SDIRAs, RE Syndications, Working From Home Write-Offs & MORE! – Tax Tuesday Ep. 128

July 3, 2021 Off By admin

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If you are part of multiple syndications, can you deduct the requirements to be a partner of the syndication and other expenses for being part of the syndications?

Toby Mathis answers these questions and more during this episode of Tax Tuesday, a bi-weekly FREE LIVE webinar event.

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19:05 – I’m a computer engineer in California with a $350k salary. This year I got an extra bonus of about $100k, also received $70k short term capital gain from the investment. Under these circumstances, is there anything I can do by the end of this year to still save on tax?

33:05 – Our beneficiary IRAs became SDIRAs to purchase rental properties. We are of retirement age but don’t have to take RMD yet. Can we convert the SDIRAs to Roths? Our goal for this year is to pay 12% taxes on AGI. That percentage might increase in future years.

43:10 – I am a high-income earner and we have a short term rental in service for 12/2020 in order to take advantage of tax benefits. Would you recommend cost segregation this year and use losses towards active income?

53:37 – I have a residential property that I will lose next year, can I write it off this year instead to minimize my owed taxes? The property is a small lot that I bought it for $65K cash 15 years ago. Now the property is encumbered by property tax liens and lot cleaning liens.

1:05:08 – What are your thoughts about the tax incentives given Act 20 and 22 in Puerto Rico? The caveat, I understand, is that you must be a bona fide resident of PR in order to get the tax incentive. It almost sounds too good to be true. Can the US federal government stop this at any time?

1:13:31 – How can I take a deduction on my taxes for working from home? I use a portion of my bedroom to work online. I had to upgrade my computer and internet speed.

1:24:40 – If we are part of several syndications, can we deduct the requirements to be a partner of the syndication and other expenses for being part of the syndications? Deductions/expenses such as meetings, seminars, publications on syndications, etc. as ordinary and necessary.

1:27:40 – What is the difference between short-term and long-term capital gains, and the difference between owning the property in a personal name or an LLC with regard to capital gains tax? Is it always going to be like ordinary income?

1:34:51 – What are the warnings and limitations of investing in real estate through the use of an SDIRA or a solo-401k? There is a limitation if the deal is leveraged, correct?

1:45:41 – I am sitting on about $250k of equity in a rental property that is paid in full. What are my options to get the money out and in an active investment such as a LP in a Syndication or something to unlock the growth potential?

1:49:52 – What would you recommend as a business entity for a private music studio for instrumental education for maximizing tax benefits to allow deductions for home office studio, mileage, instrument care and maintenance, etc.?

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Twitter: @TaxWiseToby

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.