15:21 What are some options for tax writeoffs and reducing tax burdens if I have rental real estate, but am NOT a fulltime real estate professional?

Welcome back to another installment of Tax Tuesday! Tune in as Toby Mathis, Esq. and Eliot Thomas, Esq. break down your tax questions.

0:00 Intro

7:58 I'm selling a property that will sell for a profit of over $360,000. Would I pay taxes on the full profit amount, the difference between the value at the time the property was willed, or the difference between profit and $250,000?

12:30 What are some simple and easy things that can be done to reduce taxable income and reduce taxes paid on each of my paychecks?

20:21 Regarding the Augusta Rule: we have put our properties in the WY entity and the TX Series LLC in late December 2022 (but have not started using it yet). Can we use the Augusta Rule in 2022 throughout the year for our business purposes even though we have not set up the business yet?

23:43 When is the right time to do the cost segregation study if I own a rehab property acquired for a longterm hold? Before or after the rehab?

32:49 Anderson created my SCorp entity in November 2022. I've only had expenses for FY 2022, but no income or property purchases yet. What am I required to file for my SCorp regarding the expenses I've incurred?

35:39 I created my 2 LLCs both with real estate assets with rental income in 2022. When do I file taxes for the holding company? Does the one tax filing combine my LLC and W2?

39:14 Curious to hear an open discussion about when and how to utilize Section 179 and/or bonus depreciation for vehicles.

What are the steps to take in order to withdraw money from a CCorp account? Are there any tax consequences involved?

48:57 How do I save on taxes as an S corp? Is it better to do standard tax or itemized deductions?

55:43 What is depreciation recapture? How does it impact taxes?

58:32 I work from my home office. How can I claim my expenses?

01:01:47 Outro

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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the bestselling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba

The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorneyclient relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

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