How To Separate Expenses From a 50/50 Business PARTNERSHIP | Tax Tuesday #195 how to

How To Separate Expenses From a 50/50 Business PARTNERSHIP | Tax Tuesday #195 #buildempire

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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?

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0:00 Intro

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?

48:08 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.

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