Tax Tuesdays with Toby Mathis 10-15-2019

As they attend an Executive Retreat in Maui, Toby Mathis and Michael Bowman of Anderson Advisors help you watch out for sharks, especially when it comes to taxes. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• Can I take advantage of business deductions, if I don’t directly own rental properties, but invest in real estate as a limited partner in syndications and funds that generate K-1s? No; have one entity for investments and one entity to manage investments entity 
• Regarding the 280A Form, how do I get reimbursed? You don’t have to report payment as income or pay taxes on it
• Can the Charitable Purpose Board’s activities take place in another country? Yes, approve it in the United States, but perform activities in another country
• If I purchase a property within an opportunity zone and start a business based from that building, do I still need to improve the property? Yes, substantially improve the property
• If a person uses cost segregation on rental home, isn’t depreciation recaptured upon sale of home? Can a 1031 Exchange be used? Cost segregation lets you write-off things and a 1031 Exchange can be used

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Resources:

U.S. Government Accountability Office (GAO)

501(c)(3)

Passive Activity Losses - Section 469

Airbnb

Cost Segregation Tax Breaks!

1031 Exchange

Opportunity Zones FAQ

Opportunity Zone Heat Map

K-1

Section 280A Deduction

HUD

Real Estate Professional Requirements

Roth IRAs

Tax Cuts and Jobs Act (TCJA)

Schedule A

Depreciation Recapture

Bonus Depreciation

Capital Gains Exclusion/Section 121

Schedule E

Form 5500

Form 4797

Health Savings Account (HSA)

Form 1065

Types of Trusts

Form 2553

Section 1231 Property

Toby Mathis

Michael Bowman

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