About this episode

Eliot Thomas and Barley Bowler provide expert guidance on various tax-related topics including rental property depreciation and tax planning strategies.

In this episode of Tax Tuesday, Anderson advisors Eliot Thomas, Esq., and Barley Bowler, CPA, tackle a packed lineup of listener questions covering construction business accounting, rental property depreciation, and family tax planning. They explain the pros and cons of switching from accrual to cash accounting, and when a SEP or Solo 401(k) can help reduce a tax bill before an extension deadline. They walk through how to claim a college student as a dependent even if the student earns grant income, and how hiring your kids through a C corporation can shift income and fund a Roth IRA. Eliot and Barley detail how the Ladybird enhanced life estate deed works in the five states that allow it, and how stepped-up basis applies at inheritance. They cover when a management corporation makes sense for short-term rental owners with W2 jobs, the real risk of children's working hours undermining a spouse's material participation, and how the aggregation election simplifies real estate professional status across multiple properties. Other topics include how to catch up missed depreciation using Form 3115, how to properly report an owner-financed note, and whether repairs and maintenance on a…

Topics covered

• rental property depreciation
• construction business accounting
• family tax planning
• accrual vs cash accounting
• SEP or Solo 401(k)
• claiming college student as dependent
• hiring kids through C corporation
• Ladybird enhanced life estate deed
• stepped-up basis
• management corporation for short-term rentals
• children's working hours and material participation
• aggregation election for real estate professional status
• catching up missed depreciation using Form 3115
• reporting owner-financed note
• deductibility of repairs and maintenance on non-income-producing rental

Keywords

• tax
• depreciation
• real estate
• accounting
• financial planning

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