar ownership

[34:38.32] Amanda:  Common ownership..

[34:40.32] Eliot: It could be a spouse situation, maybe the spouse has the building, and then the other spouse has the practice, that’s fine too. You do have to make, when you make this election, you do have to let the IRS know. You must put it on a note on your return, your preparer will put that on saying, under Publication 925, or we have an appropriate economic unit here, have all this language in there, or revenue ruling, things like that. But just so you know where there is something that you have to tell the IRS here.

[35:08.16] Amanda: Yeah, that’s a misconception about a lot of tax rules and benefits, such as this election and the aggregating election. You proactively have to make that election on your tax return. You can’t simply do your tax return, and then, in your mind, say, I made the election.] You have to let the IRS know, and that’s going to include very specific language, so working with a tax professional who understands your industry is going to be really important there. Anything else? Are we going forward? Not going back, we’re not coming back at all.

[35:41.48] Eliot: No, no, we’re done. 

[35:42.40] Amanda: I already purchased stock trading education programs before having an entity set up. That’s okay, that happens all the time. How can I deduct these education expenses? Well, first of all, education expenses are not going to be deductible if you’re not already in that industry. We can’t, hink of it this way.

[36:05.88] Can we deduct our college classes, our college educations?  No, because we’re not in the business of whatever your college degree happens to be in. This is why that timing of the entity set up makes such a big difference. Now, for our traders, what we’re recommending is our trading structure. That’s going to be a limited partnership.

[36:27.74] That holds your brokerage account. Then the general partner in this limited partnership is the C-Corp. That is the entity we’re going to be taking this expense on. Eliot, tell us why.

[36:42.96] Eliot: Well, we got to go back to about 2016, prior to the Tax Cut and Jobs Act. Amanda pointed this out, I think it was two of our shows ago, that we used to be able to deduct these type of expenses. We had brokerage expenses and fees like that. If we were itemizing on our Schedule A, and if we had expenses in this miscellaneous deductions, that exceeded 2% of our adjusted gross income.

[37:08.64] But they took that away from us. Even in that time, you could never deduct the education expenses. Fast forward to the rules that we have today, after the Tax Cut and Jobs Act, the big beautiful bill. Now what we have to do, we really need to have a trader business in order to deduct these.

[37:25.76] And that’s what Amanda’s pointing out. It’s the C-Corporation now. It is a business type entity. It can take these deductions, including education, because it’s got to train its employees. Which are you? Now we can deduct that on our C-Corporation, and have a place, a home for those expenses.

[37:44.84] Amanda: Yeah, we’re typically wrapping those education expenses into what we call startup costs. Those startup costs are deductible 5,000 in the first year, and then are amortized over the next 15. If you’ve spent 5,000 on your course, then bam, you’re going to get that back in the first year.

[38:06.44] If you’ve spent 40,000 on your trading education, you’re going to take that five. And then the other 35 is going to be amortized over 15 years. Now there is a way to kind of, I don’t want to say beat the system, but sort of massage it if your course is split up into distinct classes. Let’s say I bought my education, I took two classes, and then I set up my corporation, and then I took the other remaining eight classes. How do I deduct it that way?

[38:40.96] Eliot: In this case, assuming let’s just assume the classes are all equal amounts, $1,000 each, the 2,000 that she took prior to the set up her C-Corp, they’re going to be in that startup pilot she was just talking about. Part of that up to 5,000, and you amortize anything above it. But the other eight happened after she set up her C-Corp. She’s just going to deduct those straight out, $8,000.

[39:04.44] Amanda: Easy peasy lemon squeezy. What does this mean? It means set up your entities as soon as you possibly can after making that education investment. That means you’re amortizing less, and you’re able to immediately deduct more as just a normal operating business expense. How can I get reimbursed for a home office, business mileage, and other expenses?

[39:34.92] Eliot: We talked about earlier that we have accountable plans. They are, again, just a fancy IRS term for reimbursement. We want to think, accountable plan. These are programs that are in writing, you’re saying that the business will reimburse its employees for any out-of-pocket expenses that they have, but they have to be employees.

[39:55.84] That tells us that you must be probably an S-Corp or a C-Corporation, because that’s where usually our small business owners are going to be employees of those corporations. It’s not really going to work for sole proprietorship. If I had my own Schedule C sole proprietorship, I couldn’t do an accountable plan. Now, if I hired Amanda as an employee, I could have one for her.

[40:18.32] Amanda: Can’t afford me, Eliot. 

[40:19.60] Eliot: Probably not. That won’t work there for my expenses, but if I’m under a C-Corp or an S-Corporation, then I am an employee, okay? Now I can be reimbursed under an accountable plan, and again, that just means things like the most common we run into is that administrative office we talked about, mileage.

[40:38.92] It could be just about anything. Anything that I pay for out of my own pocket for the benefit of the corporation and its customary, ordinary, reasonable, necessary corn. As long as it’s a good business deduction, then I can be reimbursed for it.

[40:53.56] Amanda: That’s right. Practically speaking, how does this work? Well, you’ve got a document, document, document. That’s the number one rule for any tax topic or tax strategy, and this doesn’t work any different than if you’ve worked for a third-party employer and had to do reimbursements for expenses. You’re going to pay for that with your personal funds, your personal card, debit card.

[41:16.44] You’re going to keep track of those, that means you’re going to take a picture of the receipt. You’re going to itemize those expenses on an expense report. You’re going to turn them into your company, and then your company’s simply going to transfer the funds back to you. It does not have to be in a check.

[41:32.72] It does not even actually have to be in a paycheck. It can just direct deposit over to your personal account. Now, you did say it’s employees, so what if I’m, have my S-Corp, I’m the sole shareholder, I’m the officer to the director, all of the things. Do I have to actually hire myself as an employee?

[41:53.80] Eliot: You certainly don’t have to pay yourself a paycheck, but you are, if you are an officer, then you are an employee, you’re considered an employee. I think that, and we talked a little bit beforehand about this, what if you’re just on the board of directors? Is that an employee?

[42:08.12] I think sometimes that goes by state law, and I don’t think it’s always the same, I would recommend at least being one of the titled treasurer, you know, whatever, a VP of something or whatever, but no, you don’t, there’s no formal, formal employment that has to be set up.

[42:24.38] Amanda:  Should we dig into how to calculate some of these expenses?

[42:27.72] Eliot: Yeah, absolutely.

[42:28.56] Amanda: For home office, there’s two ways, or administrative office, there’s two ways to do it. You can take the square footage of your office space and divide it by the square footage of your total home to get the percentage of all of the associated expenses, such as utilities, water power, internet, HOA, if you’ve got people coming to your house, like clients, you can even include cleaning and landscaping. The other one is to do it by room, the office, if that’s one room, and then divided by the number of total rooms in your home.

[43:07.04] Eliot: I’m going to just take whichever’s higher.

[43:09.60] Amanda: What about mileage or vehicle expense? There’s two ways to do that, isn’t there, Elliot?

[43:14.36] Eliot: Yes, on the mileage, you can do what we call actual costs. That is, so if you actually incurred X amount of dollars or an oil change, for gas, for repairs and things of that nature, take it times that percentage, and that’s how much you can take as a deduction or be reimbursed, or the mileage rate, which is 72 cents a mile in 2026.

[43:36.36] Either way, you’re going to have to track all the mileage that you use it for business use as the vehicle, and of course, you’re going to have to know the total mileage throughout the year as well, you can get that percentage.

[43:48.68] Amanda: Cell phones are an interesting one because on a C or an S corp, typically you have a really mean boss that makes you be available by phone or internet 100% of the time.

[43:59.04] Eliot: I’m not here.

[43:59.88] Amanda: We’re typically reimbursing ourselves for 100% of our cell phone use in an S or a C corp. If you’re in a partnership or a disregarded entity, we’re not going to be taking quite that much. You work for a nicer person?

[44:13.12] Eliot: Yep, exactly.

[44:15.06] Amanda: Let’s move on. Can you write off or deduct a financial contribution made from your personal account to your for-profit business account in the same way that you can make a contribution to your non-profit? Just the first point of semantics, when you give money to a non-profit, it is a donation, not a contribution.

[44:41.72] And the reason they’re asking that is typically a donation to a non-profit is going to be tax deductible if you’re itemizing your expenses on schedule A. You can donate up to 60% of your AGI in cash and up to 30% in other assets and take that large deduction on your personal tax return to offset your personal income. How does that work differently when putting money into a for-profit? It’s not a donation, you’re not getting a tax deduction, but what are you actually doing?

[45:14.28] Eliot: Typically we do call it a contribution and it does kind of depend on the type that is how is that for-profit business taxed. First we have our sole proprietorship schedule C. Really there, when you put money into that bank account under the code, it’s you, it’s disregarded, which means it doesn’t exist. You put 10,000 in, typically it takes its deductions, that 10,000 comes through on your return as a deduction.

[45:41.36] You don’t get anything other than what the business spends of those funds, that’s going to be your deduction. Now we move over to a partnership, two or more members. The money you put in there is a contribution and that gives you what we call outside basis on the partnership. That just shows the value that a partner has in their ownership, their piece of ownership into that partnership.

[46:07.42] You put 10,000 into there, you’re going to have 10,000 of outside basis. Partnership takes that money, spends it on legitimate expenses and then you would get a portion of that depending on the partnership arrangement, you would get those deductions coming through to your personal return. Again, you’re not making, as we see in the question here, we’re not making any kind of donation or contribution in that kind of sense like we do with a non-profit. This is all business.

[46:34.96] S corporation, the monies you put in there go to typically shareholder basis. That’s very similar, very almost a common twin to what we have on this outside basis for the partnerships.This is showing the value of your shares in that S corporation and likewise, the S corporation now has that money. If it spends it for business purposes, then that deduction will flow through to your personal return. If it holds on to it, the cash just sits there in an asset account and no deduction.

[47:04.00] Amanda: With the C corp, if you’re contributing funds, it is considered a loan from a shareholder and you heard the word loan, what do we need with a loan?

[47:14.72] Eliot: Got to have payment and interest. Probably want to have a documentation of it. There has to be reasonable interest. How much interest? That’s going to be determined by the IRS. Every July, they come out, what’s called the blended rate, applicable federal rates. It’s going to be the blended amount. Typically, that’s what we use for our clients and that will be the amount you at least have to charge on this note.

[47:38.06] Amanda: Unlike a donation to a nonprofit where you get an immediate tax deduction that year, you’re not necessarily getting a deduction when you make a contribution to the business of that same amount. What you’re doing is you’re providing funds to the business and then you’re paying less tax on whatever income’s flowing through back to you.

[47:58.96] If you put in 10,000, your company spent that 10,000 but only made seven, then you’re going to, and they distribute that seven to you. That seven is below the 10. Your basis is adjusted down to 3,000 and you get that 7,000 completely tax-free, so.

[48:17.24] Eliot: And then again, in the C-corporation, it’s a completely separate taxpayer. What happens there, stays there, kind of like Vegas, I guess, you know? You put the 10,000 into the C-corp, it has some expenses or not, let’s say it’s been 7,000, well then it will see the deduction against its income for that year or loss. Then the other 3,000 is just sitting there in cash. But you, having made that loan, a loan’s not a taxable event,  you get no deduction on your personal return.

[48:46.20] Amanda: Yeah, you’re just earning the income as well as the interest. Now, a lot of times, clients of ours, rather than giving a contribution to their business to start up, they will actually structure it as a loan. Now, why would you do that? It’s more complicated, right? The contribution to your partnership is just merely transferring money from your personal account to your partnership account and then in bookkeeping, labeling it a partner contribution.

[49:12.68] With a loan, you do, like Eliot said, need documentation. You need a loan agreement. It needs to be signed by everyone. It needs to list an interest rate. Why would you do it that way? The reason is you now become the first creditor for your business. Worst case scenario, your business runs into some legal issues. It gets sued.

[49:32.28] There’s a judgment against it. Well, guess what? You’re ahead of that judgment creditor. If you have to file bankruptcy for your business, who’s getting paid first? You are. You’re getting your money back first before that other creditor does. On the legal side, there’s a reason to be doing it as a loan. Anything else?

[49:52.52] Eliot: No, I think we’re good. Oh, yeah, no, we were talking, we handled the nonprofit donation. Yes, we went over that.

[49:58.28] Amanda: We did. That was at the beginning. Well, property abroad, how do I handle the taxes on my U.S. tax return?  This is a great question. This person likely knows that as a U.S. resident, you are taxed on your worldwide income, worldwide income, meaning.

[50:18.16] Eliot: All of it.

[50:19.16] Amanda: Anything, no matter where it is sourced from, you as an American needs to pay tax on it here. That extends to resident aliens as well?

[50:29.08] Eliot: Yes. Yeah, if you’re doing a U.S. return, you’re pulling it all in there. In this case though, how do we sell the property abroad? You’re going to go through your calculations just like you would on a U.S. return. You have a sales price. You had a basis which you originally paid for it, and maybe it went up because you put improvements into it.

[50:52.40] Maybe it went down because there was some depreciation, but then you end up with an adjusted basis, and that’s what you’ll subtract against that sales price. Then you’re going to want to convert it into U.S. dollars, and that will go from the date of the transactions that you run through. That’s when you will convert. You will then report that on a form 8949, just showing the amounts and all this data there. And then the overall gain will go onto a Schedule D as in dog. That’s where we have our capital gains and losses.

[51:26.72] Amanda: And one more form, Eliot.

[51:28.40] Eliot: One more form, then on the form, if you paid taxes in the foreign country, we have a form 1116, 1116, and that’s where you’re going to show, well hey, I did pay tax in France for the X amount of dollars or in Italy or Spain or what have you, and that amount, typically the IRS, if we have a contract, what is it?

[51:51.24] Amanda: Treaty. 

[51:57.60] Eliot: We got that familiarity with them and their system we’re allowed to take that has a deduction on our return for the amounts of tax you paid overseas. We do get that benefit.

[52:08.36] Amanda: Make sure that if you’re doing this, that the property or what you’ve sold abroad, we don’t have a tax treaty or we don’t have this ability to get a foreign tax credit from every country out there. I’m sure if you think super hard about it, you can figure out which countries we’re not getting along with. The number goes up or down depending. But Eliot, if I own a property in a foreign country and I sell it.

[52:43.00] Eliot: It’s possible to run into a situation where they won’t know, but you need to report, that’s the rule.

[52:53.96] Amanda: Yep. The laws are there, whether you know about them, whether you like them or not. Please follow this, because getting caught on something like this, ooh, that’s going to be bad.

[53:04.32] Eliot: And there may be some forms that get turned into the government anyway, to the seller.

[53:09.16] Amanda: Yeah, if a bank’s involved, they’re definitely done.

[53:11.80] Eliot: If you receive those forms, the IRS is receiving them too,

[53:16.60] Amanda: Also, Eliot’s looking for a place in Italy, if you want to hook them up, let’s go. If I had a cost segregation study conducted in a previous year, but did not use it, can I still use it in 2026? And this is actually a great question, because whenever we’re doing tax planning, or whenever we’re getting calls around this time of year, when it’s time to report taxes, clients will often say, what can I do to mitigate my taxes from last year?

[53:43.78] And unfortunately, the answer once we’re into the spring of the following year is not a whole lot. Most strategies you’ve got to implement in the calendar year in which you’re trying to take those extra deductions. Cost seg is one of those few that you simply have to have the study done before you file your tax return.

[54:03.74] For 2025, since it’s 2026, if you file an extension or if you haven’t filed your tax return since it’s only March, you could still get a cost segregation study done now, apply it to what your income from 2025 and reduce your taxes. Now, what I’m assuming this question is saying is that they actually got the cost study done in 2024, did not do it, report it for their 2024 taxes, and now it’s 2026, can they use it for last year?

[54:35.76] Eliot: Right, the study really, they will go in and they’ll look at the building, take all this data down and put usually quite a comprehensive report together. The basics as far as the building, as long as you didn’t make any additions or anything like that, or maybe one of the rooms got torn off in a tornado or something like that, as long as the basic building’s the same, that part’s probably okay.

[55:00.64] But within that, they do a lot of calculations and they’re based on the original purchase price plus any improvements, less than any previous depreciation, things like that. By not having taken the study in previous years in ’24 or maybe ’25, you may have to have that calculation. In fact, I can promise you, you need to have that calculation updated.

[55:22.64] But the core study itself on the building probably does not. You’d want to probably work with whoever originally did this study and they have all the records there and then they would just go in and say, “Okay, well, we’ll take away two years of straight line depreciation,” and update those, and probably not have to do a full-blown new study.

[55:40.68] Amanda: This isn’t really something that we want to just take our previous report, hand to our CPA and say, “Yeah, just back out the extra two years I waited.” It’s not something you can just do that way.

[55:51.44] Eliot: No, because the numbers are going to be different in the report itself. You want to make sure it’s done with some credibility.

[55:57.84] Amanda: With some credibility. When you’re filing your return and you’re claiming these, you actually turn in that cost segregation study, maybe not the whole thick report, but the summary of it so that the IRS is then matching up those calculations. It’s important to be very precise.

[56:15.12] Eliot: And we have the form 3115 that comes in as well with this, which can have some calculations in it that need to be updated in this scenario.

[56:23.56] Amanda: Well, that’s the last of our questions. Please don’t forget to subscribe to Clint Coons YouTube channel, as well as this channel, Toby Mathis, next time Tax Tuesday Comes On Live will be two weeks from now and you’ll get a notification. If you’re ready to structure your business and your investments, please register now for our live tax and asset protection event coming up in Phoenix in late May.

[56:49.88] And if you can’t make it, then you can definitely use this QR code to schedule a free strategy session. We would love to talk to you, talk about your hopes, your dreams, your goals, and as always, how to structure you while saving some taxes. For future questions, if you’ve got something you’d love us to dig into, we’d love to dig into it and you can send that question to us via TaxTuesday@AndersonAdvisors.com or visit us at AndersonAdvisors.com.

[57:19.56] Thank you, Eliot. Oh, we got a shout out to our team. Thanks to our team. We answer, the team in the background answered over 120 questions from all of you. That’s not even counting all the questions hat our buddy Troy answered live on YouTube. Who did we have helping us out?

[57:36.24] Eliot: I saw Dutch in there. I saw Patty, we got.

[57:40.88] Amanda: Then Rachel.

[57:44.92] Eliot: Yeah, Rachel.

[57:45.76] Amanda: You can see that little arrow. I’ve always got to help the men with this. It’s like, just like my husband, Rachel, Marie, Jared, Harry, Dutch, Cheryl and Jay. And we can’t forget the master behind the curtain, Kenny in our studio. And thank you all for joining us. We’ll see you next time. Take care.

[58:09.42] Outro: