Tax Tuesdays with Toby Mathis 08-20-2019

Taxes are confusing and challenging for most people. By answering your tax questions, Toby Mathis and Jeff Webb of Anderson Advisors give and get what you deserve. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• What are advantages/disadvantages to lease purchase of vehicle via C Corp? Depreciation and percentage of use restrictions; better option is to reimburse mileage 
• What’s the best tax strategy for a vacation/short-term rental that I own and sometimes use? Can’t deduct certain expenses for personal use; only ⅔ of expenses/depreciation 
• What’s the best state to form an LLC for charging order protection? Wyoming or Nevada
• What are two types of liability for a business? Inside and outside
• For tax purposes, should I pull all my 401k money at one time for real estate investing? Depends on several factors, including income and losses 
• Can I put rental payments in my personal bank account, or in property’s LLC bank account? Run it through LLC; respect your LLCs for courts to do the same
• Are charitable contributions deductible to a C Corp? Yes, but restricted to 10% of taxable net income; offer sponsorship to make it an expense, rather than a contribution 
• I provide gas, food, and lodging to an unrelated person. Is any of that deductible on my personal return? No; it’s considered a gift, if $15,000 or less each year  

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Resources:

1031 Exchange

Bonus Depreciation

MileIQ

Depreciation Recapture

Tax Cuts and Jobs Act (TCJA)

Cost Segregation (erik@costsegauthority.com)

Section 121

Using Cost Segregation in Residential Real Estate

Schedule C

Schedule E

Form 1099-A

Employer Identification Number (EIN)

Doing Business As (DBA)

2018 IRS Data Book

QuickBooks

CCH Axcess

Notary Fees

Airbnb

Types of Trusts

Unrelated Business Income Tax (UBIT)

Modified Accelerated Cost Recovery System (MACRS)

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