How are taxes calculated when renting only one room in your home for Airbnb?
1:04:51
Welcome to the another episode of Tax Tuesday!
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0:00 – Intro
10:14 – What method(s) can be used to continue to trade security with a small loss other than wait 30 days to avoid a wash sale? Can I use options immediately for the same stock and avoid a wash sale?
13:29 – Profits from selling stock on the NYSE are capital gains and are federally taxed appropriately. Should they also be state taxed where the C-Corp entity managing the trading was created? If yes, why?
16:26 – I received stock from a company I work for, and it is in my account under my name only. If I open a joint brokerage account with my husband and transfer some stock there, can we gift $32,000 worth of stock to our child for 2022 without reporting as a married filing jointly?
20:53 – What are your thoughts on using a nonprofit that is funded with cryptocurrency?
24:48 – When purchasing a self-storage facility, should it be in its own LLC or can it be combined in an LLC that already has a property within its entity?
33:12 – I currently have a private lending business. My understanding is that my life insurance premiums are tax-deductible on my Schedule C, as long as the proceeds are used to protect my capital (assets) and will not benefit me personally. Is any of this true, or if not, when is it okay to deduct the premiums?
39:09 – I am selling real estate property in California. We used straight-line depreciation for more than 30 years, about $700,000. Do we add a Depreciation Recapture Tax Rate of 5% for $700,000 or use a 20% long-term capital gain rate? The total capital gain will be a little over $5,000,000
43:00 – My husband and I would like to buy a small house that my mom owns free and clear. I am going to propose seller financing. She is 82. What happens if she passes away before the loan is paid off? I am the beneficiary of her estate, along with my brother. How can I structure the terms to best suit everyone involved?
53:39 – Do I need to perform cost segregation in the year I acquired the property for the same year bonus depreciation or performing it next year is ok? Example: bought property in 2021, ran cost seg in 2022, and then wrote off bonus depreciation for the tax year 2021.
56:28 – What is your opinion on Cryptocurrency and Mining? Is there big money to be made with mining with less risk than the currency? How much money does it take to get in the game?
1:04:51 – How are taxes calculated when renting only one room in your home for Airbnb? How are “guest amenity” expenses calculated? For example, cleaning fees, lawn/pests control, maintenance, snacks, etc?
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