While we could learn a lot from you on your channels, I do appreciate your altruistic sense of business. I signed up for your BE services recently. I am looking forward to learning more in a much more meaningful way. Thank you, Toby.
Here is the story that has been shared regarding my father, RIP. He did well as a factory worker in the 70s and began purchasing real estate. He had a nice profile by the 80s until someone was murdered in a tavern of which, while he did not own the business, he owned the building. He was dragged to court for many years and it costed him almost everything. I believe he owned the buildings in his own name. Gotta protect your assets from drunks.
Yes I have a question? How do I write off a truck I purchased for my business ,and what the tax benefits of having a rental out of my personal property?
We have a 20 acre property that we own personally. We started a farm on this land that we put in a LLC. The house itself isn’t used for the business but we have several out buildings that we have built for the farm, including a workshop/farm stand that cost quite a bit to build. How do I take part of the land as a deduction for the business when the land itself is tied to our home loan which my husband and I own personally?
What do you recommend someone do if they filled for a tax use certificate for as sole proprietor, but the person never set up shop like they intended. Then the comptroller started sending letters saying tax due. The person thought that didn't make sense and so a year later after not filing any returns or paying these made up numbers, the comptroller accessed the individuals bank account and took every cent the person had. The person gets a letter from the bank saying the amount was like $10k that they wanted, but the account only had about $1k in it. Does the person have a legal course of action that they should follow? They took everything in the bank. Based on what income? There was nothing but losses
Hi, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
For the business portion used yeah. If you're an entity then you can take it just from it "benefiting the business" If you're not an entity then it'll be based on actual business vs personal miles that need to be tracked
A buildable lot on my street was taken by the town for non payment of property taxes. The owner has 3 years to redeem, so until Oct 2022 at a minimum. I tracked down the owner and they forgot they owned it and don’t want it. They owned it as Oakes Development Corp. in NH, and they have not renewed the name with the Sec of State. Can I purchase the Corp from the old owners, then go to the town to pay off the amount due on the property to clear the lien, yes with lots of 18% interest? Or even better, can I go to the State and create an Oakes Development Corp, then go directly to the town, since the Corp is listed as Admin dissolved by the state. It has water rights and is worth about $150k.
How can I buy a truck and then turn around and lease it to my son who uses a truck to perform his job as an employee of a fire and restoration company?
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Can we have a real conversation please!
While we could learn a lot from you on your channels, I do appreciate your altruistic sense of business. I signed up for your BE services recently. I am looking forward to learning more in a much more meaningful way. Thank you, Toby.
BEST FINANCIAL and LEGAL ADVICE...IN THE INTERNET
Dag nab it!! No new clients, at least you answer questions and provide superb educational videos. Thank you both Jeff and Toby for today's video.
Our pleasure!
Here is the story that has been shared regarding my father, RIP. He did well as a factory worker in the 70s and began purchasing real estate. He had a nice profile by the 80s until someone was murdered in a tavern of which, while he did not own the business, he owned the building. He was dragged to court for many years and it costed him almost everything. I believe he owned the buildings in his own name.
Gotta protect your assets from drunks.
I'm so glad I found your channel . This is extremely helpful information. Keep them coming!
We have more great content to come so we hope you are subscribed!
THank you for all the knowledge
Any time, we love to create free educational resources for our viewers.
Yes I have a question?
How do I write off a truck I purchased for my business ,and what the tax benefits of having a rental out of my personal property?
It’s a pipe dream pal
We have a 20 acre property that we own personally. We started a farm on this land that we put in a LLC. The house itself isn’t used for the business but we have several out buildings that we have built for the farm, including a workshop/farm stand that cost quite a bit to build. How do I take part of the land as a deduction for the business when the land itself is tied to our home loan which my husband and I own personally?
What do you recommend someone do if they filled for a tax use certificate for as sole proprietor, but the person never set up shop like they intended. Then the comptroller started sending letters saying tax due. The person thought that didn't make sense and so a year later after not filing any returns or paying these made up numbers, the comptroller accessed the individuals bank account and took every cent the person had. The person gets a letter from the bank saying the amount was like $10k that they wanted, but the account only had about $1k in it. Does the person have a legal course of action that they should follow? They took everything in the bank. Based on what income? There was nothing but losses
Hi, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
So...for the house gifted to son...why would you not put it in a land trust, then change the beneficiary?
Great content! Hi from Italy!
When you say engineer to do the cost Segregation? What Kind of engineer?
My wife and I own five rental properties and work full time in our w-2 jobs. Can we depreciate both of our cars?
For the business portion used yeah. If you're an entity then you can take it just from it "benefiting the business"
If you're not an entity then it'll be based on actual business vs personal miles that need to be tracked
There is still SE Tax on the $12,800
These videos are always more about "how to" write off your vehicle rather than "can/should" you legitimately write off your vehicle.
how far back can you do cost seg?
PMI insurance
Is robbery
A buildable lot on my street was taken by the town for non payment of property taxes. The owner has 3 years to redeem, so until Oct 2022 at a minimum. I tracked down the owner and they forgot they owned it and don’t want it. They owned it as Oakes Development Corp. in NH, and they have not renewed the name with the Sec of State. Can I purchase the Corp from the old owners, then go to the town to pay off the amount due on the property to clear the lien, yes with lots of 18% interest? Or even better, can I go to the State and create an Oakes Development Corp, then go directly to the town, since the Corp is listed as Admin dissolved by the state. It has water rights and is worth about $150k.
The city owns it if they repo it. You buy from the city for taxes, get release from previous owner.
How do I sign up for the Saturday session of the investor group?
Hi Jason, You can visit infinityinvesting.com/infinity-investing-workshop/
How can I buy a truck and then turn around and lease it to my son who uses a truck to perform his job as an employee of a fire and restoration company?
Can i write my car off if i just work part time?
What kind of a lunacy ideal is that ???
What possesses you to think this way?