Can You Deduct Gambling Losses? and much more is covered today

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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)?
21:15 – Are losses from gambling deductible?
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?

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. One of my favorites as well is our Infinity Investing Workshop.

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