14:45 What is the tax benefit of a Foundation vs. a Nonprofit organization?

Welcome back to another installment of Tax Tuesday! There are a lot of questions to cover in this episode so tune in as Toby Mathis, Esq. and Jeff Webb, CPA, break them down.

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0:00 Intro

10:45 I think most people have heard of 1031 Exchanges and the associated tax deferral benefits but I recently became aware of Section 721 Exchanges. Can you discuss the similarities and differences between these two options?

14:45 What is the tax benefit of a Foundation vs. a Nonprofit organization?

20:31 I have two houses I'm selling this year at the same time. Question, will I have a problem claiming both of them as residents for two out of the last five years since I'm selling them at the same time?

26:43 I am planning to follow your renting-out-stocks advice in selling covered call options. The earning of that deal will be used to buy more stock from the same company. How is the tax situation here?

32:07 How are stock options taxed?

37:24 I have an LLC taxed as an S-Corp with a brokerage account. Can the profit/loss from active stock trading business be reported as business income/loss or capital gain/loss?

43:51 We have a (second home) property that we are renting as an STR, it is titled under a WST, and we are already paying property taxes. Does a 571 L form/business property tax still apply to us?

45:42 Who can qualify for an HSA? I am an active-duty military member and have been told I don’t qualify. However, my wife still has copays based on her plan and I will have to pay copays once I retire.

51:06 I have an HSA with my W-2 job that I am maxing out. Can I open an additional HSA with my LLC business?

56:22 Anderson Advisors helped me structure and create my C-Corp. How do I legally and tax-friendly take the $7,000 back that I need for my personal reimbursement?

1:00:45 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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