Learn about Real Estate & Asset Protection from Clint Coons, Esq, and Toby Mathis, Esq. at our next all-day free Livestream from 9 am to 4 pm PT. on Saturdays. Our attorneys and specialists will answer ALL questions: Save Your Seat: aba.link/qax
Hello Toby - At 51 minutes into this Tax Tuesday, you discuss how many real estate investors eventually find themselves buying more property because of what it does. I've heard Robert Kiyosaki say this too. Could you create a short video with the chalkboard and go over how these moneys flow, are depreciated, and the positive after effects that push you to buy more real estate?
When there is a lawsuit, do Lawyers have access to info provided to irs or bank? What info do creditors or lawyers in lawsuit have access to? Thank you!
Application for EIN there is a question of responsible individual. Can one answer with the name of LLC Wyoming and President name? And give the EIN of Wyoming LLC? (Recommended context was to first set up Wyoming LLC then set up local city LLC in the city where real estate is. ) how to answer who is responsible? Thanks!
Would appreciate some clarification about the corporation being hugely taxed with a refi. I thought that is what a cash out refi is good for and that you are just incurring more debt so you can purchase more properties via this vehicle...and that debt is not taxed. What then is someone like Robert Kawasaki talking about getting more debt to fund more properties and not paying taxes because it is debt? Thanks!
Do I report Rental income received from tenants on my 1120 C Corp if I use the C Corp as my management company? Or do I report that income and depreciation on my 1065 Partnership? My Partnership is 100% share holder of the C Corp anyways but I'm not sure if to put that info on my 1120 tax organizer or not..🤔
My son lives in our rental home. What would be the benefits if the house is put in his name? As it stands now, we are paying approx. $230 per month in taxes.
Putting the property in your son's name would make it a gift. You'd have to get an appraisal and file a gift tax return based on the fair market value. Gift taxes would only apply if your estate is over the lifetime exemption which is currently $12.06 million. Most states will not reassess property taxes when the property is transferred from parent to child. So the $230 tax liability is to shift to your son.
@@TobyMathis here in our county in Idaho, the home owner is allowed to take a $1,000 reduction per year in taxes. It only applies to the main resident home and not to rentals.
Collect rent in cash! Give the tenants a discount.. The IRS will never know.. It took them nine and a half years to catch up with the sale of my last house. This is no accident.. They have antiquated computer systems...I was retired when I sold my home.. Principal residence.. Zero tax due.. They came after me because I didn't file.. I said screw it.. I'd had enough tax returns for two lifetimes!!!
I started an STR but it took awhile for the article of organization to come and needed to have some amendment done on the article of organization I was putting the fund for two months in a personal account until the ein and the llc articles were finished how can I fix this or this matter at tax time?
Hi Ralph, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, bit.ly/3JbMhRP. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
what if my friend and his wife had a house, lived there a couple years, they lost it to lien, is it true that if they bought house for 100,000 and lost it but lien sold it for 150.000 but the wife died a yr ago, but house sold years ago, can the ex husband that was with her for 10 yrs , both names were on paperwork , can he get that 50,000 over from the sale that the government doesnt tell people about?
This is a very nuanced situation that we would direct you to local counsel to discuss. Generally, if there was a home that was sold in foreclosure, and the amount that the home was sold for exceeds that owed by the lender, the borrower may be entitled to the excess funds; however, there may be other, more Jr liens that would also need to be accounted for.
Learn about Real Estate & Asset Protection from Clint Coons, Esq, and Toby Mathis, Esq. at our next all-day free Livestream from 9 am to 4 pm PT. on Saturdays. Our attorneys and specialists will answer ALL questions: Save Your Seat: aba.link/qax
Hello Toby - At 51 minutes into this Tax Tuesday, you discuss how many real estate investors eventually find themselves buying more property because of what it does. I've heard Robert Kiyosaki say this too. Could you create a short video with the chalkboard and go over how these moneys flow, are depreciated, and the positive after effects that push you to buy more real estate?
Yes interested in hearing about this too.
A topic is how to fill out application for EIN from asset protection perspective, thanks!
Great sense of humor! Clint Coons has a great new book out! We bought many copies to give friends!
Your efforts to educate the community is greatly appreciated! Your UA-cam channel is the best place to learn, super great value! Many thanks!
We appreciate your words! Thank you so much for watching the channel!
Thank you so much for all you do Toby! I had over the phone consultation with your office this morning, I look forward to working with you guys soon.
When there is a lawsuit, do Lawyers have access to info provided to irs or bank? What info do creditors or lawyers in lawsuit have access to? Thank you!
Application for EIN there is a question of responsible individual. Can one answer with the name of LLC Wyoming and President name? And give the EIN of Wyoming LLC? (Recommended context was to first set up Wyoming LLC then set up local city LLC in the city where real estate is. ) how to answer who is responsible? Thanks!
If put personal cash savings in LLC can you take it out without pay taxes or other problems that a corp would have problems
Would appreciate some clarification about the corporation being hugely taxed with a refi. I thought that is what a cash out refi is good for and that you are just incurring more debt so you can purchase more properties via this vehicle...and that debt is not taxed. What then is someone like Robert Kawasaki talking about getting more debt to fund more properties and not paying taxes because it is debt? Thanks!
Do I report Rental income received from tenants on my 1120 C Corp if I use the C Corp as my management company? Or do I report that income and depreciation on my 1065 Partnership? My Partnership is 100% share holder of the C Corp anyways but I'm not sure if to put that info on my 1120 tax organizer or not..🤔
I vote you get to the point. Less fluff.
My son lives in our rental home. What would be the benefits if the house is put in his name?
As it stands now, we are paying approx. $230 per month in taxes.
Putting the property in your son's name would make it a gift. You'd have to get an appraisal and file a gift tax return based on the fair market value. Gift taxes would only apply if your estate is over the lifetime exemption which is currently $12.06 million. Most states will not reassess property taxes when the property is transferred from parent to child. So the $230 tax liability is to shift to your son.
@@TobyMathis thank you
@@TobyMathis here in our county in Idaho, the home owner is allowed to take a $1,000 reduction per year in taxes. It only applies to the main resident home and not to rentals.
Very informative . Thanks
So nice of you, thank you for watching!
Collect rent in cash! Give the tenants a discount.. The IRS will never know.. It took them nine and a half years to catch up with the sale of my last house. This is no accident.. They have antiquated computer systems...I was retired when I sold my home.. Principal residence.. Zero tax due.. They came after me because I didn't file.. I said screw it.. I'd had enough tax returns for two lifetimes!!!
I started an STR but it took awhile for the article of organization to come and needed to have some amendment done on the article of organization I was putting the fund for two months in a personal account until the ein and the llc articles were finished how can I fix this or this matter at tax time?
Have a rental in escrow. Don't what to buy another 1031 exchange. How to reduce capital taxes? California
Hi Ralph, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, bit.ly/3JbMhRP. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
what if my friend and his wife had a house, lived there a couple years, they lost it to lien, is it true that if they bought house for 100,000 and lost it but lien sold it for 150.000 but the wife died a yr ago, but house sold years ago, can the ex husband that was with her for 10 yrs , both names were on paperwork , can he get that 50,000 over from the sale that the government doesnt tell people about?
This is a very nuanced situation that we would direct you to local counsel to discuss. Generally, if there was a home that was sold in foreclosure, and the amount that the home was sold for exceeds that owed by the lender, the borrower may be entitled to the excess funds; however, there may be other, more Jr liens that would also need to be accounted for.
Great.. They want to "help" military people... The bottom of the economically savvy!!
Where can I make an appointment with you?
Here is a link to a free strategy session, please let us know if you need anything else.
andersonadvisors.com/ss/
I can't keep watching.
Thank you so much for all you do Toby! I had over the phone consultation with your office this morning, I look forward to working with you guys soon.