How To Separate Expenses From a 50/50 Business PARTNERSHIP | Tax Tuesday #195 #buildempire
599 read – 43 like
21:20 Me and my partner purchased, renovated, and set up a property in Houston for STR. We have a 50/50 LLC. We’ve never partnered before. How do we separate expenses, and income? How do we file?
Welcome back to another installment of Tax Tuesday! Don’t forget to join us next time!
TAX TUESDAY LIVE
Toby Mathis, Esq. and his guest will answer ALL your tax questions LIVE on Tax Tuesdays every other Tues 👉 https://aba.link/tobytaxtues
3:44 If bonus and accelerated depreciation were taken in 2022 via cost seg on Schedule C, how many years does the IRS require that property to meet active short-term rental (STR) criteria after the fact?
7:05 We have a two-member LLC taxed as a Sub S Corporation. Each member has contributed a substantial amount of capital over four years. Can a member be bought out tax-free by the LLC by giving them the sale price in the form of capital distributions?
9:33 If a medical procedure is performed in Mexico, can you use your health reimbursement account from your corp?
11:50 Is there a list of IRS allowable health care expenses that can be reimbursed under Section 105 HRA (health reimbursement arrangement)?
14:30 I purchased my first short-term rental property last year and have spent a year fixing it up but it’s still not out as a rental. Can I write off my expenses from 2022 for a business that isn’t making revenue yet? If so, how?
16:50 I share ownership of single-family rental (SFR) property 50/50 with a relative. The other owner has not been involved.
21:20 Me and my partner purchased, renovated, and set up a property in Houston for STR. We have a 50/50 LLC. We’ve never partnered before. How do we separate expenses and income?
26:04 I’m a 77-year-old newlywed. My husband has a trust for his family. Do I need one for my family or is a will sufficient?
29:35 I wanted to know if I can write off any stock trading education through my LLC if I pay myself a W-2 and have 401K deductions taken out and put into a self-directed solo 401(K) plan. I am the only employee.
40:02 What type of business structure (LLC vs. partnership) will allow me to pay my kids to work for my business?
FREE REAL ESTATE INVESTMENT STRATEGY SESSION
Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 https://aba.link/tobyss
FREE TAX & ASSET PROTECTION WORKSHOP
Learn about Real Estate & Asset Protection from Clint Coons, Esq, and Toby Mathis, Esq. at our next all-day free Live Stream from 9 am to 4 pm PT. on Saturdays. Our attorneys and specialists will answer ALL questions: Save Your Seat: https://aba.link/taptoby
OTHER ANDERSON ADVISOR EVENTS
Learn a rich selection of subjects like tax and asset protection, business, investing, and more. Our partners, attorneys, and other skilled experts will help you learn what you need to know in order to better your chances of success in your professional life.
FINANCIAL PLANNING & TAX RESOURCES
📚 Order Your Copy of “Infinity Investing: How The Rich Get Richer And How You Can Do The Same” Here: 👉👉 👉 https://aba.link/IIWbook
Order Your Copy of ”Tax-Wise Business Ownership” and find greater success by taking advantage of tax laws for your business. Here 👉 https://aba.link/tobyshop
Visit Anderson Advisor’s website for content, like articles, podcasts, and more that we publish alongside my channel. 👉 https://aba.link/tobyaba
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
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.