Free Tax Tips & Strategies

In this episode of Tax Tuesday, Toby Mathis, Esq. along with Jeff Webb, CPA, answer your tax questions LIVE bringing tax knowledge to the masses. 

9:28 – Are there any restrictions on being a REP during retirement? My father is retired from the Postal Service and spends more than enough time materially participating in repair, maintenance, and general work in rentals. 

15:10 – Do I have access to my ROTH 401k contributions in the way I do Roth IRA contributions before age 59.5? What if I separate from my employer and roll the Roth 401k into a Roth IRA? Do I have access to any of those funds before 59.5? 

22:49 – I am 68 now and I have an inherited spousal IRA (she was about 5 years younger than me). I know that I need to start RMDs on my IRA when I hit 72. When do I have to start taking RMDs from the inherited spousal IRA? When I hit 72? Or, when she would have turned 72 (which would be when I hit 77)?

29:57 – Why would someone invest in a Publicly Traded Partnership? How are they taxed? I don’t hear you guys talking about them in any way either positive or negative. I wonder if a PTP is a good option to invest in for diversity. 

38:21 – I have converted my primary home to a STR this year. If I complete 100+ hours of active participation and more than anyone else, can I deduct the losses from my W2 wages (active income)? 

44:15 – How should someone set up the business for Airbnb? 

47:06 – If you take regular depreciation then replace windows, roof, and other large item such as A/C, and want to take component depreciation for those items, Do you have to make any adjustment to the regular scheduled depreciation amount? 

51:15 – Can I be a real estate professional by running short term rentals? 

55:16 – Why is it better for the Wholesale Trust/Land Trust to be a C Corp instead of an S Corp? If I am buying land and subdividing on paper only, but doing engineering studies, etc. am I looked at as a dealer-again this is only land. 

1:00:40 – Plan to donate my paid timeshare and does that relieve me of my maintenance fee yearly? Due to Covid, I have not used my week and I called the company and refused to give me credit for the time and I paid the yearly fee as well. How can I legally make them accountable for this? 

1:07:44 – If the previous MF owner took appreciated depreciation on 15 yr. Items, how would I know and would that impact purchase price? 

1:09:36 – How does the IRS track capital gains on sales under 2 years from acquisition if 5 million homes sell per year in America?

Have any tax questions you would like answered? Submit your questions today and join us at the next episode!