In this episode of Tax Tuesday, tax attorney Toby Mathis, Esq. and CPA & Tax Director at Anderson Business Advisors, Jeff Webb, bring tax knowledge to the masses and answer your tax questions LIVE!
08:31 – We are concerned about how to protect our tax deferral for capital gains and how to separate the LLC that we own with another partner so that each can be protected from capital gains tax at this time. The other partner owns 43.2%. We have a basis of approximately $165,000 with a potential value at sale of $1,000,000. We would like to divide this so that each could invest in multiple assets without paying capital gains at this time. Both partners want to diversify but separately. What are our options?
15:11 – Please talk about being a real estate professional. What are the requirements? And the benefits?
32:32 – I have a fully depreciated rental property in a high-tax state. Can I do a 1031 exchange and buy some farmland in a different state and not pay taxes to the high-tax state?
37:19 – I recently bought a security that I am bullish on in the long-term, but it has taken a hit recently. I also sold some real estate this year and realized capital gains on them. If I sold the security and repurchased it at a lower price, could I lock in a loss to offset the capital gains on the real estate? Are there any rules about timing that transaction?
42:08 – I have an S-corp. business. I hired my 12-year-old son to work and he gets a W-2 with an annual income of about $1400. Should he need to file a tax return? If he does not file a tax return, will that increase my chances of getting an audit for my business?
47:46 – Can I write off my monthly car payment if it’s financed and in my corporation’s name?
57:18 – I have a rental property that is owned by a self-directed IRA. Does it need to be in an entity or is it safe in the IRA?
59:42 – Say I have 10 properties (SFHs), all under my name. I want to get a portfolio loan to include them all under the same loan, but also want to put them under an LLC’s protection and not in my name. If I separate the properties into several different LLCs, can I still put them all under the same portfolio loan?
1:08:15 – On a “subject to” deal, who pays capital gains, and who pays depreciation recapture? Assume the owner granted the deed to the “subject to” buyer.
Toby MathisToby Mathis, is a founding partner of Anderson Law Group and current manager of Anderson's Las Vegas office. He has helped Anderson grow its practice from one of business and estate planning to a thriving tax practice and national registered agent service with more than 18,000 clients. In his work as an attorney, he has focused exclusively in areas of small business, taxation, and trusts. In addition, Toby was the past director and host of the longest-running local business radio program on KNUU in Las Vegas "The BOSS Business Brief". He sits on the board of directors for several companies and was recently appointed to the local board of Entrepreneurs’ Organization, a worldwide association of owners of successful businesses. He has authored more than 100 articles on small business topics and has written several books on good business practices, including first and second editions of Tax-Wise Business Ownership and 12 Steps to Running a Successful Business.