Free Tax Tips & Strategies

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?