2024 TAX UPDATE: Changed LAWS You Need to Know
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- čas přidán 31. 05. 2024
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Stay ahead of the curve with our latest breakdown of key tax law issues for mid-2024!
If you're an investor or simply navigating the complexities of personal finance, this video is a must-watch to ensure you're up-to-date and well-informed.
First up, let's tackle the phase-out of accelerated depreciation and bonus depreciation, which has been a hot topic for real estate investors. With the House and Congress passing provisions to potentially fix this at 100%, there's a lot at stake.
We're also diving into the SECURE Act 2.0 and its impact on early withdrawals from retirement plans. With new provisions coming into effect, including exceptions for emergency personal expenses and victims of domestic abuse, it's crucial to know your options and how they could affect your financial future.
Join us as we delve into the potential impact and what it means for your investment strategy.
If you enjoyed the video, please consider leaving it a like. We would also appreciate it if you subscribed to the channel.
Show Notes
0:00 - Intro
2:59 - Terminal Illness
4:09 NFT Collectibles
5:54 Meal Deductions
8:09 ERC Stopped
10:48 Estates Can Go Back to 40%
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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 aba.link/tobyaba
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I am still dealing with my health, hopefully it won't be long thank you for your programs and your knowledge Dan Butler
yes we want 100% bonus depreciation back!
The problem is that it's widely abused. For example, prior to TCJA a computer had a 5-year depreciation schedule. You buy a computer for your small business, legit, and take the 100% bonus write-off. So far so good. But three years later, you close your business and keep the computer for personal use. If you do not re-capture the depreciation (which honestly no one does), then you have just cheated on your taxes because that computer has not fully depreciated yet. Vehicle depreciation works the same way and is also widely abused.
If I use a margin loan from my brokerage account to buy income producing real estate, can I deduct the margin interest?
Can a landlord do their own cost segregation or does it have to be done by a CPA [firm]?
You technically can do it yourself, but if not done correctly and meticulously, you’ll get hammered by the IRS audit. I truly would not recommend doing it yourself to save a buck; it will bite you later on.
Are there any updates on the "You Earned It, You Keep It" Act, for the gross income exclusion on Social Security Retirement benefits?
Fantastic content!
Glad you enjoyed it
We need 100% bonus depreciation
Thank you for this info. Gives me a lot to think about
Glad it was helpful!
Thank you.
Thanks for the support!
Thank You for making me aware May our gov do the right thing!!! ep🐢👋
Great info. We've been having many conversations about the potential Estate Tax changes you mentioned at 10:50. It will be interesting to see what the future tax codes look like. To anyone reading this, do as Toby suggests and write your elected officials to voice your opinions on tax policy.
Love your content, wish you were FL based
We operate in all 50 states. I recommend setting up a strategy session with my team: aba.link/ps7
Great job done people better think about how they vote!
Thanks for watching!
Re: NFT, when you state donate to charity to navigate the basis, does that also mean donate to our own non-profit?
How does that work if you mint / create a NFT for a utility case. Like as a unique token in a transaction. but there was no exchange of "money" for the NFT it's self just the underlying asset held under the NFT. Would you be takes on the cost of minting the NFT if you were the receiver of the underlying asset in that transaction?
Where does the QI hold the 1030 exchange money and, is it FDIC insured? Private insurance? Insurance limits for everything the QI is holding? Limits per customer, per exchange? Asking just in case that bank or institution where the money is held goes bankrupt, before the exchange is completed up to 180 days later.
Can you transfer from one IRA to another IRA without being tax?
In general, yes, as long as it's the same type of IRA (Traditional to Traditional; or Roth to Roth). Preferably you do what's called a "direct rollover", where the funds are sent directly to the new holder of the IRA without it ever touching your hands. That makes the transaction "cleaner" from a tax perspective. An indirect rollover is where the funds are sent to you, and you must re-invest all of that money into a new IRA within 60 days to avoid tax implications.
Would like to hear more about NFTs and crypto in detail please! Thank you!
If your estate tax would be that large it should have been growing in a non profit.
Definitely hope bonus depreciation and cost aggregations stay here, it’s Biden needs to slow down