163 results found • page 16 of 17

POST
Why do You Need an LLC for Your Investment Property?
...rentals). Can you explain this? Also, if I don’t provide “substantial service” for Airbnb, do I still need an LLC/C-Corp for management to decrease my taxes? I would like to report the income on Schedule E while writing off active STR income from 100 material participation hours. 51:26 – How does an LLC that’s a disregarded entity differ from a...
https://andersonadvisors.com/blog/tax-tuesday-episode-144-defer-captial-gains-tax/
PODCAST
The Best Options To Save on Taxes After Selling Your First Flip
...that I could use against my W-2 or other income. You could wait until 2024, but 2024, we’re going to still have to qualify as a short term rental, which means the average stay per guest is seven days or less. You take the total number of days you rented the house out for the year, or you used Airbnb...
https://andersonadvisors.com/podcasts/the-best-options-to-save-on-taxes-after-selling-your-first-flip/
POST
What Are the New Rules for IRAs
...considering cost segregation? 58:33 – I’m buying a beach property in a month and planning on short-term renting it for the summer via Airbnb. It has a separate garage with plumbing. I COULD live in it all year, but would probably move back into the house. What are my best tax structure options? 1:03:33 – If I decide not to...
https://andersonadvisors.com/blog/new-rules-for-iras-tax-tuesday-episode-145/
POST
What Are the Benefits of a Land Trust Property?
...I complete 100+ hours of active participation and more than anyone else, can I deduct the losses from my W2 wages (active income)? 44:15 – How should someone set up the business for Airbnb? 47:06 – If you take regular depreciation then replace windows, roof, and other large item such as A/C, and want to take component depreciation for those...
https://andersonadvisors.com/blog/tax-tuesday-episode-148-land-trust-property-tips/
PODCAST
Tax Benefits: A Nonprofit vs. A Foundation
...business income loss or capital gains loss? Is there anything similar to a trader status mark-to-market for an S-corp?” Good question, and we’ll get there. We’ll answer that one too. “I have a second home property that we are renting as a STR,” short-term rental, that means like an Airbnb. “It is titled under Wyoming statutory trust, and we are...
https://andersonadvisors.com/podcasts/nonprofit-tax-benefits/
PODCAST
How to Write Off Rental Property Expenses
...we’re going fast. “Trying to buy a short term rental,” which by the way, is huge right now. In Vegas, it is ridiculous. They’re so limited in the amount of Airbnb, it’s something like $9000 a month on average or some ridiculous number. Somebody says, “Jeff, be nice.” See, they’re being mean to me again. They’re saying I’m going down...
https://andersonadvisors.com/podcasts/how-to-write-off-rental-property-expenses/
POST
What Bookkeeping Knowledge do You Need for Your Business?
...Are all the legal costs to start a business tax-deductible, and will we get a refund on what we put into starting our business? 00:32:20.09 – What is the best way to fund an Airbnb if money is no object: cash or a mortgage? 00:36:54.03 – What is the best way to fund a new small business based mainly on...
https://andersonadvisors.com/blog/tax-tuesday-episode-109/
PODCAST
Tax Tuesday Episode 85: Write Off Expenses
...“What the hell is an accountable plan?” I’ve been doing this for 20 years. Every time I talk about it, they used to say, “What’s 280A?” Now, everybody knows what that is because of Airbnb but it’s like you get the recurring theme. An accountable plan–you have to be an employee. You get to write off all your business expenses...
https://andersonadvisors.com/podcasts/tax-tuesday-with-toby-mathis-12-11-18/
POST
How Short-Term Rentals (STRs) Unlock Deductions For Real Estate Investors
...the strategy into two lanes. How Do Short-Term Rentals Create Real Tax Savings? You’ve probably heard the pitch: “Buy an Airbnb, do a cost seg, take bonus depreciation, and wipe out your W-2 taxes.” Parts of that are true. Parts of it are internet fiction. The tax benefit comes from combining two lanes: Lane A: Create deductions through depreciation, cost...
https://andersonadvisors.com/blog/how-short-term-rentals-strs-unlock-deductions-for-real-estate-investors/
PODCAST
Tax Strategies and Tips for Starting an Online Business
...you rent it. You’re the one putting it on to air Airbnb. Nobody else is running it. You don’t have a manager managing it. You’re doing it. You’re doing everything. Otherwise, you and your spouse combined would have to do a hundred hours or more. I could hire a manager, but then I would have to really worry about that...
https://andersonadvisors.com/podcasts/tax-strategies-and-tips-for-starting-an-online-business/