Tax Tuesdays with Toby Mathis 02-04-2020

Spend a little bit of time and money to learn a lot about taxes and put much more money in your pockets. What do you have to lose? Nothing. Toby Mathis and Jeff Webb of Anderson Advisors offer fun and educational tax discounts and freebies. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• I may inherit a timeshare that I’m sure has fees with it that I don’t want. How do I figure out the details to get out of it? Disclaim/bequest your inheritance
• Is all the funding for legal costs to start a business tax deductible? Organizational costs can be expensed up to $5,000 in the first year
• Which is the best way to fund an Airbnb; cash or mortgage, if money is no issue? Depends on mortgage interest rate to get better capital return, or invest cash elsewhere
• Can you have both a private and public foundation? Yes, you can control both, but can’t own them
• What IRS requirements are necessary to qualify as a real estate professional? Refer to 26 U.S.C. 469C7 to change real estate losses from passive to active   

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

Go to iTunes to leave a review of the Tax Tuesday podcast. 

Resources:

Tax-Wise 2020 Bundle 

Wills and Trusts

501(c)(3)

Airbnb/Short-term Rentals

Real Estate Professional Requirements

Form SS-4

Form 1040

Form 1041

Section 179 Tax Depreciation

Depreciation Recapture

Bonus Depreciation

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

Capital Gains Exclusion/Section 121

Rollovers as Business Startups (ROBS)

Cost Segregation Tax Breaks!

Form 3115

1031 Exchange

Opportunity Zones

Schedule A

26 US Code 280A

SECURE Act

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