13:01 My parents want to gift me their rental house. They still owe $42K to the mortgage company. What is the best way to inherit this house? How would we deal with the gift tax? Gift tax explained in this question.

57:51 How will the new IRS rule on third-party payer apps (such as Venmo, CashApp, Zelle, etc.) affect landlords who collect rental payments via a phone number or email that’s linked to one bank account?

Welcome to the another episode of Tax Tuesday!
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0:00 – Intro

8:16 – If you have a solo 401k, can you lend money to a friend or 3rd party as they are not a disqualified person with no limitation like the $50,000 limit if you are loaning to yourself? And what does the interest rate have to be? Like you can’t make it a 1% interest rate, or it has to at least be LIBOR? Or can it be whatever you want?

13:01 – My parents want to gift me their rental house. They still owe $42K to the mortgage company. What is the best way to inherit this house? How would we deal with the gift tax? Is there anything else I need to be aware of? What tax implications do I need to be aware of, and how can I avoid the taxes if possible?

22:24 – Can one “circumvent” the $16k maximum yearly gift tax exclusion by gifting $16k to multiple persons who in turn gift also $16k to the same single final recipient?

27:03 – When a beneficiary of a Roth IRA, who is not a spouse receives the Roth, is there a way for them to continue to receive tax-free income that is generated from those Roth investments? What happens when the investments are sold? Is it different for a spouse?

34:59 – I have invested in a multi-family apartment using my self-directed IRA. Will Ubit taxes be applicable when the sale happens? I am a passive investor, and the sponsors have taken a debt of 75%.

41:30 – My wife has a dental practice that is a C Corp. She wants to sell within the next 4 years and retire. Would she save tax money by changing from a C Corp to an S Corp?

48:17 – If I have someone managing 2 STRs and my wife and I are managing two LTRs, and we are materially (100 hrs) involved, can we still depreciate the STR assets rapidly as one would an LTR? Thank you.

55:58 – If I have a Charitable Remainder UniTrust, which owns a Foreign Corporation (FC), which is the Managing Member of a US Based, LLC, which uses debt financing to flip bank paper for profit, would the profits paid to the FC, which in turn are distributed to the CRT as dividends, be considered Unrelated Business Taxable Income (UBTI)?

57:51 – How will the new IRS rule on third-party payer apps such as Venmo, Zelle, etc. affect landlords who collect rental payments via a phone number or email that’s linked to one bank account?

1:01:57 – My daughter is a US citizen living abroad. She is planning to come back to live in the USA. If she rents an apartment in her name, can I still pay her rent from my checking account? If yes, are there any tax obligations?

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On Tax Tuesday #160, we are highlighting two important topics that taxpayers need to be aware of: gift taxes from real estate and new IRS rules on CashApp.

Gift taxes are an important consideration when it comes to real estate because they can significantly impact the value of a property. Under current IRS rules, any gift that exceeds the annual exclusion amount is subject to gift tax. The annual exclusion amount is currently set at $15,000 per individual, meaning that any gift that exceeds this amount will be subject to a tax of up to 40%.

When it comes to real estate, the rules surrounding gift taxes can be complex. For example, if you give someone a partial interest in a property, the value of the gift will depend on the fair market value of the property. Additionally, if you give someone a gift of a property, you will need to file a gift tax return with the IRS, even if the value of the gift does not exceed the annual exclusion amount.

Fortunately, there are some ways to mitigate the impact of gift taxes on real estate. For example, you may be able to gift a property over a period of time, or you may be able to transfer ownership of the property using a trust or other legal mechanism. It is important to consult with a tax professional to understand your options and ensure that you are complying with all IRS regulations.

In addition to gift taxes, CashApp users should be aware of new IRS rules that are designed to crack down on tax evasion. Starting next year, CashApp and other payment providers will be required to report transactions that exceed $600 to the IRS. This means that individuals who use CashApp to receive payments for goods or services will need to keep accurate records and report their income to the IRS.

While these new rules may be an inconvenience for some users, they are ultimately designed to ensure that everyone pays their fair share of taxes. If you use CashApp or other payment providers, it is important to keep careful records and consult with a tax professional to ensure that you are complying with all IRS regulations.

In conclusion, gift taxes from real estate and new IRS rules on CashApp are two important topics that taxpayers need to be aware of. Whether you are giving a gift of real estate or using CashApp to receive payments, it is important to understand your obligations under the tax code and consult with a tax professional to ensure that you are complying with all IRS regulations.