50:32 What expenses can/must be kept/recorded in order to get tax reduction/deduction for a home office?

Toby Mathis, Esq. and Jeff Webb, CPA will answer ALL your questions LIVE on Tax Tuesdays every other Tues 👉 https://aba.link/tobytaxtues

0:00 Intro

9:22 I have a S corporation. Can I institute an HRA plan?

9:33 Hi Toby 👋🏽 aka the Tax Wizard. Can you deduct the renovation cost of renting the basement in the tax year 2021? But, you do not have any rental income until the tax year 2022?

13:09 Can a real estate professional status be claimed year to year with yearly gaps on any years u may not qualify.

18:48 If I personally fund my small business can I deduct all the monies I put into my business from my business taxes?

22:44 Hi - I have 2 large taxable events for 2022. Are there any tax strategies to offset or mitigate the taxes on the following:

29:49 I am considering buying a small private plane with my brother for 100% business travel and potentially rent it out to other flyers when we are not using it. Should we create a partnership to own the plane and then have our other business rent out the plane for respective work trips?

35:27 How long do you have to keep your primary house a rental in order to 1031 exchange it into something else instead of selling it and paying capital gains on the excess of $250k since I’m single.

39:06 I am about to purchase the home where my parents live in NY. The bank is saying that with a special circumstance that I am able to do this as my parents are not able to get the loan. This way I won't pay higher interest rate. How many years I should wait to put it as an LLC ?

44:52 Please explain the difference, pros and cons of a Section 721 Exchange vs a 1031 exchange. Why have we never heard of this before? It sounds so amazing compared to the 1031 Exchange!

54:20 My W2 income triggers high taxes due to current paycheck, AMD, social security etc. How can I decrease this for this year and next year by starting an AirBNB?

58:35 Outro
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ABOUT TOBY MATHIS

Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba

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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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