In this episode of Tax Tuesday, Toby Mathis brings tax knowledge to the masses and breaks down your tax & bookkeeping questions LIVE! He’s joined by Jeff Webb, CPA and Tax Director at Anderson Business Advisors.

 

Featured Questions

  • 00:14:05.09 – How can I get out of fees associated with a timeshare I may be inheriting?
  • 00:18:17.01 – How do I transfer ownership of a property, used as a rental that was in my husband’s name, to an LLC under my real estate C-Corp? Is it possible to refinance a property, then transfer the title?
  • 00:24:04.09 – Can I deduct the full amount of a RAM pickup on my taxes? I have two S-corporations.
  • 00:28:42.00 – 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 one piece of equipment and one staff member?
  • 00:46:33.00 – What’s the rule of thumb on whether to capitalize or expense expenditures made to renovate a property?
  • 00:57:42.08 – I’m a resident of Oregon carrying notes on several houses I’ve sold. If I move to another state, would I have to pay state taxes to Oregon?
  • 01:03:40.02 – Where should a property management business be formed if I live in Wyoming? Should I use a C-corp, S-corp, LLC, or disregarded entity?
  • 01:08:48.00 – Can you have both a private foundation and a public foundation, with the private foundation’s 5% donation going to the public foundation?
  • 01:13:28.01 – Is it too late to rent out your house for 14 days under the Tax Code?
  • 01:18:38.09 – I’ll be 70 in April 2020. Do I need to take the RMD this year since the new law allows people to take the first required minimum distribution at 72?
  • 01:25:05.04 – What is the IRS’s requirement to qualify as a real estate professional?
  • 01:30:41.00 – What is included in calculating gain/loss on the sale of a single-family rental?
  • 01:33:44.09 – Must all revenue from a partnership be declared as income by the partners, even if some revenue is left inside the company?