When using Series LLC to own properties in several estates, only one series owns them all or how does it work?

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Are Solo 401ks impacted by the new IRS rules for IRA accounts?

Toby Mathis, Esq. answers these questions along with Jeff Webb, CPA and more during this episode of Tax Tuesday, a bi-weekly FREE LIVE webinar event.

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8:55 – I own SFH rentals: 2 in UT (home state), 2 in TN, 3 in FL. What is the best way to own them under a Series LLC? When using Series LLC to own properties in several estates, only one series owns them all or how does it work?

14:55 – Business vehicle: Buy or lease? What are the pros/cons of each? Do trucks and SUVs have an added deduction?

24:14 – I’m in the process of selling my home and looking to use the capital gains to purchase an investment property in an OZ in IL. (1) What things do I need to consider prior to closing? (2) how should I apply those funds when I find a property whether a rehab, land to build or an operational property? (3) do I need to use the funds within a specific time frame?

30:08 – Hi, I am the Personal Representative of my brother’s estate and am receiving the money from a Merrill Lynch retirement account to be deposited into the estate account. Is it better for the estate to pay the taxes on the money before distributing to the heirs or distributing the money and letting the heirs of the estate be responsible for remitting the taxes? Also, what is the effective tax rate under each scenario?

41:14 – I have an S-Corp and I need an office space large enough to shoot video. How can I rent a privately owned house (that I will also live in) and deduct a portion of the rent for office purposes? More specifically, is it legal for the homeowner to give my company an invoice for a portion of the rent?

45:20 – Can I pocket money when I file taxes when there is no profit with the business?

51:56 – Are Solo 401ks impacted by the new IRS rules for IRA accounts?

56:05 – How many properties should one have before considering doing a cost segregation?

58:33 – I’m buying a beach property in a month and planning on short-term renting it for the summer via Airbnb. It has a separate garage with plumbing. I COULD live in it all year, but would probably move back into the house. What are my best tax structure options?

1:03:33 – If I decide not to buy a replacement property through a 1031 exchange, I will end up paying capital tax. But will doing owner financing help to reduce capital gain tax?
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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.

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LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

In the latest episode of Tax Tuesday, host Toby Mathis covered a range of tax-related topics, including the use of Limited Liability Companies (LLCs) to hold property in multiple states, new rules for Individual Retirement Accounts (IRAs), and more.

LLCs as an Option for Property Investors

Mathis began the episode by addressing a common question from real estate investors: What is the best way to hold property in multiple states? While there are several options, including setting up separate entities for each state or forming a real estate investment trust (REIT), Mathis recommended using an LLC.

An LLC is a type of business structure that combines the liability protection of a corporation with the tax benefits of a partnership. Mathis explained that by forming an LLC in the state where the property is located, investors can protect their personal assets from any legal or financial issues related to the property. Additionally, LLCs offer flexibility in terms of management and taxation.

New IRA Rules on Required Minimum Distributions

Mathis also addressed recent changes to the rules around Required Minimum Distributions (RMDs) for IRAs. As of January 1, 2020, the age at which IRA owners must begin taking RMDs was increased from 70 ½ to 72. Mathis noted that this change could have a significant impact on retirement planning, as individuals may now have additional time to accumulate wealth in their IRAs without being required to withdraw funds.

However, it’s important to note that the age limit for making a qualified charitable distribution (QCD) from an IRA remains at 70 ½. Mathis explained that a QCD allows individuals to donate up to $100,000 per year directly from their IRA to a qualified charity, without incurring any taxes on the distribution.

Other Tax Topics Covered in the Episode

In addition to discussing LLCs and IRAs, Mathis addressed several other tax-related topics in the podcast episode, including:

– The tax implications of receiving a lump sum settlement in a lawsuit
– The difference between hobby income and business income for tax purposes
– The deductibility of moving expenses for military personnel.

Overall, the episode offered valuable insights into a range of tax-related issues that are relevant to both individuals and businesses. As always, Mathis provided clear and concise explanations, making the information easy to understand and apply.