57:45 Can you explain the STR rental tax benefit, and how to get 100 hours of material participation?

Welcome back to another installment of Tax Tuesday! There are a lot of questions to cover in this episode so tune in as Toby Mathis, Esq. and Jeff Webb, CPA break them down.

0:00 Intro

12:00 We are converting our vacation home into a Short-Term Rental in 2023. I want to have a cost segregation study done and would like to include those updates in the cost segregation if I could.

25:09 We will have to clean the STR this first year to get the hours necessary for Active Participation. Since we will be working, can we stay in the unit that night without it counting as personal use?

29:08 If you are retired and received social security and annuity income, can you get your closing cost deducted from your income tax when you file?

30:44 I am setting up a corporation to wholesale and flip and later on hold real estate. Is there any way I can roll over losses from the corporation to my W-2 taxes from my nursing job?

36:40 I have a beach house that I am starting to rent out. I have a regular job and was told that if I made more than $150,000 I would not be able to write off my expenses and costs associated with my rental. Is this true?

42:28 I have a C-corp in Nevada through which I send some quarterly consulting and management revenue from my other manufacturing businesses. How do I categorize earnings used for taxes to lower the chance of an Accumulated Earnings Tax?

52:50 As an investor/owner, is it possible to claim part of my internet, phone, and home office as an expense?

57:45 Can you explain the STR rental tax benefit, and how to get 100 hours of material participation?

1:03:45 If I offset all of the passive income with depreciation (or accelerated depreciation), would that eliminate the AMT adjustment?

1:08:00 I own a four-unit dwelling. I want to live in one unit and rent out the other three units. What are all the tax deductions and write-offs I can use to zero out earnings?

1:08:24 How long must you keep the short-term rental in service?

1:15:00 I bought a $400,000 home in 2021 that is now ready to use for STR. Any thoughts on doing the cost segregation yourself for a property of this value?

1:21:00 Outro
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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.