23:08 Is it more beneficial to set up an LLC or an SCorp? Can I pay myself a reasonable salary with an LLC?

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

5:44 With cost segregation, do I have to apply this to all properties purchased in the same year, previous years, and future years? What are the disadvantages (tax aspects and nontax aspects) of cost segregation?

16:53 I bought an apartment to fix and put on Airbnb.

25:42 How should I hold my stock positions? What is the best way to deal with high capital gain consequences?

30:40 My husband is going to work as a real estate agent to qualify for the IRS's real estate professional status (REPS). He may use the passive loss from our rental property to offset my W2 income in our joint tax return. The IRS rule says my husband has to own at least a 5% interest in the real estate company employing him. Does he need to form an SCorp and sign on as a contractor with the brokerage firm so that he will own 5% interest?

37:36 I sold an investment property in October 2021 and paid a heavy capital gain tax. Can I get a percentage of my money back if I buy another investment property?

39:18 How much time usually passes without showing a profit?

43:17 Can I do my own taxes as a business owner if I have had a CPA for 20 years?

45:40 I bought a singlefamily residential property (SFR) in November and I am in the process of repairing it. I have not received rental income yet. How can I record depreciation and costs for 2022?

49:48 How can I save on taxes when flipping and renting houses?

55:54 I just started my business in August 2022. From a tax perspective, what should be top of mind as we prepare to do the first tax return?

01:00:51 Will the IRS disqualify the exchange entirely if an investor purchases a property that is lower in value than the property sold in a 1031 exchange?

01:03:12 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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