How to Protect Your Turo Car Rental Business | Tax Tuesday #153

If I invest in a Turo car-sharing business, should I put the vehicle inside the business (cleanest) or own it individually and let the business use it every weekend? 7:23 Join the next Tax Tuesday LIVE bi-weekly at 👉 Toby Mathis, Esq. answers these questions along with Jeff Webb, CPA and more during this episode of Tax Tuesday, a bi-weekly FREE LIVE webinar event. *~ Claim Your FREE 45 minute Investment Strategy Session to receive business planning tips and a clear investment strategy. 👉 0:00 - Intro 7:23 - If I invest in a Turo car-sharing business, should I put the vehicle inside the business (cleanest?) or own it individually and let the business use it every weekend? If the business owns it, am I restricted from using the vehicle for personal use, or might it be covered by the 14-day rule? 18:40 - If we purchase our shared housing properties by obtaining the financing personally and then putting them each into their own for-profit LLC's, and renting them to the non-profit, is there a way to expense the travel and/or transaction costs when buying in different states? 29:35 - We are selling an investment property using the 1031 exchange with more than $550,000 in capital gain, can we use a replacement SFR as our primary residence and sell it after 2 years and take the 500K gain exclusion? 34:55 - During the pandemic I’ve been using our boat as well as our house as an office, would I be able to claim the time on the boat as a legitimate business expense? 38:35 - What is the difference between "Admin Office" and "Home Office"? 43:41 - If I am a W2 employee covered by a 401K but also have an LLC for my rental property business, can I contribute to a SEP-IRA as well for the business? 47:14 - Can a vacant lot, acquired under a 1031 and held 8 years for appreciation, be converted to private property prior to sale? 48:49 - I want to employ my daughter to help with my business, where do I start. I have an LLC, but do I need it to be an S-Corp? 50:30 - Can you talk about Monetized Installment sale, is it still legitimate and how does it work? 54:43 - My daughter is a pastor and receives a housing allowance. She also has a small business, Electric Bamboo, LLC. Which is registered in Wyoming. This business is run out of her home. Would she be able to claim a Home Office deduction or does the tax-free housing allowance disallow this type of deduction? If you would like to learn more about Toby Mathis, Esq. then please visit 👉👉SUBSCRIBE To My Channel Visit Anderson's website for content, like articles, podcasts, and more that we publish alongside my channel. 👉 Find our latest events here, where you can learn a rich selection of subjects like business, taxes, investing, and much more. Our skilled experts will help you learn what you need to know in order to better your chances of success in your professional life. Learn about the ways you can be taxwise by reading Toby's book. Find greater success through taking advantage of tax laws for your business. 📚 Order Your Copy Of ”Tax-Wise Business Ownership" Here: 👉 Join us LIVE bi-weekly on Tax Tuesdays 👉 Social Media Accounts: Contact Information: Call us at 800.706.4741 Email: info@andersonadvisors.com Fax: 702.664.0545 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. #TaxTuesday #Turo #AssetProtection...(read more)

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