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!

  • 7:28 – I understand that, if I want to set up my own Qualified Opportunity Zone Fund, it needs to be in a partnership of some kind, with an LLP, LLC, C-corp, or some other entity structure. Can I form a viable partnership for this purpose with my IRA-owned LLC?
  • 14:35 – I would like to make my investment condo my primary residence for tax benefits upon its sale — without sleeping there 731 days over 5 years. Is that only a safe harbor measurement or a hard-and-fast rule?
  • 24:24 – How can I take profits out of an S-corp without paying a lot in taxes?
  • 30:36 – How do you account for remodeling expenses versus maintenance expenses for a rental property?
  • 42:04 – If you mine bitcoin, how is it taxed? Is it taxed at the price of bitcoin minus electricity, then turned into US dollars?
  • 50:51 – Can an employer contribute to a profit-sharing retirement plan if there was no profit for the year?
  • 56:47 – If my business and house are in my revocable living trust when I die, what kind of tax will my kids (the beneficiaries) have to pay on “getting the business” or the house?
  • 1:07:33 Has the IRS relaxed the 750 hours requirement for real estate professional status for 2020 in light of the difficulties of the Corvid pandemic?
  • 1:13:48 – I understand that I will owe income taxes on the amount of a withdrawal from my traditional IRA. Can I use passive activity losses (PALS) from rental real estate investments to offset this IRA withdrawal income to avoid income taxes on the IRA withdrawal?
  • 1:15:00 – Can I buy an investment property before selling a property in a 1031 exchange?
  • 1:16:19For a W-2 employee, what do you recommend is the best way to save on taxes when stock market trading? 

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