ROTH IRAs, Home Office Deductions, GAP Funding & MORE! – Tax Tuesday with Toby Mathis Ep. 110

ROTH IRAs, Home Office Deductions, GAP Funding & MORE! – Tax Tuesday with Toby Mathis Ep. 110

Ever wonder what you have to file when you have an S corporation and taking a salary or how much expenses vs improvements you can claim on your taxes for a remodel?

Are you a small business that didn’t make any income last year and wondering if you are required, or if you should, file a tax return this year? Toby Mathis answers these questions and more during this episode of Tax Tuesday a bi-weekly FREE LIVE webinar event.

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00:12:04.05 – What do you have to file when you have
an S corporation and take a salary?

00:17:53.02 – I’m a small business owner who last year didn’t make any income. Do I have to file?

00:20:00.05 – How much of my remodel can I claim on my taxes as expenses versus improvements?

00:26:37.04 – I do a conversion of my Rollover ROTH IRA to my ROTH every year. How do the new tax rules “The Trio of 5-year Rules” affect me?

00:33:01.04 – Can you claim both the home office deduction and the section 280A for the same C corp?

00:34:39.06 – How do you report real estate rental income for properties in a trust?

00:39:45.05 – How do I work with Gap funding for flipping real estate when the funder lives outside of the USA?

00:45:05.04 – Can I claim my husband as dependent on the married filing separately status? He didn’t have income and I did.

00:50:31.02 – What determines your state residency when you live in a non-fixed location?

00:56:49.05 – I’m starting an LLC. What’s the best way to lend a start-up LLC money?

01:01:21.00 – What’s the tax liability as a dual citizen in Canada/USA and recently received an inheritance from my Canadian parents?

01:06:07.06 – Is a self-directed IRA subject to UDFI when invested in syndication that uses debt financing?

01:07:49.02 – Will UBIT or UDFI occur in my self-directed IRA if I’m passively in syndications where there’s a non-recourse loan.

01:12:36.03 – I lost a property to foreclosure that was a rental property before I lived in it but I lived in it for 2 out of the last 5 years, but My CPA treated it as an investment property. Should I amend that year’s tax return?

01:18:12.00 – if I have a Roth IRA do I pay capital gains tax on the money that the Roth produces, or is that growth tax-deferred?

01:18:51.03 – I have transitioned to a real estate professional this year. Looking at how to write expenses off on the husband’s W-2 income.

01:20:24.00 – I have a family limited partnership that is going to get a large sum of money. I plan to put it all into a non-profit. Any taxes owed?

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Twitter: @TaxWiseToby

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 attorney-client 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.