Hey, are you interested in diving deeper into this topic or chatting with an expert? Feel free to schedule a call here: aba.link/16b486
@EstatePlanVictims-w8p3 ай бұрын
No thank you Now that Clients know Estate Planners use easy to forge legal documents, we will hire Administration Lawyers with NICER Forgery Proof Permission Ledger Documents.
@raymond38552 ай бұрын
Clueless...one pays tax on short term capital gains. Go back to skool kid.
@MohamedGanafАй бұрын
S.c.w.muslim.child family said maxamed siciid cabdi business bank garoowe.acouint.nuber.130192.from.soomaliya l.b.s by nuber bank accounts form to
@booneguy10 ай бұрын
There's a reason why this video was watched over 800 000 times. Great job, Toby and thank you.
@cindyb1938 Жыл бұрын
On stocks, there is a wash sale rule if you buy within 30 days before or after sale, loss will be disallowed.
@TheALPod9 ай бұрын
not sure about this, I get taxed on dividends even when reinvesting
@vitolazlo57679 ай бұрын
Tax loss harvesting , you need to wait 30 days to buy back the stock you sold to mark the loss.
@sd1225-y1w6 ай бұрын
@@vitolazlo5767 Correct. Otherwise the loss will increase the basis for the same stock you bought within 30 days
@PriyankaKumari-pz4hk3 ай бұрын
The fact that nobody talks about the book whispers of manifestation on borlest speaks volumes about how people are stuck in a trance
@ACT4UCFАй бұрын
Under 40k
@blorax51792 жыл бұрын
Yup, said another way - if you make your money from owning things, you pay a lower percentage of your gains, but if you make your money from working - sweat of the brow - you pay a higher percentage. I wonder whether owners of property or workers made these rules?
@LocoCocoJorge2 жыл бұрын
The most comprehensive, to-the-point, 13-min explanation of taxes I've seen in a while. Thank you, Toby. You've got a new fan and a subscriber!
@peterodriguez56362 жыл бұрын
🤣🤣🤣🤣🤣
@thom38202 жыл бұрын
Agree, i have researched endlessly and used Turbo tax to guide me. This was great. IRS need to bone up also. Perhaps they really too much on software as i do.
@onmykneesforYehova2 жыл бұрын
Thanks me too, my accountant didn't help me out at all and he was a friend.
@rrichard5515 Жыл бұрын
Agreed!
@skimanfree10732 жыл бұрын
At 8:03 you said buy it right back. Can't do; you have to wait 30 days or you are in violation of the wash sale rule.
@recyclespinning98392 жыл бұрын
Thanks for being honest, for years and years I was making pretty low income of 30k . My buddy used to tell me in this area its poverty level about and he arrogantly would say I don't pay hardly anything into the tax system like he did, making $100k plus. I always paid my taxes , declared every penny and always was paying big money into the tax system for Social Security , etc, and whatever amount my accountant told me to mail in since I was self -employed.
@flightmedic716910 ай бұрын
We bought a vacant lot to build a home but ended up selling it and bought another one. The sale came after we had bought the other one. We sold it for 19000 and bought the other one for 45000. That’s the deal with capital gains on this. Thanks.
@mrsmith13392 жыл бұрын
Most articles on retirement income fail to mention 0% interest on Qualified Dividends and Long Term Capital gains We am far from rich, but we make more net income in retirement than we did working. Over 1/2 of our income is from Qualified Dividends at 0%. Our effective tax rate on $120,000 last year was 3.5%. One must be careful to stay under the taxable income limit if you want 0%. Borrowing against equities could be a great alternative to Reverse Mortgages and Annuities, neither of which is attractive to me.
@zencalmfree9 ай бұрын
How do you get 0% on long term capital gains
@9thebigcool4 ай бұрын
@@zencalmfreeif you are single 0% is applied to taxable income of 44,625 in capital gains. 89,250 for married filling jointly
@zencalmfree4 ай бұрын
@@9thebigcool thank you!
@kingofthesofas2 жыл бұрын
If you sell a stock or bitcoin at a loss to do tax loss harvesting then you have to wait 30 days to buy it back otherwise it counts as a wash sale FYI
@zzbudzz2 жыл бұрын
I believe it applies to stocks but not cryptos...yet
@808BizStuff2 жыл бұрын
There is NO 30 day "wash rule" on BTC or any crypto.... yet.
@GODHATESADOPTION2 жыл бұрын
Not inside a roth...
@mwint19822 жыл бұрын
For bitcoin they'd like you to wait a day or two (take on risk)
@ryanmac57082 жыл бұрын
Hot damn Mr Arthur, if this is true that's a great point amigo and thankyou.! I'm gonna have to watch this twice and take a few notes🔥
@donnallyking51682 жыл бұрын
Great info. Great presentation. Good voice for listening to you. Suggestion - only use white chalk. Colored chalk does not show up. Keep up the good vids.
@electrobassist Жыл бұрын
I think mentioning wash sales in relation to capital losses is important. In your example with Bitcoin, when you sell at a loss and then buy the same or similar security within a certain time frame, you can no longer claim capital loss.
@potatoskunk5981 Жыл бұрын
Yes, this is critical to understand, because overlooking this rule could be very expensive.
@Jose-sy1je Жыл бұрын
That's exactly right. And sometimes those securities can go up significantly in value while you wait and then you feel like you don't have an entry point anymore
@Smouse16811 ай бұрын
This is why you don’t take financial advice from a KZbinr . I was out when he misspelled royalties
@nagadsby941310 ай бұрын
@@Smouse168 I noticed that supposed misspelling also; however, play the video back at that point in slow motion and you'll find he writes his actual "o" a certain way, and the following supposed "o" like most people write an "a". All this just for what it's worth.
@TobyMathis7 ай бұрын
Crypto is not subject to the wash sales loss rules. There are easy ways around the wash sale loss rules.
@seanchang27632 жыл бұрын
How do you pay zero taxes on capital gains? I don't think you mentioned it.
@hemlo74942 жыл бұрын
One way he mentioned is to apply capital losses.
@elitedragon3282 жыл бұрын
Another is to borrow against it.
@nauy2 жыл бұрын
He’s misleading you. You can’t. You can offset with capital losses or never realize the gains. Bottom line, you pay zero capital gains tax only if you have zero capital gains. The borrowing part is to borrow against your portfolio to create liquidity instead of realizing capital gains to do it.
@antilogism2 жыл бұрын
Short term gains are at the ordinary rate but long term gains may be taxed at 0% "if your taxable income is less than or equal to $40,400 for single or $80,800 for married filing jointly or qualifying widow(er)." Similar to qualified dividends.
@justinhollislange2 жыл бұрын
@@antilogism Good point. I will add that your AGI will be increased by the amount of your capital gain thus causing your taxable income to increase as well. Taxable income is your AGI minus the standard deduction or itemized deductions.
@chuckwalla29672 жыл бұрын
So you're either taking losses elsewhere to offset the gains or deferring which you'll eventually end up paying or in interest on loans.
@BrianK-zz4fk Жыл бұрын
Good overview for novice tax people. Personally I like to build losses through high dividend securities because their value goes down based on the amout they payout, thus not a true loss of capital. Then use them to offset gains in something I feel has lost its growth potential.
@xyz987123abc9 ай бұрын
Amazing you spoke about the hybrid tax treatment for futures. Well done... Your free virtual event is aimed at real estate folks. You have anything for futures traders?
@tgarrels2 жыл бұрын
Thank you for your easy to understand explanations on so many areas like estate and tax planning etc. I like that you speak clearly, no stammering, or using a ton of fill words like um, uhh, and a....because you obviously know exactly what you're talking about and dont mince words. Ive been watching all your vids lately, as I've been working 35 years saving money and building a nest egg this entire time, but dont have a trust or a will or nothing, so i def need to do something.
@bryan2332 Жыл бұрын
My understanding is that if you sell a stock at a loss and buy it right back (as you suggested) you can't take it as a tax loss. By not waiting 30 days, you have created what is known as a wash sale
@steveh4968 Жыл бұрын
You are correct.
@rrichard5515 Жыл бұрын
Your best video yet! Sometimes your videos are too long. Keep them around 10 minutes. If people need extra long explanations and examples, they are likely used to senseless TikTok videos and they will not watch a long video. Your target audience, in my humble opinion, are the up-and-coming or small to medium business owners that are trying to learn and develop simple business strategies.
@Mav05853 жыл бұрын
Awesome video but maybe a white board to replace the chalk board!
@nolanzeng Жыл бұрын
Love Futures! 60% LTCG and 40% STCG, easy tax reporting and not subject to wash sale rules!
@brian-thetechnicaltraders11 ай бұрын
Even better, Futures in a self-directed Roth -- no reporting, no wash sale, no PDT, no tax.
@sdutch91322 жыл бұрын
Thank you, just found this. So happy to have come across. Never had a way to explain this or show to folks who rail against billionaires & corporations. Not to mention this might help someone I know.
@kaltrex9465 Жыл бұрын
Can you talk more about the real estate and non-material business keyword tricks?
@TobyMathis Жыл бұрын
Hi Kal! Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
@Lou_Snuts3 жыл бұрын
Good video. It might be a good idea to concentrate on dividends, because the preferential rates only kick-in for "qualified" dividends. Even though IBM pays "dividends" out of accumulated earnings and profits, the taxpayer needs to meet a specific holding period. There are also dividends paid by non-taxable entities like REITS, which are taxed at ordinary rates. There are also passive and publicly-traded Master Limited Partnerships. The distributions are generally not taxed, but they are subject to loss limitations, where the K-1 losses accumulated and are recognized upon disposal.
@peterodriguez56362 жыл бұрын
🤣🥜🤣🤣🤣🇺🇸
@g.t.richardson6311 Жыл бұрын
The holding period is only 60 days before or after to make them qualified Not an issue with me long time holdings Lol ibm a great one Also have REITS so I do have some ordinary, but some of those are return of capital with zero tax MLP are a pain in ass , sold my IEP Icahn holdings just to avoid schedule K not coming till late march. Same thing with royalty trust simply a pain in the ass passive income schedule E nonsense Don’t want deal with them, I’ll stick with regular dividends,,if that costs me few hundred a year so be it.
@DanBelsky_Health_Money_Love Жыл бұрын
Excellent advice already working!!!! specially for Real Estate and Stocks.
@InTheNow20202 жыл бұрын
Easy to understand TME. Why aren't they teaching this in high schools across America? I am from Vancouver, Canada and would certainly love to see this taught in here in our country. L&S.
@Portia6202 жыл бұрын
THANK YOU!! This is an amazing channel!!! I have learned so much in a small amount of time and know so many more grey areas exist but you chose to really sun up the main points! ❤️🥂
@TobyMathis2 жыл бұрын
Thank YOU for being such a great part to the community!
@Angie-im1xq11 ай бұрын
@@TobyMathis Love your video! I am confused when it comes to Capital Gains. I only use Uphold and i trade within Uphold. Bitcoin for XRP, Etherium to XLM etc... I only cashed out $700 in 2023. However it says my capital gains are $626,500 and my Total Income is only $85.00. So on turbo tax it is saying I own over $200K in Taxes!! I am very confused. I only cashed out $700 total. All the rest were just trades i made within Uphold.
@davesclarow4646 Жыл бұрын
Thank you Tony. Small suggestion, red chalk is hard to see on screen. White board might be better.
@TobyMathis Жыл бұрын
Thank you for your feedback!
@Prompt_Critical12 жыл бұрын
Thanks for the good advice. I think the proposal to sell Bitcoin at a 30% loss and then repurchase it would be hit with a wash-sale rule. You'd have to buy a different asset (like Etherium or stocks to make it work)
@emariaenterprises2 жыл бұрын
Buy XRP.
@jellybeanbitcoin2 жыл бұрын
I thought that was (still) allowed on crypto.
@ghostmanscores16662 жыл бұрын
Wow! you're clever like Bernie Madoff!
@mr.chickennoodles90172 жыл бұрын
This is allowed, but dont rebuy the same asset you sold within 30days
@wilsonbill5533 Жыл бұрын
Does not apply to crypto. Yet.
@mikes22942 жыл бұрын
What an education, eyes wide open.👍👍👍👍👍
@V_T72 ай бұрын
Thanks for taking your time to make videos like these and breaking them down for the common folk.
@teslainvestor17432 жыл бұрын
Holy shit. My mind just blew. Thank God for this channel.
@dcmiracles27852 жыл бұрын
Question: is there any advantage for a new Wyoming llc to own an existing c corp? How to consult you on this topic?
@TobyMathis2 жыл бұрын
Hi! thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. You can request it here! ----------> aba.link/tobyss
@kb81ccme15 Жыл бұрын
I've been so nervous about investing due to ALL the damn taxes!! 😫 I appreciate your content SO much!! 🙏
@starkmad8346 Жыл бұрын
Same here i have tons of savings but im scared i will get taxed to death, I paid taxes earning it and spending it then when i make profit with it! WTF
@JOZoSo. Жыл бұрын
So you don't want to make $100 because you are afraid to pay $25 in taxes? Lol, makes sense to me.
@calvinlipscomb3652 Жыл бұрын
NEVER let the tail wag the dog. Have a good tax advisor and pay for that service and you will do well.
@Senai88 Жыл бұрын
How about wash sale rule?
@lennyd84122 жыл бұрын
hello, Have a six figure capital gain from the sale of a second home. Besides opportunity zones fund. How can I reduce my basis to lessen my tax burden?
@chicago9458 Жыл бұрын
This is one of the best explanations on everything income in very simple terms
@beetee42952 жыл бұрын
Thank you for the education Toby, easy to understand and very useful, as usual. Two 👍 thumbs up!
@peterodriguez56362 жыл бұрын
🙏🤣🤣🤣🤣🤣🤣🤣
@janelee304 Жыл бұрын
Mr Mathis,you are the man I feel comfortable recommending to other people, needing help. Keep up the good work !!
@TobyMathis Жыл бұрын
Thank you, I will!
@bmbrooklyn2 жыл бұрын
Great content! How can a real estate agent offset taxes? Could you please create a video? Also if I sell a property, how can I apply a 1031 to avoid capital gain? Could you please explain this? Thanks 🙏
@quikxfl2 жыл бұрын
1031 you must purchase another property. It is a roll over type of exemption
@janetchoe33112 жыл бұрын
I believe you have 180 days to buy a property after you sold your house.
@miguelp2 жыл бұрын
I have a friend who always managed to reduce his social security contributions. At retirement he’s getting half of what I get. The problem is, he needs it, and he just scrapes by with help from family. It’s better to focus on being good at what you do, the earnings grow automatically. And don’t spend, learn to invest conservatively. In the long run those who like to spend end up with nothing, and those who spend only what they have to, including social security, end up not being a burden and being able to help others.
@Dbb27 Жыл бұрын
I’m amazed at how many people opt to take early retirement. I understand those with health issues but I hear this I worked hard all my life so I’m quitting early so I can now work part time forever and live in borderline poverty during my retirement. Makes it really hard to feel sorry for them. And they think nothing about mooching from family members possibly keeping them from being able to set themselves up for retirement. We can all look at our family history and figure out what decade we will most likely be gone to the hereafter.
@alliesteam97762 жыл бұрын
Very helpful for understanding and tax planning, thank you!
@TobyMathis2 жыл бұрын
Glad it was helpful! Thank you for watching our videos!
@carolhannay67432 ай бұрын
I bought a brand new house & lived in it for 20 yrs. When I sold it I was charged $150,000 Capital Gains when I had my taxes prepared & they wanted to be paid the entire amount that day or they were going to charge interest right away!! We’ve been paying on downfor 3yrs. now!
@peterholmes20892 жыл бұрын
Two points: 1) SS is more than just a tax. If you are not paying that over your working life, you will not get SS when you retire. We can discuss it's ROI, but it is a bit misleading to say it is a tax. 2) You can't sell a crypto at a loss and buy it straight back to avoid taxes. The wash sale rule prevents that.
@thinhdoan33732 жыл бұрын
@@skellington2000 Skellington is correct on both.
@fungidungie Жыл бұрын
@@thinhdoan3373 awkward
@ccandtoby2 ай бұрын
I'm grateful to have almost never been ripped off by SS - AND I'll probably never need it
@victoriabarnett42792 жыл бұрын
Very interesting! Thanks for making my head spin. I’ll be thinking taxes for hours now!
@tonyv48013 жыл бұрын
Great info, thank you so much!
@TobyMathisAttorney3 жыл бұрын
Thank you🙂
@markmyjak7739 Жыл бұрын
Please do a video on paying foriegn taxes from investments. I've been learning about that for a while. I've learned foriegn taxes are a tax credit.
@TobyMathis Жыл бұрын
I will certainly take your suggestion into consideration. 👍
@alliesteamc35462 жыл бұрын
We heard there is a federal law which may be ratified soon which required annual filing or person go to jail or pay $10,000. Or more. It was mentioned by a lawyer on KZbin. Is this true? When will that go into affect? Please do a KZbin video on this if it’s true, thank you!
@TobyMathis2 жыл бұрын
Here at Anderson Business Advisors, we are always watching for new updates and changes in laws and reporting requirements. We typically do not change strategies until something has been completely implemented. In this situation, I am not sure what federal law you are referring to in regards to reporting requirements.
@thelucylady47802 жыл бұрын
Love your information. Please get a white board, can’t see the chalk board
@TobyMathis7 ай бұрын
Learn how to use the IRS tax code to your advantage and keep more of what you earn during this free webinar. aba.link/9f108b
@Ritchie75y2 жыл бұрын
Completely understandable. Thank you for sharing your knowledge with us.
@aironwhite6533 Жыл бұрын
Very nicely laid out. I was just talking to a coworker about that although not as detailed and it blew his mind.
@binweng49372 жыл бұрын
Thanks for the infor. But the heading is little misleading. There is not a legal to Not Pay taxes unless you dont make income, no income no tax. But if you make money, you do pay your fair share. All you have pointed out is taxes deferral, which, with proper tax planning, yes, can defer paying taxes, offset cap gain with cap loss, QOZ investment, 1031 exchange, accelerated depreciation, etc... these are ways to defer tax payments, but NOT not paying taxes. The legal way is giving away your income, such as charitable donations, gift money to your kids and family members to minimize the amount of estate, these are the examples where you reduce your income or net worth to an extent that your income or estate is below the taxable threshold, thus not paying taxes or paying less taxes. You may update your heading to be more precise. Thanks for sharing!
@billywilliams68532 жыл бұрын
But I have never paid any taxes, since I dropped out of school. I have been on welfare all my life. White folks working for me. I goes fishing and drinking wine.
@MarvelousCards2 жыл бұрын
He won’t change it cause it helps get the views/clicks.
@iangoddard57 Жыл бұрын
Learnt Tax in ten minutes. This is so very helpful as a guide to what I can do next. Brilliant thank you again. I’ve learned more in two of your videos than I knew in the last 20 years.
@paulmorrow83722 жыл бұрын
I normally cringe in these types of videos and watch for entertainment. I have a Masters in Taxation from one of the top schools in the country and work in tax planning for a very large corporation. This video does of great job of simplifying some complex tops down to 13 minutes. Great job on the video!!
@peterodriguez56362 жыл бұрын
Wake up
@paulmorrow83722 жыл бұрын
@vip47287 no, you will owe taxes on that income. More details would be needed to figure the tax on that income, but it would likely be at a 18.8% tax rate (15% cap gain rate plus 3.8% net investment income tax). This is only the federal tax and doesn’t include state taxes.
@paulmorrow83722 жыл бұрын
@vip47287 I highly recommend consulting with a CPA in your area.
@michaelbartley8503 Жыл бұрын
late to the game, just watching this now, but this was super helpful. Thank you
@TobyMathis Жыл бұрын
Glad to hear it!
@rickonethousand63042 жыл бұрын
The red chalk is less visible than the white. I strongly suggest a whiteboard.
@richarda9962 жыл бұрын
Then the white would not show up.
@JoshuaCalebFisher2 жыл бұрын
You have to pay taxes because you're called a corporation in Commerce with the rule of apportionment, all corporations in Commerce are based off of the rule of apportionment for taxation. Wages are not the same as income
@RicardoPicena2 жыл бұрын
Subscribed on the first video! Can’t wait to learn how to use my equity to help me expand & also learn how to keep more of my wealth
@comingshortly5 ай бұрын
One nice bonus in the tax rules, if you are in the 37% bracket with dividends at 20% rate but no cap gains, your $3k loss goes against the higher taxed income. If you had cap gains it would go against that but not dividends. Odd but will take it.
@vigilance82403 жыл бұрын
Thank you for that! So glad your out there giving this great content.
@TobyMathisAttorney3 жыл бұрын
Thank you🙂
@vigilance82403 жыл бұрын
Do you have a tax adviser program? I would love to learn more1
@srfpunk82072 жыл бұрын
Great info but the res chalk is not great for a video cause it's not visible
@davidbrown4868 Жыл бұрын
Toby, you do such a great job of explaining difficult concepts. Thank you.
@TobyMathis Жыл бұрын
Thank you for the compliment!
@ralphbrubaker18822 жыл бұрын
Great presentation, however the information is beyond my ability to comprehend the steps to participate! Keep up the good work!
@Blublod2 жыл бұрын
This was excellent! Instant subscriber. I very much appreciate the simplicity with which you presented this. Keep up the good work.
@arisgod2749 Жыл бұрын
Great video. The best by far is dividend income. When married and filing jointly you pay zero tax on close to 90K in dividends. It's almost like having a Roth account
@TobyMathis Жыл бұрын
Thank you so much for your kind words. Keep up the good work!
@HenryBuysHomes2 жыл бұрын
Thanks for great content on this! As a real estate investor and Realtor, I have felt like I still paid too much in taxes for 2021 from all the active income I generated. Subscribed!
@timisaac81212 жыл бұрын
Yes!! His comment caught me too!! I pay so little, but not yet "zero"!! Best wishes man!
@WScott-gd2mj2 жыл бұрын
At 8:05 he says you can sell an asset -- he uses the example of bitcoin -- for a capital loss and then "buy it right back" so as to book a loss while maintaining your position. I believe that's called a Wash Sale and will disqualify your loss for tax purposes. You have to wait 30 days after a sale to buy any amount of the same security, at least if you want to book a loss. Maybe that rule doesn't apply to bitcon but it does to stocks.
@theyuha3 жыл бұрын
If you sell and buy right back isn't that called wash sale? Dont you get fined for that or lose out?
@robertdinicola58342 жыл бұрын
Yes. He probably is saying you can buy it right back after the 30 days required. He just wasn’t clear. Good catch though.
@mr.marvelousmess6986 Жыл бұрын
@@robertdinicola5834he was clear - he did not mean in 30 days.
@BarryBailey-sb6qo9 ай бұрын
Where do installment payments fall? I sold unimproved property using owner finance.
@KGB16972 жыл бұрын
I love this channel! To add to this great video, for a dividend to generally be considered long term cap gain or “qualified”, each share of stock or etf must been held for more than a year (there are exceptions). If you hold it less, then it would generally be considered short term cap gain which is taxed as ordinary income. Some reits are never eligible for long term either. I could be wrong so anyone please let me know
@g.t.richardson6311 Жыл бұрын
Dividends have nothing to do with capital gains , just hold the stock for 60 days, it’s qualified for Most part (always rare exceptions) REIT s are rarely qualified for dividends, but when you sell they are qualified for long term capital gains
@tonyduart64142 жыл бұрын
Thisguy has a common sense, everyman approach to this. Makes sense. Very relatable.I subscribed
@glorgau2 жыл бұрын
He can't spell.
@texasRoofDoctor2 жыл бұрын
Great content. I may buy some of this overpriced real estate for rental...after giving it time to decline if it is going to at all.
@danialkhan1997 ай бұрын
Toby thanks for sharing your expertise. how do you avoid a wash sale when you sell and buy it right back?
@TobyMathis7 ай бұрын
When you sell shares at a loss buy ITM Calls to cover the amount of shares you sold. The losses attached to the call. Now buy back the shares. After you have purchased the shares, sell the calls. The losses are now recognized on the calls and you still own the shares.
@DreamFirms3 жыл бұрын
Awesome discussion!
@TobyMathis3 жыл бұрын
Glad you enjoyed it!
@david8769-d8p2 жыл бұрын
Does he have a platform?
@goldcic2 жыл бұрын
🐥
@benriding86782 жыл бұрын
Just think, even tyrannical governments like Russia have a flat 15% tax and none of these BS schemes.
@wa210 Жыл бұрын
Just be a donald and not pay taxes.
@dougjohnson11992 жыл бұрын
i wish I'd met you 35 years ago! great post! Keep 'em coming.
@id10t982 жыл бұрын
At 8:05 you make an error in your suggestion unless there is no such thing as a wash sale in the crypto world. If you sell a stock for a loss, you must wait at least 30 days to buy it back or it is called a wash sale and the cost basis price is adjusted to reflect this 'wash of taxes' that otherwise would have been collected. A word to those looking to 'buy it right back' in the stock world- this will come back to bite you under the wash sale clause.
@lionlawntreeandshrub5682 жыл бұрын
Crypto is classified by the IRS as a property. As of now it isn’t subject to wash sale rule.
@sherryellington52482 жыл бұрын
We sold family home 6 years after mom passed. I lived there the whole time. Sold for over 400,000, I got 240, brother took 200,00. I bought land, a trailor, putting in well, electric, sewer. My understanding is I don't pay capital gains as I lived there for so long. Is this true?
@jakesatterfield79 Жыл бұрын
If I loan against an asset, but I sell that asset in the future, do I still have to pay capital gains on the whole amount? Or does the loan need to be in place for a certain amount of time to not have to pay capital gains on that borrowed amount in the future when the asset is sold?
@TobyMathis Жыл бұрын
Yes - the borrowing does not impact the basis, so the gain is the same.
@e.p.t.23582 жыл бұрын
The way I do it is to cancel any capital gains with my huge capital losses from prior years. Works for me.
@intownrentals Жыл бұрын
Great video Toby! I have 42 rental properties and will show this to my wife
@TobyMathis Жыл бұрын
Excellent, please let me know if you need any more help with taxes. Anderson has many great free resources and a team of excellent CPAs.
@thechadbullock6 ай бұрын
Really great way to explain all this. I knew most of it, but it got me thinking in new ways on what I could do.
@TobyMathis6 ай бұрын
I'm glad you found the video helpful
@carlac90263 күн бұрын
What are qualified opportunities?
@izitmepattavina8651 Жыл бұрын
Wow i loved the way your carried this through.
@superameric82 жыл бұрын
I own a 1.5 million dollar commercial property. I've owned it for 30 years. I'm planning on selling it. Whats the best way to not get killed on capital gains?
@dipro0013 ай бұрын
Good content. Educational. Please make more. I liked and subscribed.
@mikie531462 жыл бұрын
Good presentation Toby. I'll be watching more. Happy New Year.
@OldManDave19603 ай бұрын
Very well presented. Very informative.
@johnholmes35842 жыл бұрын
Look up John Turner, Joe Bannister, Sherry Jackson Peel all worked for the IRS. Also Anna Von Reitz. Very interesting.
@ejb12 жыл бұрын
Hi Toby!! Great to see this!! Geno
@bgvianyc Жыл бұрын
Wash trading rule doesn’t apply to bitcoin?
@steverush83622 жыл бұрын
Enjoy and thank you...do you have one, that's moving money to kids...?
@CellTowerGuy Жыл бұрын
If I buy a real estate/ mortgage note, what type of tax treatment would it receive?
@sofiab29703 ай бұрын
How does the strategy of buying property, borrow, and die work if inheritants need to pay capital gain taxes anyway after parents die?
@consiceDJ9 ай бұрын
Can you take advantages of tax benefits if you have real estate properties and a W2 of $150k+ ?
@TobyMathis9 ай бұрын
Great question, in order to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/16b486
@johnkraus45710 ай бұрын
Thank you for pointing out the things that have to be changed so everyone pays the taxes that they should. Tax avoidance is a serious problem for our country that needs to end.
@TobyMathis10 ай бұрын
Thank you for your support!
@joed8452 Жыл бұрын
Amazing content!! Thank you for making these videos.
@TobyMathis Жыл бұрын
Thank you for watching the content. Don't forget to subscribe for future videos.👍
@randys9556 Жыл бұрын
This is great. Can u recommend someone on KZbin for Canada taxes tips?
@torqwrench5901 Жыл бұрын
Toby Toby, you're killing me man ! That RED chalk I can barely make out on the chalkboard. Your content is great! How about high contrast chalk colors to help us read it ?
@TobyMathis Жыл бұрын
Thank you for your feedback!
@johnsimpson53792 жыл бұрын
Toby, I follow you from Scotland, do you do anything on the British tax system?