What are other ways to avoid capital gains aside from the 1031 exchange?
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Can you put a primary residence into a land trust and/or LLC to maintain anonymity if you have a commercial bank loan?

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

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5:45 - If I have a small business, do I need to make it an LLC to hire my children or can I just be an independent contractor and hire them? Is the limit that I can write off $12,000 per child?

12:31 - Just bought a house cash for $30k and spent about $15k in rehab. What expenses of this deal can I write off, besides the rehab cost?

21:15 - I have a real estate business in Texas and was thinking of establishing a series LLC for my properties. How does this affect my ability to sell or do a 1031 exchange? Do I need to have a separate holding and management/operations LLC? Where does having a land trust come into play in a series LLC?

25:53 - If I am a real estate professional in 2020, can I offset previous years’ passive losses in this year?

33:39 - We are looking to purchase a used RV from a private party in CA for $100k for business use. If we register the vehicle with our Wyoming holding company (LLC), can we avoid paying CA 8.75% sales tax or $8,750?

44:29 - Suppose one purchased a home in an Opportunity Zone and the funds for the renovation came from the sale of some stock options and earnings from an employee stock option program. If the person's accountant filed the taxes with no Form 8996 filed and the taxes were paid on the capital gain instead of deferring, what can that person do? The only reason that the stock was sold was to fund the renovation and to improve the neighborhood.

53:01 - Can you put a primary residence into a land trust and/or LLC to maintain anonymity if you have a commercial bank loan? If not, are there other options available?

54:46 - I have a question with regard to taking some money from my 401(k) without penalty due to the CARES Act. Is it possible to use it to invest in real estate property or are there restrictions on where you can use the money?

1:00:23 - What are other ways to avoid capital gains aside from the 1031 exchange? Can a house be put in a non-profit and then sold so no taxes are owed?

1:04:46 - I have a lot of passive losses carried forward from the 2019 tax year to 2020. If I elect to be a real estate professional in 2020 for the first time ever, can I use this passive loss from previous years as a deduction against ordinary income earned in 2020?
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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

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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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