In this special episode of Tax Tuesday, Michael Bowman, Esq. brings tax knowledge to the masses and answers your tax questions LIVE! He’s joined by Jeff Webb, CPA and Tax Director at Anderson Business Advisors.

Updated October 27, 2020

  • 29:12 – Does it make sense to use an LLC as the property manager for self-managed rentals? What are the pros and cons?
  • 34:40 – If I put my property into a land trust, will it be difficult to sell?
  • 37:28 – What is the best entity for wholesaling?
  • 41:48 – If we just have one duplex investment property, would Turbo Tax be good enough for tax prep, or is a CPA needed for more tax benefits?
  • 46:24 – How do we report the sale of a rental owned in part by our 401(k) and 70% by us?
  • 49:28 – What tax strategies should a startup real estate investor be aware of and plan for ahead of time?
  • 53:15 – I have an S-corp. When I pay myself, am I responsible for payroll taxes?
  • 57:41 – How do I set up a manager-managed LLC to protect the member-managed LLC I’ve had since 2013?
  • 58:49 – I sold my business and have a $100k capital gains taxes due. Can I invest in real estate and offset the taxes due with depreciation credits?
  • 1:03:18 – Can I use my 529 to pay for “room and board” if I own my house with a mortgage?
  • 1:06:11– Is there a way to plan for and calculate the tax implications on the sale of residential rental property; i.e., depreciation recapture?
  • 1:07:13 – I have a self-storage business in VA and am looking to expand and purchase another facility in TN. What is the ideal structure I should use for this business and real estate investing?
  • 1:10:21 – Property aggregation: What is it and what are the reasons to do it or not do it?

As always, take advantage of our free educational content and every other Tuesday we have Toby’s Tax Tuesday, a great educational series. Our Structure Implementation Series answers your questions about how to structure your business entities to protect you and your assets.

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