Revocable VS Irrevocable Trusts: Which Is Better For Asset Protection And Taxes | Tax Tuesday

38:29 Can you elaborate on revocable vs. irrevocable trusts from a tax standpoint?

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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0:00 Intro

10:52 I bought a property in GA in 2021. I'm doing renovations, repairs, and planning to rent it out in March 2022. Since I didn’t collect rents in 2021 I can’t claim this property on my 2021 tax return, correct? Can I deduct the expenses I had for renovations in 2021 in my 2022 tax return?

16:20 Is YouTube income considered passive or active?

22:59 I manage properties for a relative as an employee of a C-corp. During a banking transition, I personally received the rents through Zelle in 2021/start 2022. Those rents were then redeposited into the property owner's personal bank account. Will I have a problem with my 2021 tax return?

28:50 I've been filing my taxes on Schedule C and all my business income is loan interest from private lending. My first year, 2020, was a net loss. 2021 and hopefully all future years will have a significant profit. If I continue to report the interest income as 'gross receipts' or 'other income' on Schedule C, I'm assuming I'll have to pay SE taxes on the profit?

38:29 Can you elaborate on revocable vs. irrevocable trusts from a tax standpoint?

44:08 How can I actively participate in my short-term rental while maintaining a W2 job?

48:20 If I use a property management company for short-term rentals (somewhat practical due to distance from the property) does this automatically exclude me from demonstrating Material Participation?

54:15 My husband receives guaranteed payments, shown on a K-1 as a limited, domestic partner of an LLC. He is taxed as a sole proprietor. To lower taxes, can he create an S-Corp for his guaranteed payments and still be a limited, domestic partner of that LLC?

57:23 We've heard a Resident Home exemption is $250k for a single home. If I buy 3 houses this year, I stay in the first house for 2 years, stay in the second house for 2 years, and live in the third house for 2 years, and on the fifth year after buying the first house, sell it and use $250k exemption. In the fifth year after buying the second house, we sell the second house and take a $250k exemption.

1:06:44 My company is based in the USA. We have a customer from Thailand, my suppliers are from Honduras, and I have an American account. How do I pay my supplier? Do I withhold taxes?

1:09:29 I am looking to learn about the Small Landlord exemption which allows small landlords to deduct real estate losses from their W2 income. I would like to figure out if I qualify for that.
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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.