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!
13:08 – If I purchase depreciable business property this year for $200,000 eligible for bonus depreciation, 100% bonus depreciated it in 2020, use it for 5 years, and then sell the property for $50,000, will I have to recapture the $150,000 that was depreciated in year 1 upon sale? Is there an exception to this rule where recapture is not warranted?
17:13 – If a nonprofit (NP) org. opened a trading account and got options income under $50k, does the NP file an income tax return (besides a 990-N)?
26:13 – I want to draw down about $250k from my 401(k) this year, possibly to buy 1-3 investment properties. Can I use bonus depreciation from the properties to offset the income taxes from my 401(k) drawdown?
32:27 – I have a rental property that is owned by my self-directed IRA. Does it need to be in an entity or is it safe in the IRA?
37:31 – How do you claim the solar credit on your personal residence?
45:59 – Doing a cost segregation on a condo that was purchased out of my inherited trust to pay off other beneficiaries. Can I take bonus depreciation?
47:46 – I inherited a property and had been living in it. I then got married and am now getting a divorce. To avoid paying tax and having to share the profit with my partner, can I put it in an LLC first before I make any move with the sale and divorce?
56:27 – If I control a foreign-domiciled company, then what would trigger me being personally taxed on that company’s profits?
59:35 – Can you include your roof replacement for the solar tax credit?
1:03:59 – How is the office in-home deduction being treated since most of us have been working from home? Still a red flag for Realtors?
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.