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LLC vs S-Corp: Which One Is More Beneficial For Your Business? | Tax Tuesday #186



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23:08 Is it more beneficial to set up an LLC or an S-Corp? Can I pay myself a reasonable salary with an LLC?

Welcome back to another installment of Tax Tuesday! Tune in as Toby Mathis, Esq. and Eliot Thomas, Esq. break down your tax questions.

0:00 Intro

5:44 With cost segregation, do I have to apply this to all properties purchased in the same year, previous years, and future years? What are the disadvantages (tax aspects and non-tax aspects) of cost segregation?

16:53 I bought an apartment to fix and put on Airbnb.

25:42 How should I hold my stock positions? What is the best way to deal with high capital gain consequences?

30:40 My husband is going to work as a real estate agent to qualify for the IRS's real estate professional status (REPS). He may use the passive loss from our rental property to offset my W-2 income in our joint tax return. The IRS rule says my husband has to own at least a 5% interest in the real estate company employing him. Does he need to form an S-Corp and sign on as a contractor with the brokerage firm so that he will own 5% interest?

37:36 I sold an investment property in October 2021 and paid a heavy capital gain tax. Can I get a percentage of my money back if I buy another investment property?

39:18 How much time usually passes without showing a profit?

43:17 Can I do my own taxes as a business owner if I have had a CPA for 20 years?

45:40 I bought a single-family residential property (SFR) in November and I am in the process of repairing it. I have not received rental income yet. How can I record depreciation and costs for 2022?

49:48 How can I save on taxes when flipping and renting houses?

55:54 I just started my business in August 2022. From a tax perspective, what should be top of mind as we prepare to do the first tax return?

01:00:51 Will the IRS disqualify the exchange entirely if an investor purchases a property that is lower in value than the property sold in a 1031 exchange?

01:03:12 Outro
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