Join Eliot Thomas, Esq. and Amanda Wynalda, Esq. for this Tax Tuesday replay as they discuss whether you can use a 1031 exchange to buy land for a subdivision, key IRS rules to know, and common mistakes investors should avoid.
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Show Notes:
0:00 Intro
8:57 If I sell a rental property, how can I do so, without having to pay capital gains and recapture all the depreciation, or at least minimize the effect of that cash impact? After those tax expenses we will not have much cash left from the sale, if any. Since we only have 1 rental there isn't anything to roll the money into or offset the gains.
18:59 Can I use money from a 1031 exchange to buy land from a lot from another property I subdivide?
21:22 Should I report my capital gains under my name or set up an LLC?
26:10 We are considering purchasing an Airbnb and/or a college rental. We just established an LLC and Trust with Anderson. What are the tax considerations/implications for this?
34:17 When is real estate professional status not beneficial?
40:42 I have an S corporation and am trying to determine what a reasonable wage for myself would be. How do I determine a reasonable wage?
48:11 What is the best tax strategy for your S corporation business renting from yourself? Is it better to lower the rent to yourself and have less rent deduction from 1120S? Are there tax deductions other than property tax and maintenance? Should I form an LLC as a landlord to my business? Or will it make more work filing?
56:24 Are there any ways to shelter interest earned from hard-money lending if the money was lent from personal savings, not under any business entity?
59:15 What can I file to maximize my tax benefits as a 1099 independent contractor?
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