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In this episode, Toby Mathis, Esq., of Anderson Business Advisors, chats with Tyler Surat of One Tree Advisors. Tyler is a seasoned expert in tax mitigation and land conservation strategies, who is helping clients utilize conservation easements to preserve land while mitigating taxes. Youâll hear the definition and benefits of conservation easements, the challenges posed by IRS scrutiny on certain easements due to misuse by "bad actors," and the importance of understanding state-specific tax laws. Tyler emphasizes the necessity of due diligence before pursuing an easement, considering factors like property registration and the differences between group and individual applications. Tune in for valuable insights into navigating the complexities of conservation strategies and tax implications.
Highlights/Topics:Toby introduces Tyler, from CPA to CFOWhat is it, and whatâs covered under a âConservation Easementâ?The IRS is contesting some easements from âbad actorsâ in the real estate businessGroups vs. individualsIs the property on a National Registry?Tax laws in your specific state need to be consideredAudits can be a risk due to past individuals who have misused this tax breakDue diligence is essential before requesting an easementGet in touch with Tyler at his email below with your questionsShare this with new investors you knowResources:Connect with Tyler Surat
Email: [email protected]
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Toby Mathis YouTube
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Toby Mathis TikTok
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Clint Coons YouTube
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In this episode of Tax Tuesday, Anderson Advisors attorneys Eliot Thomas, Esq., and Toby Mathis, Esq., tackle a variety of listener questions related to tax deductions and property management. They discuss the implications of evicting tenants and the possibility of deducting repair costs, as well as how homeowners can deduct home office repairs. Youâll hear about the process for amending tax returns to include rental properties and explore the tax consequences of receiving large gifts from non-U.S. citizens. Additionally, they cover topics like the advantages of S-corp versus C-corp structures, the requirements for achieving real estate professional status, and the nuances of short-term property sales, including 1031 exchanges. Tune in for expert insights that could impact your tax strategy!
Submit your tax question to [email protected]
Highlights/Topics:"We rented our house last year due to damages caused by the tenant violations of the agreement. We evicted them." "The tenant abandoned the property with their belongings." "With proper judgment and the sheriff's help, we evicted them and cleaned the property. The tenant caused too much damage. Can we include the cost of fixing it on our taxes?" - yes, and we have two categories, repairs or improvements."I work from home. I already take deductions for my home office. If there is a repair in the house like plumbing or an appliance repair, am I able to take a percentage of that repair off as a deduction?" - As a general matter, yes."In 2022, I bought and rented a rental property, but I never put the property on my tax return. Can I now add this property to my tax return and take advantage of the tax deductions, cost of ownership, et cetera? Is there a limitation on how far back someone can amend a tax return or add a rental property purchase in the past?" - yes, you can. Is there a limit to how far back? Yes, I'll hit the limit first, three years from the date that you filed."My parents live in Singapore and are not US citizens. They want to give me and my kids $200,000.ââThey have not previously gifted us any funds. Will any of us need to pay tax on this?" - Generally speaking, I don't know of a tax necessarily if you have non-US citizens giving cash gifts over to their children or family."Is there a different procedure to buy a residential multifamily with a pizzeria?" "Is there a different procedure to buy a multifamily with the pizzeria running downstairs?""We have our long-term rental properties with LLC. How should we proceed with this? Can we do a cost segregation study and take bonus depreciation on this type of property and take advantage of the passive deductions?" - For both, you can go ahead and do a cost segregation study, see if it would be in your favorâusually it is"What type of activities can I log toward REP (real estate professional) status, as a real estate agent? For example, working at home on my website, market research, advertising. Does having a home office mean my time driving to and from showings counts as time? Is education either required or optional?" - If you meet the criteria, then that turns it from passive to non-passive. if you spend over 750 hours in a particular trade or business"What are the tax consequences if I sell a property in less than a year of purchase? Does the same apply to manufactured homes? And would they be able to do a 1031 exchange if there's profit on the sale?" - What was your intent? Was it to flip? That is a different scenario than short-term gains. Manufactured homes need to look at state laws."Why should I open an S-corp versus a C-corp?" - There are many differences to consider."Can you please explain the 100-hour material participation in detail? You participated in the activity for more than 100 hours during the tax year, and you participated at least as much as any other individual, including individuals who didn't own any interest in the activity for the year." "For example, if I materially participated in my rental activity for 100 hours during a tax year, can I claim 100% tax deductions on my losses, expenses, and my business activity under this test alone?" - No, it doesnât work that way. You need REP status.Resources:Schedule Your FREE Consultation
https://andersonadvisors.com/strategy-session/?utm_source=can-you-deduct-tenant-damage-and-cleanup-costs-on-your-taxes&utm_medium=podcast
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Toby Mathis YouTube
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Clint Coons YouTube
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In this episode, Toby Mathis, Esq., of Anderson Business Advisors, sits down with Mike Sullivan from Alliance Virtual Offices to discuss the evolving landscape of workspaces. Mike details five compelling reasons to abandon traditional office spaces, highlighting Alliance's impressive 40 years in the industry, with 20 years dedicated to virtual solutions. The discussion demystifies the concept of a "virtual office," likening it to the 'Airbnb' of office rentals. Listeners will learn about the array of services offered, including phone support, professional addresses, receptionists, and flexible meeting spacesâall for a budget-friendly monthly cost.
Virtual offices can mitigate risks associated with rising rent and personnel disputes, providing the flexibility needed for businesses to thrive. Ideal for those navigating talent needs or seeking cost-effectiveness, Alliance also offers rental agreements that start with a six-month minimum, transitioning to month-to-month options. Tune in to discover how virtual offices can transform your business strategy!
Highlights/Topics:Five key reasons to ditch your office spaceAllianceâs 40 years in the business - 20 years virtualAmbiguity â exactly what is a âvirtual officeâ?The âAirbnbâ of office spaceServices available - phone number, operators, address, receptionist, meeting space, workspaceMonthly cost of $50-$70 per month globallyRent on an as-needed basis, for example, attorneys are the largest percentage of rentersMitigating risk/credit - eliminating rising monthly rent, credit, personnel disputes or conflicts, separating business from personalFlexibility is key for hiring and cost-effectivenessTalent needs - if employees are unable to work from homeRental agreements - 6-month minimum, then month-to-month is availableUtilizing space for private interviewsShare this with new investors you knowResources:Alliance Virtual Offices Offer for Listeners
https://www.alliancevirtualoffices.com/lp/anderson-advisors?gspk=YW5kZXJzb25hZHZpc29yczUyNDA&gsxid=YHqclhuYOPk8&pscd=ps.alliancevirtualoffices.com
Schedule Your FREE Anderson Consultation
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Toby Mathis YouTube
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Toby Mathis TikTok
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This episode of Tax Tuesday with Anderson Advisors attorneys Eliot Thomas, Esq., and Toby Mathis, Esq., tackle pressing issues faced by business owners and real estate investors. From the implications of switching health care reimbursements from a C-corporation to an LLC, to short-term rental strategies, Eliot and Toby discuss the 100-hour participation test and how to select the right property. Other topics include the intricacies of real estate professional status, the deductibility of expenses for damaged properties, and the mechanics of Qualified Business Income (QBI) deductions. Finally, listeners learn about tax management for online businesses (at 46:17) and the potential tax liabilities of renting secondary homes through an S-corp.Submit your tax question to [email protected]
Highlights/Topics:"I currently reimburse myself for health care expenses through my C-corporation. I have another completely separate business that I run through an LLC registered in Wyoming. Are there any issues if I switch my health care reimbursement from the C-corp over to the LLC?" - It depends- who is it disregarded to? A C-corp can reimburse health expenses."We want to take advantage of the short-term rental loophole strategy. If we buy a house in October and close in November, would I have enough time to reach the 100-hour test? What kind of house should we focus on?? - There are several different tests for material participation, one of them being at least 100 hours and more than anybody else. But there are 7 total tests."Regarding real estate professional status, the code says you have to participate 500 hours materially or have been rep for the last five years." Actually, there are seven tests, but we'll get into that. "Does that mean if a spouse has been a rep for the past five years, he or she can be hands-off for the next three to five years and still claim rep to offset the other spouse's W-2?" - Long-term rentals are passive income normally, but REP status changes that, although it has certain requirements"We bought a small house. The house was in a fire and had a lot of damage. We spent a lot of money on structural engineering, services, roof, and other support of construction. This was needed for the safety of workers. They would not be able to work otherwise. My CPA told me I can't take any of those expenses as deductions because I have not rented the house yet. Please be so kind and tell me why I can't deduct structural engineering expenses of more than 12,000. My CPA told me I can only deduct utilities such as water and electricity. That's it." - The code is the code, you canât deduct for a rental until it is in serviceâŠthe write-off comes over cost seg"Can you go over QBI in detail? And do I deduct 20% QBI from net or gross profit? Also, do I deduct 20% first, then my expenses, or do I choose either 20% or my expenses?" - First you find your net, then there are five different qualifications"If I sell a house on an agreement for deed, how are the monthly payments that I receive taxed?" - If you used it as a rental, youâll have depreciation recapture. âFor deedâ means youâre selling it over time.[46:17] "I'm considering starting an online business. I'd like to know strategies and how to manage taxes as best as possible."- Start by putting it in an LLC, tax it as S or C-Corp, be aware of state requirementsâŠ"Could I have my S-corp rent my secondary home when the business takes clients on retreat? While this may create an expense on the business side, does it also create a tax liability on our 1040?" - How is the second home currently being used? If it's already a rental, you may hit some limitationsâŠ"Does changing the floor and painting the walls count as repair, or is it a renovation?" - Painting is usually a repair, you can write that off. Flooring has other requirements."Can I take a six-figure distribution from my S-corp and have it not affect my social security? If the corporation shows a profit and I'm the CFO, will this affect my social security?" You have to take a reasonable wage in order to get that credit.Resources:Schedule Your FREE Consultation
https://andersonadvisors.com/strategy-session/?utm_source=tax-strategies-and-tips-for-starting-an-online-business&utm_medium=podcast
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Toby Mathis YouTube
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Toby Mathis TikTok
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In this episode of Tax Tuesday with Anderson Advisors attorneys Eliot Thomas, Esq., and Amanda Wynalda, Esq., we dive into essential real estate investment strategies and tax implications for property owners. Discover why selling a rental property to your LLC is considered a prohibited transaction and learn how to protect capital gains from your primary residence using the 121 exclusion. We discuss the limitations of 1031 exchanges for properties flipped within a year and outline how to determine a reasonable salary from your S-Corp while considering payroll taxes. Additionally, we clarify the requirements for maintaining real estate professional status, the treatment of capital gains within an S-Corp, and the nuances of deductions for short-term rentals. Tune in for valuable insights to optimize your investments!
Submit your tax question to [email protected]
Highlights/Topics:I just purchased a property through a self-directed IRA and LLC. I own a rental property. Will I be able to sell the rental property to my LLC? - No, you cannot personally benefit, this is a prohibited transaction.How can I protect the capital gains from selling my primary residence after adjusting the cost basis? And after taking the 121 exclusion and utilizing that money for investment purposes. - If the home was used as a personal residence for two of the last five years, you might be able to take some money off - it's 250,000 if you're single, 500,000 married filing joint.Can I use the 1031 exchange when flipping properties under one year of ownership? - The IRS looks at the property as âinventory.â So although it is being used in a âtrade or businessâ you canât use the 1031.How do you determine the right pay for yourself? Is it worth the taxes you pay into Medicare and Social Security? So far, we've paid $30,000 in payroll taxes. Will that go towards our tax bill at the end of the year? - You have a âreasonable salary requirementâ from an S-Corp. It ranges from 38% to 60%.What minimum must you do to maintain your real estate professional status and not be considered a dealer if you intend to flip a house? - REP status is when you spend 50% of your personal services time and at least 750 hours in your real estate trade or business.What happens with the capital gain from stocks or from the sale of a rental property when inside of an S-Corp? - It is not âordinary incomeâ- the building is under âseparately statedâ.What is the list of deductions with a STR that's a short-term rental for those of you in the know in the REI, as passive income when material participation is not met compared to a list of deductions when material participation is met? - There is no difference between passive and non-passive deductions. Google IRS PDF Schedule E.If I volunteer my work or time at a nonprofit, is this tax-deductible? - the short answer is no, but you can deduct things like mileageI have a W-2 and 1099 income. Bought a house to flip. How can I best take advantage of this financially to save on tax? - you may be able to run certain deductions against your income.How does rental property via an LLC affect personal taxes? - we get this question all the time recently. Set up in a disregarded LLC, no impact at all on your personal taxes.Resources:Schedule Your FREE Consultation
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Today Clint Coons, Esq., speaks with Aaron Kancevicius, the Lead 1031 Advisor/Director of Lending at Plenti Financial. Aaron takes us through the ins and outs of navigating the IRSâ 1031 exchange guidelines for investment properties. Aaron and Clint discuss the essentials of setting up a 1031 exchange, the importance of consulting with a CPA, and the necessity of a qualified intermediary. Aaron clarifies the complexities of depreciation, depreciation recapture, and the "like-kind" property rule. He outlines the critical timelines, including the 45-day identification and 180-day closing periods, offering tips for effective portfolio diversification. Additionally, youâll hear advanced strategies like standard and reverse exchanges and transitioning properties to personal residences, making this episode invaluable for serious real estate investors.Aaron Kancevicius is from Plenti Financial, a leading 1031 exchange consulting firm in Southern California with over 20 years of experience in real estate finance. Aaron has helped countless real estate investors evaluate deals from as little as $100K to over $100 million.
Highlights/Topics:Clintâs introduction of guest Aaron KanceviciusHow you can arrange for a 1031 exchangeWhen in the process do you need to apply for a 1031?Debt, loans, timingParameters for avoiding capital gains taxesAre there complications with cost segs on properties?Complexities of the âLike/Kindâ IRS regulationDiversifying with a 1031, limitationsWorking with contractors on improvementsRelated party transactionsCash-out refiâsConsidering exchanges from US to InternationalDrop-n-Swaps, reverse exchanges, selling multiple properties, combo exchangesCan you use a 1031 to purchase a primary residence vs. an investment properties?Other uncommon situations, mistakes Aaron has witnessedClosing comments - contact an expert before you embark on a 1031 exchangeResources:Plenti Financial
https://www.startmyexchange.com/anderson
Schedule Your FREE Consultation
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Anderson Advisors Podcast
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Clint Coons YouTube
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w
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In this episode of Tax Tuesday with Anderson Advisors attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., the pressing tax questions from listeners have a special focus on real estate issues. They dive into the complexities of tax benefits for short-term and long-term rental properties, addressing specific monetary scenarios. Toby and Eliot also explore the nuances of passive losses and real estate professional status, evaluating how a limited partnership investment and syndications impact tax strategies. Additionally, they clarify the effects of installment sales on capital gains tax, the tax implications of long-term capital gains for incomes below $93,000, and strategies for reducing tax liability as a real estate flipper. Youâll hear about the mechanics of 1031 exchanges, the use of solar credits against passive income, and the treatment of repairs versus improvements on rental properties. Tune in for expert advice on optimizing your tax situation in the real estate world.Submit your tax question to [email protected]
Highlights/Topics:"Professor One has three short-term rentals, seven days or less." "He generates $20,000 of profit from each one, but each generates $60,000 of losses, cost seg plus bonus depreciation." "Can he use 20% QBI?" that's 199A. "Can you use it on the $20,000 profits, or will those be offset by the $60,000 losses, and the net will be $40,000 each?" âWe can't. We have to take in the $60,000 loss that's associated with each of those buildings. We don't take QBI against the loss. No, QBI would not be available here."Professor Two has four long term rentals, and he used line depreciation for all of them." "His wife is a real estate professional, but there's not enough losses to offset his $300,000 grand in income. The CPA suggests putting $200,000 in a syndication as an LP. K1 will generate $150,000 of losses. As long as his wife is REP, he can use those passive losses to offset his W-2. Is that true?" â Because we're introducing a syndication, and this is a limited partner, that's the LP here at K-1, we're going to have to meet that test, the 500-hour test. In other words, to get our REP status, if we didn't use the 500-hour test, we may not be able to do that. That's why I say it depends."Professor Three has one passive long-term rental and just bought two short-term rentals with seven days or less with cost seg plus bonus depreciation. Next year, 2025, his wife plans to retire and claim real estate professional status. The plan is to keep those short-term rentals as Airbnb with eight days or more, a.k.a passive, and keep the long-term rental as is. The first question is, can the wife manage, clean those Airbnbs and claim the 750 hours without touching the third long-term rental that is far away and group them all together?" â I'm going to say no, because remember, a short-term rental isn't rental activity. It's the pizza shop, okay, that Toby keeps talking about. But we have other ideas.âThe second question is whether we can still use the losses from the cost seg we conducted on those two short-term rentals this year." â Losses will stay passive into the future, so no."I have a question about capital gains tax. I'm selling a property with an installment payment plan. Only two installments to be received. The first will be received December of 2024, the second and last payment will be January 2025. How will this affect my capital gains tax?" â Simplistically, it's just going to split them."Paying tax on real estate long-term gain. If my net income is under $93,000 in 2024, will I owe taxes on long-term capital gains from the sale of real estate, a vacation rental? The gain itself is over $93,000." â if you are below approximately $94,000 in 2024, it's going to be taxed at zero."How do I reduce my tax liability as a flipper?" â Do it in a C-Corp or S-Corp, besides just immediate tax deductions, we want to avoid dealer status.Reverse exchange 1031. "Please help us understand it. How do I choose a QI, which stands for qualified intermediary? Any recommendations for first-time 1031 exchangers?" â you're first buying the replacement property and then you're deciding within 45 days which you're going to give up. And so it's just the opposite direction. You have 108 days total from close to close."Is it possible to use solar credits against passive income from real estate rent income?â â Yes. You can have a solar credit. You could do it on your personal home, which would create an ordinary loss. The nature of the activity that the solar is attached to might have something to do with its tax treatment."How do you determine if a repair and a rental property can be treated as an expense in the current year or must be depreciated?" â If you're making the property more valuable by doing it, that's not a repair. You're making it more valuable."Hi, my husband and I want to sell a new construction home business to become full-time investors and manage our five large commercial properties. In the past, we've had real estate professional status because we self-managed our commercial properties. If we sell our construction business, do we still qualify for rep status if we start a management company to manage our commercial properties and earn W-2 income from this new company? What type of entity would be best to set up a management company, LLC, S-corp, or C-corp? â using that management company that you own yourself, certainly you can use that towards your time.Resources:Schedule Your FREE Consultation
https://andersonadvisors.com/strategy-session/?utm_source=strategies-to-reduce-your-tax-liability-as-a-real-estate-flipper&utm_medium=podcast
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Toby Mathis YouTube
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Toby Mathis TikTok
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In this episode, Toby Mathis, Esq., of Anderson Business Advisors, sits down with Brent Nagy, a highly accomplished real estate investor with over 20 years in the industry. Brent, who retired by the age of 40 with a portfolio of more than 50 cash-flowing properties, shares his expertise around the critical importance of proper asset protection, cautioning against owning real estate outside of a formal LLC or entity. He discusses common pitfalls and liability issues associated with residential properties, highlighting that a well-structured investment strategy can significantly reduce stress and risk. With a wealth of experience, Brent underscores that good intentions alone are not enoughâtalking to other investors and understanding protection as a vital cost of doing business is essential for long-term success.
Highlights/Topics:Toby introduces Brent, his back story and progressionMaking money passively, âRich Dad Poor Dadâ, becoming an investorOwning real estate outside of an LLC or entity - NEVERProper structure and proper protection is paramount for investing in real estateResidential properties - liability examples and faulty adviceSo much stress can be avoided with the right structure in placeGood intentions can never trump experienceTalk to other investors, protection is the âcost of doing businessâShare this with new investors you knowResources:Schedule Your FREE Consultation
https://andersonadvisors.com/strategy-session/?utm_source=renting-out-a-property-without-an-llc&utm_medium=podcast
Tax and Asset Protection Events
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Anderson Advisors
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Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
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Today, attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., answer listener questions with a focus on various strategies for minimizing estate and income taxes. Youâll hear about how to use non-profits or irrevocable trusts to avoid estate taxes, structuring an assisted care business with asset protection strategies, and setting up single-member LLCs taxed as S-Corps. For short-term rental tax deductions, it's clarified that a property canât serve both vacation and business purposes. The questions also address investment in qualified opportunity zones or QOZâs, 1099 tax options for truck drivers and other independent contractors, deducting home improvement costs, and alternatives to 1031 exchanges.Submit your tax question to [email protected]
Highlights/Topics:What is the best way to avoid estate tax? - Setting up a non-profit, or an irrevocable trust. Currently, only estates over $13 million get a federal taxI'm a nurse. I'm interested in starting an assisted care business in my home. Any recommendations to use for taxes or startup strategies? - Focus on asset protection - separate your building vs. operations in an LLC. Youâll need good insurance and other protections for anyone coming into your home.My wife has a single-member LLC engineering firm and it's taxed as an SCorp. I plan to open my own business. Would I be able to open my own single-member LLC tax as an S -Corp? My CPA advised me to run my business through hers so that only one 1120S is filed. - Yes to the SCorp and NO to running through your wifeâs LLC. If you get sued someone can take everything from you.Can I use my vacation home as a short-term rental to tax write-off? So how do we do that? - it's either vacation or it's business, you don't do both, okay?I hear a lot about seven average days, but there is a lot of confusion behind those seven days. - The only reason there's confusion is because people don't know how to read the regsâŠIâve realized capital gains from an installment sale in 2023. I've not received capital gains up to my basis yet. I will have a chunk every year up to the next five years. Can I still invest in a qualified opportunity zone? - QOZâs are ending at the end of 2026I would like to focus on 1099-related options. I'm a truck driver, and I feel I'm paying very high taxes. - This is broader than just truckers, but donât start a sole proprietorship, try a C or S- Corp to cut down employment taxes.Sold our investment property in 2023, which was previously our residence for 10 years. When we started renting out our property about five years ago, our CPA did not advise us on updating the cost basis because you don't. Right. We have done many upgrades to the house during the 10-year stay. So this year, when we file our taxes and report the sale, we will be using the initial cost basis for the home. My question is, any way to deduct the expenses we had when it was our residence? - See form 315 to capture that missed depreciation.I see different ads from others saying there are options other than a 1031 exchange to defer taxes. Looking for any viable options, please. - We can look for UPREITS, Umbrella, partnership, real estate investment trust, things like that.Being a senior over 70, I really enjoy the videos I watch on YouTube as it's never too late to learn and try to understand real estate investing in taxes. But even if I do pick up some of the things, I still would need experts to do the job for me. What would it cost for Anderson's group to follow my future investments? I want to do this for my daughter who is now in her second year of college. - If you want turn-key investing, come to infinity investingResources:How to Avoid Taxes When Selling Your Rental PropertyInfinity InvestingSchedule Your FREE ConsultationTax and Asset Protection EventsAnderson AdvisorsToby Mathis YouTube Toby Mathis TikTok
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In this episode of Anderson Business Advisors, Toby Mathis, Esq., speaks with Jeff Mason and Chris Hammond from Redwood Retirement on the intricacies of $100,000+ cash balance retirement plans, focusing on how innovative solutions can benefit business owners. They explore the key aspects of these plans, including what can be paid and deducted, the hurdles involved, and the flexibility they offer. The discussion covers the effectiveness of Redwood's solutions, highlighting when payments are due for the tax year and showcasing best-case examples of significant tax savings achieved through cash balance plans. Chris and Jeff also clarify the differences between Cash Balance Plans and Defined Benefit Plans, explain the limits and maximum contributions, and introduce a sample plan for effective modeling. With insights into flexibility, payroll funding, and real-world case study outcomes, this episode is a comprehensive guide to leveraging cash balance plans for optimal retirement planning and tax efficiency.
Highlights/Topics:Chris and Jeff intro, Redwood Retirement and their cash balance plansLiability - what you can pay and deduct, hurdles, flexibilityRedwoodâs solutions, proof of effectivenessWhen are payments due for the tax year?Best case examples of cash balance plans and their tax savingsDefinitions and differences - Cash Balance Plan vs. Defined Benefit PlanLimits and maximum contributionsModeling a âToby Mathis planâWhat all this means for business ownersFlexibility, funding with payrollFavorite case study outcomesIf you want to speak with Jeff and Chris - click the link below to see if their services can help you!Resources:Do you want to discuss if a Redwood Retirement Cash Balance Plan Design is right for your company?
đ Visit: https://redwoodrs.com/tobypodcast
https://redwoodrs.com/tobypodcast
Email Jeff Mason
Schedule Your FREE Consultation
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In this episode, Toby Mathis, Esq., of Anderson Business Advisors welcomes Erik Dodds- a seasoned financial planner, fiduciary, and active trader. Together, they delve into the anticipated pivot of the Federal Reserve from a hawkish to a dovish stance and its potential impacts on the market. Erik provides an in-depth analysis of historical trends and recent economic indicators to forecast future market movements, particularly focusing on the S&P 500 and its ETF proxy, SPY. He shares valuable investment strategies for both traders and long-term investors, including the use of covered calls, caller strategies, and understanding option Delta for optimizing strike selection and income generation. To stay informed and proactive, Dodds offers insights on how to prepare your portfolios for financial fluctuations and maximize returns amidst market volatility.
Highlights/Topics:Toby introduces Erik Dodds to discuss the Federal Reserve's pivotWhat a Fed pivot involves, shifting interest ratesFed's current interest rate status and lack of recent changesRate cuts might appear in September or December 2024Market expectations for Fed rate cuts fluctuate with economic dataHistorical Fed pivots often lead to market downturnsOptions strategies can protect portfolios during market declinesWealthy individuals are most impacted by market volatilityLong-term investors should focus on portfolio protection and consistent buyingAdvice for investors on protecting portfolios and managing riskResources:Join our FREE Infinity Investing Basic Membership and get a complimentary digital copy of the Infinity Investing book!
https://infinityinvesting.com/pricing/?utm_source=how-the-federal-pivot-could-shake-up-the-stock-market&utm_medium=podcast
Schedule Your FREE Consultation
https://andersonadvisors.com/strategy-session/?utm_source=how-the-federal-pivot-could-shake-up-the-stock-market&utm_medium=podcast
MarketWatch Article
https://www.marketwatch.com/livecoverage/stock-market-today-s-p-500-futures-inch-higher-as-ai-frenzy-continues/card/stocks-fell-21-on-average-after-first-fed-rate-cut-since-the-1970s-says-comerica-xr9yBoZ9PeIkFpOeqfE8
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Toby Mathis YouTube
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Today, attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., answer listener questions with a focus on optimizing tax outcomes for real estate investors and crypto enthusiasts. We explore strategies for handling income through complex entity structures, such as using an LLC and a C-corp to manage staking income and fund a 401(k). We also discuss the timing of LLC formation for crypto investments and how flipping houses can be structured within a C-corp or S-corp to minimize taxes. Listeners will learn about managing losses on short-term rental cabins, the implications of renting out a portion of your home, and the nuances of filing multiple LLC tax returns. Plus, we address how to handle passive losses if you're a real estate professional. Submit your tax question to [email protected]
Highlights/Topics:"As a tax strategy, let's say let's say I set up a trading LLC entity and a C-corp entity that owns 49% of the trading LLC. If the trading LLC makes around $10,000 in staking income, and the C-corp gets its $4900 as a partner in the trading LLC, then can the $4900 be used to fund a 401(k) owned by the C-corp? Is the income considered earned income or ordinary income? If it is ordinary income, can it be used to fund a 401(k)?" - By doing this, putting in the structures, we kept $4900 off the personal return. That's a victory."I currently invest in crypto. I anticipate selling some of it sometime in 2025 with gain over a hundred thousand dollars or perhaps far greater." It's crypto. You could quadruple in a day. "What would be the best move for me right now? If I were to create my LLC, would I be taxed when I moved my crypto to the wallet for the LLC, all crypto would've been bought more than a year prior to selling? Should I create an LLC this year or wait until next? - If this was just a disregarded LLC, meaning it doesn't file its own tax return, it's basically that taxpayer, either way, when we put the money in, it's not taxable."How do I save taxes on flipping houses? We have three houses we are flipping in the next few months." "How can we reduce the taxable income on these properties?" - We often would put our flipping activity maybe in a C-corporation, possibly an S-corporation. Why? A lot of ways to mitigate taxes with reimbursements, corporate meetings, wages that you use to contribute to a retirement plan."I bought a short-term rental cabin in May of 2022 using 1031 funds. Rentals are beyond disappointing at this point. If we sell for at least $200,000 loss more than the gain on the 1031 funds, how does this play out regarding taxes?" - we may not know exactly what our loss is. Let's just assume we do have that loss. When we have losses, one thing we don't have to worry about is depreciation recapture because we have no gains."I have multiple LLCs. Do I have to file multiple tax returns?" - it depends on how the LLC is taxed. If it's a disregarded entity, means it doesn't file a return. If I have seven LLCs and you're doing seven different tax returns, that doesn't make a lot of sense when you could set up a single entity to own them all."I've had my primary residence for the past 21 years. If I rent it for three years or more and sell it, would I be taxed on the depreciation I take over those 3 years, or would it be included in the 121 exclusion?" - If it was exactly three years, then they could take advantage of that 121 if they were to sell it and maybe even 1031."If I have a two-level house and I live in the upper level but Airbnb on the lower level, can I deduct the depreciation repair management of the lower level? Does it need to be a legal unit and have its own address?" Same question, but what if it was a long-term rental? - Because you have rental income coming in, you will be able to take these expenses - the depreciation, repair, and management. It's just a matter of how much."If I am a real estate professional with over 750 hours actively acquiring properties, and I sell my other long-term rentals non-real estate investments, such as stocks, private equity, and venture capital investments, can the losses from my active or passive real estate investments offset gains on my other long term non-real estate investments?" - if you have passive income, it's passive income. If you have losses, it's passive losses. You can only use the passive losses to offset other passive income. So you may get losses trapped. We call it suspended passive activity loss rules.Resources:Schedule Your FREE Consultation
https://andersonadvisors.com/strategy-session/?utm_source=how-to-save-taxes-when-flipping-housest&utm_medium=podcast
Tax and Asset Protection Events
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https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
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Today Toby Mathis, Esq. speaks with Lauren Robins, Esq., a senior real estate attorney with Anderson Advisors, about helping savvy investors use land trusts in the right scenarios. Lauren explains how land trusts act as a versatile tool for investors, likening them to a âSwiss army knifeâ due to their broad range of applications. We explore what land trusts can and canât do, including the intricacies of trust ownership and beneficiary roles. Lauren details how land trusts can help avoid unnecessary taxes, clarify sale clauses, and offer homestead exemption benefits. We also discuss equity stripping and how land trusts serve as a protective measure for investment properties. Additionally, Lauren sheds light on the Garn-St. Germain Act and how land trusts can be utilized effectively for flips, wholesaling, and âsubject toâ deals.
Highlights/Topics:Land trusts - a âSwiss army knifeâ for investmentsWhat land trusts can and canât doTrust ownership, beneficiariesHow land trusts can be usefulAvoiding unnecessary taxes, sale clause confusionHomestead exemption benefitsEquity strippingLand trusts as protection for investment propertiesThe Garn-St. Germain ActUsing land trusts for flips, wholesaling, and âsubject toâ dealsNot all investors know about this extremely useful toolShare this episode with someone who might be interested!Resources:Schedule your FREE consultation
https://andersonadvisors.com/strategy-session/?utm_source=why-savvy-investors-use-land-trusts-for-real-estate-investments&utm_medium=podcast
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=why-savvy-investors-use-land-trusts-for-real-estate-investments&utm_medium=podcast
Anderson Advisors
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Anderson Advisors Podcast
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Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
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Today Toby Mathis, Esq. speaks with Karim Hanafy, Esq., a leading expert on non-profit law at Anderson, to explore the intricacies of starting and managing a charity, be it a public or private organization. Karim shares invaluable insights on navigating IRS regulations, the differences between public and private charities, and the implications of donations and tax deductions. The conversation delves into privacy concerns for board members and family, the challenges of fundraising for public charities, and the complexities of annual filing and reporting requirements. Karim also discusses potential tax burdens, dissolution clauses, and prohibited transactions. Tune in for expert advice on effectively starting, running, and sustaining charitable organizations.
Highlights/Topics:Get advice from someone who knows the IRS, like KarimExamining reasons for starting a charityDonations and tax deductions - public vs. privatePrivacy concerns - board members, familyDealing with making donations - public vs foundationPotential tax burdens and ratesDissolution clausesFundraising can be a challenge in public charitiesAnnual filing and reporting requirementsProhibited transactionsPrivate operating foundations - museumsShare this episode with someone who might be interested!Resources:Schedule your FREE consultation
https://andersonadvisors.com/ss/?utm_source=8-differences-between-public-charities-and-private-foundations&utm_medium=podcast
Email Our Team To Get Your Nonprofit Started
Start Your Nonprofit Plan in 45 Minutes For Free
https://andersonadvisors.com/nonprofit-501c3/?utm_source=8-differences-between-public-charities-and-private-foundations&utm_medium=podcast
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=8-differences-between-public-charities-and-private-foundations&utm_medium=podcast
Anderson Advisors
https://andersonadvisors.com/
Anderson Advisors Podcast
https://andersonadvisors.com/podcast/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
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Today, attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., delve into listener questions including - how gains from crypto investments are classified as either ordinary income or capital gains. For property sales, we explore strategies to avoid capital gains tax, such as donating to a private foundation, and we clarify the impact of marriage timing on capital gains claims. We also cover tax implications for rental property expenses, including the timing of write-offs for losses and the criteria for short-term rental deductions. Additionally, we touch on medical reimbursements for C-corps, renovations for Airbnb setups, and backdoor Roth IRAs. Submit your tax question to [email protected]
Highlights/Topics:"What are the basic principles to keep in mind with gains derived from investing in crypto?" - gains from a âpersonal assetâ need to be identified as ordinary income or capital gains"Is there a legal way to sell a property through a charity to avoid a capital gain and have the charity provide us with a small monthly retirement amount?" - If you already have a private foundation, you could still do this transaction as long as you gave the property to the private foundation."My fiance and I purchased a property together. He is selling his property that he has owned for over 10 years. We are not married yet, but intend to get married this year. If we get married after he sells his property, can we still claim status for capital gains? He will have a significant amount of capital gains on his property. His property will sell in August, and we werenât going to get married till October. We just want to make sure weâre okay to claim status for capital gains." - I think what we're getting at here is the 121 exclusion, if you meet the criteria."I purchased a duplex and weâll list it as a short-term rental in August." I want to buy furniture and supplies and do both major and minor repairs before the listing is active. Can I write off these expenses before the Airbnb listing is active?" - Generally speaking, no, you're not going to write it off before it's active."I bought an investment property for $260,000. Itâs only worth $200,000. If I sell it, can I take a $60,000 loss?" - If we bought it as investment, maybe it was a flip or something like that, we can take it as an ordinary loss."For short-term qualification, do we need to add it to Airbnb or Vrbo, or can we just rent it out to friends and family for three rentals of less than a week and still qualify for the deduction?" If yes, how do we show proof?â - there's no requirement that you specifically set up an Airbnb or VRBO, but you canât rent to friends and family or ârelated partiesâ - thatâs personal use."Can you reimburse medical costs if organized as a C-corp?" - Simple answer, yes, if you have a medical reimbursement plan."Can I make renovations to my personal residence to establish an Airbnb and write off the costs?" - yes you can, depreciated over time. It must be in service to deduct."What is a backdoor Roth?" - You can put it in the Roth after you pay taxes on it, if you make an income over the typical limit for Roth contributions."What is a good way to plan when converting a primary residence into a rental property and have a tax-wise setup for the transition? Do we sell the property to the LLC or transfer sign the loan to the LLC? How will the capital gains be treated?" - you could do either one.Resources:Schedule Your FREE Consultation
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Toby Mathis YouTube
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Toby Mathis TikTok
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In this episode, Toby Mathis of Anderson Business Advisors welcomes Neal Bawa back to the show for another eye-opening appearance. Neal is the founder and CEO of Grocapitus, a commercial real estate investment company, and CEO of MultifamilyU, an apartment investing education company.
Neal reports some jaw-dropping stats: 18 million families are priced out of homeownership due to salary versus mortgage disparities. Landlords are poised with a peak supply of 673,000 apartments in 2024, but the market will experience a shortage and price hikes in 2025-2026. The Federal Reserve's interest rate policies aim to balance inflation and affordability concerns, potentially influencing market dynamics. Investors are advised to target multifamily properties and land purchases, focusing on 5-unit properties over smaller units and considering assumable loans for strategic advantages in the current market landscape.
Highlights/Topics:Market progress since CovidIncreases - Salaries vs. Mortgages18 million families have been priced out of home ownershipOpportunities for landlords - supply is peaking - 673,000 apartments in 20242025-2026 will see extreme apartment shortages and price hikesInterest rates and the FedInflation vs. rate cuts, affordability may improvePossible zig-zagging market price fluctuationsWhat should investors do âright nowâ?Current advantages in the multi-family market, land purchasesWhy you should be looking at 5-unit properties, not 1-4 unitsLook for assumable loansTime is your friend in todayâs marketResources:Gro Capitus Website
https://www.grocapitus.com/
MultiFamily Website
https://multifamilyu.com/
Watch Neal Bawa âFeds Broke the Bank- Is Real Estate Safe?â March 2023
https://www.youtube.com/watch?v=v-zObxj7NPk
Anderson Advisors
https://andersonadvisors.com/
Anderson Advisors on YouTube
https://www.youtube.com/channel/UCaL-wApuVYi2Va5dWzyTYVw
Anderson Advisors Podcast
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Clint Coons YouTube
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w
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Welcome to another episode of Tax Tuesday. Today, attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., delve into listener questions around various tax and business strategy questions. Topics include the active vs. passive income classification for S-corp distributions in a physical therapy home health business, the optimal timing for cost segregation and bonus depreciation in short-term rental activities, and the tax implications of transitioning from short to long-term rentals. Other discussions delved into Opportunity Zones, S-corp taxation for owner draws, classification of employees, IRA to foundation transfers, tax-saving strategies for property flips, overlooked investor deductions, 1031 exchanges for rental properties, and the feasibility of lease options in Roth IRAs.Submit your tax question to [email protected]
Highlights/Topics:"We are starting an S-corporation for physical therapy home health business. My wife and I will be the only shareholders. My wife will run the business and see patients. I only plan to invest into the business. We'll be a limited partner. Will my distributions from the S-corp be considered as passive income since I am not materially participating in the business?" - No. It's all going to be active income."If you started short-term rental activity in November 2023 when the property was purchased, can you use cost segregation and bonus depreciation in 2023, or is it still better to wait until 2024?" - more than likely, you're going to be better off in 2023."If I buy a house in September, use it as a short-term rental for a month until October, and then do long-term rental starting in November for the STR, short-term rental, I or my spouse will actively manage the property, can I still take the bonus depreciation in first year and offset my W-2 income?" - It's all going to look at how much time did you rent it and what was the average stay."If I put money into an opportunity zone and then sell after 10 years, does it all come out tax-free or just any growth? - If you've had capital gains, you sold some stock, sold some property, you have true capital gains, you can invest them in what's called an Opportunity zone fund."If you are an S-corporation and pay yourself a regular salary, but also take money from what Intuit calls âowner drawâ, how is that taxed?""Do all employees have to be W-2 employees under an S-corp, or can they be contractors?" - the W -2, as we pointed out earlier, that's going to be subject to employment tax. All of this income is subject to income tax, whatever your bracket's at, both streams."Can an IRA balance be transferred to a foundation tax-free and also allow the owner a tax deduction? Can I create the foundation and operate the foundation receiving the contribution?" - there's two ways to do it. I receive the money, pay tax on it, then contribute to a charity and I would take a deduction. Or I could put up to $100,000 a year of my distributions directly into the charity and now I don't pay tax on it,"We sold our first flip at the beginning of the year and would like to know if there is any way at this moment to save as much as possible from being taxed, i.e. invested in the next flip or something else to avoid the "loss". Also, if we have a loss for our S-corp in 2023, could we see that capital gain to be offset in 2024?" -it's easy to get these things kind of mixed up. Flips are ordinary income, not capital gains."What are typical operating and general expenses you've seen overlooked when investors file deductions?" - The way you avoid missing deductions is you have good bookkeeping, okay?"Can I move into a rental house I have for 15 years? Does it still qualify for a 1031 at a later date? I assume you mean when you move into it, it says a primary residence. Does it qualify for a 121 exclusion after two years?" - if we've moved into it, I'm assuming we made it our primary residence, it's no longer in a trader business, So you lose 1031 capability. 121 is for a personal residence."Can you do a lease option assignment in a Roth IRA? Can you do a sandwich lease option in a Roth IRA?" - Yes and yes. if we have a true option, true sandwich leases option, my understanding is yes, you can do them.Resources:Schedule Your Free Consultation
https://andersonadvisors.com/ss/
Tax and Asset Protection Events
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Anderson Advisors
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Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons YouTube
https://www.youtube.com/@ClintCoons
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Today Clint Coons, Esq., speaks with Christian Allen and Rod Zabriskie from Money Insights about the strategic use of life insurance policies for real estate investments. Learn how to maximize your financial resources by putting money to work through optimized contributions and leveraging the tax-free advantages of life insurance. Explore the flexibility of funding ranges tailored to your goals and discover how quickly you can access funds. Understand the process of taking loans from your policy to invest and the impact of simple versus compounding interest. Christian Allen is the founder and CEO of Money Insights. He launched Money Insights in 2014 after working in the financial services industry for over a decade. Christianâs mission is to help high-income earners accelerate their wealth building, optimize their investing, and find new and innovative ways to go from high income to high net worth! He is passionate about entrepreneurship and helping others. He enjoys playing pickleball, watching sports, and spending time with his wife and children.
Rod Zabriskie is the President of Money Insights working directly with clients and the team to create an enjoyable environment for all. He has worked in financial services since 2009, after a decade of working in small businesses for others. He holds an MBA, with an emphasis in entrepreneurship, as well as an undergraduate degree in Marketing Communications. Rod is married to Jodi, and they have 7 amazing children.
Highlights/Topics:Donât just save money to invest, put it to workUtilizing the tax code, life insurance as a vehicleOptimizing contributions to your policyFlexibility - creating funding ranges for a policyHow soon can someone access these funds?How to take out a loan from your insurance policy to investSimple v Compounding interest in this scenarioExamples of how this concept can work and âwhat ifâsâUtilize up to 95% of your policy amount - think of it as a line of credit!Money Insights can easily help you structure these setupsTax-free benefitsPhase two of the investment optimizer - creating tax-free incomeWhat happens if you actually DIE?Case study - wild client storyContact Money Insights to get startedResources:Money Insights
https://moneyinsightsgroup.com/aba
Schedule Your FREE Consultation
https://andersonadvisors.com/ss/?utm_source=aba&utm_medium=podcast&utm_content=the-most-profitable-self-storage-investing-strategy
Tax and Asset Protection Events
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Anderson Advisors
https://andersonadvisors.com/
Anderson Advisors Podcast
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Clint Coons YouTube
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w
Anderson Advisors Tax Planning Appointment
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Today, attorneys Toby Mathis, Esq., and Amanda Wynalda, Esq., delve into listener questions around topics like the benefits of LLCs for real estate investors, income-shifting tactics, and the implications of the Tax Cuts and Jobs Act on small business owners. The conversation also delves into the complexities of Qualified Business Income (QBI) deductions, using self-directed IRAs for real estate investments, and the tax implications of transferring appreciated property into LLCs. Submit your tax question to [email protected]
Highlights/Topics:Have you attended an in-person or virtual Tax and Asset Protection Workshops?Anderson Advisors has done a great job of creating all the pieces of my estate, but I have no idea how to put it all together. All right, that's a great first one. In particular, how do the holding LLCs flow into my personal tax return and how does the LLC tax as a C-corp get reported on my personal returns? - if your entire structure is disregarded and you're reporting your rental properties on your Schedule E, page one, you would continue to report that exact same thing on Schedule E, page one.Can I expense my breeding stock as a dog breeder rather than do depreciation? - They have a seven-year useful life, as âbusiness propertyâCan you please speak about QBI and how it is often missed by business owners? W-2 employees are not allowed to use it. Who else? On the one hand, S-Corps can claim 20% right away. Is this true? - C-corps are separate entities, this is geared to the small business ownerAs a real estate professional, can I also take the depreciation expense from syndications?How do I use my self-directed IRA to invest in real estate? - if you have a self-directed, then you can invest in what's considered, I guess, non-traditional types of investments, including real estateWhat is the tax impact of moving an appreciated property into a LLC? - you have like four choices disregarded partnership, S-corp, C-corp. But there's no such thing as LLCs for tax purposes. So we need to know a little more information.What are the differences between an HSA and an HRA Health? - HSA is a health savings account and an HRA is a health reimbursement account. So there's actually a number of differences.I have been depreciating my rentals for tax purposes. How can I benefit or switch to cost segregation? - They're business property and so residential real estate is depreciated on a 271/2 year useful life and commercial is 39 years.How should I set up my stock investing to avoid huge tax penalties? Penalties, yeah, don't worry about the penalties, it's the tax liabilities of making too much money.Do you have to be an LLC to get all the tax benefits from purchasing investment properties? - If we're talking about all the tax benefits, probably. But you don't have to have an LLC to own rental property.Resources:Schedule Your Free Consultation
https://andersonadvisors.com/ss/?utm_source=aba&utm_medium=podcast&utm_content=how-to-use-your-self-directed-ira-for-real-estate-investing
Tax and Asset Protection Events
https://andersonadvisors.com/live-tax-and-asset-protection-workshops/
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons YouTube
https://www.youtube.com/@ClintCoons
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Have you ever worried about protecting your wealth during a volatile election year? Wondering what the rest of 2024 holds for the market? In this episode, Toby Mathis, Esq. chats with Kevin Simpson, founder and chief investment officer of Capital Wealth Planning, LLC. Kevin is a $10.3 billion wealth management expert, and shares insights from his book "Walk Toward Wealth" on navigating market uncertainty. Learn how to manage risk, write covered calls to hedge against volatility, and discover the surprising truth about election year performance. Kevin will also delve into the Madoff scandal, helping you identify a trustworthy custodian for your hard-earned money. Don't miss this opportunity to gain valuable advice and protect your financial future!
Highlights/Topics:Market volatility in an election yearPredictions for the market through the end of 2024Whatâs driving the earnings?Statistics around the economyCapital Wealth manages $10.3 BillionManaging riskWriting covered calls, managing volatilityHow presidential elections affect the marketStories from Kevinâs book âWalk Toward WealthâWhat duty should you be looking for?The Madoff scheme, finding a reputable custodianAdvice for Kevinâs younger selfSend us your questions and ideas for future show topics!Resources:Schedule Your FREE Consultation
https://andersonadvisors.com/ss/?utm_source=aba&utm_medium=podcast&utm_content=investing-with-confidence
Kevin Simpson Capital Wealth
https://capitalwealthplanning.com/team/kevin-simpson/
Book: Walk Toward Wealth
https://www.kevinsimpson.com/walk-toward-wealth/
Anderson Advisors
https://andersonadvisors.com/
Tax and Asset Protection Events
https://andersonadvisors.com/live-tax-and-asset-protection-workshops/
Toby Mathis on YouTube
https://www.youtube.com/c/tobymathisesq
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