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1031 Exchange: The Two Key Timing Rules: 45-Day Identification Period and 180-Day Exchange Period
45-Day Identification Period After the sale of the relinquished property, the taxpayer has exactly 45 days  to identify potential...

Todd Phillips
Sep 21, 20242 min read


Q: How does an UPREIT create flexibility for unitholders?
A: An UPREIT (Umbrella Partnership Real Estate Investment Trust) offers unitholders a unique advantage by providing flexibility in...

Todd Phillips
Sep 18, 20243 min read


Q: What expenses are non-allowable and could trigger boot in a 1031 exchange? Check your Closing Statement
In a 1031 exchange, boot refers to any non-qualifying property received during the transaction, which becomes taxable. To avoid boot when...

Todd Phillips
Sep 17, 20241 min read


Q: If I do an UPREIT transaction, I heard I can no longer do another 1031 exchange?
I love when I get this question. It's really a chance to educate people on the tax and non-tax benefits of an UPREIT / 721 transaction. ...

Todd Phillips
Sep 14, 20242 min read


Q: When would a taxpayer want an irrevocable trust for minimizing estate taxes?
An irrevocable trust can be an effective tool for minimizing estate taxes because assets transferred to the trust are typically removed...

Todd Phillips
Sep 14, 20242 min read


Using an UPREIT Structure to Get Some Partners Out, Keep Some Partners In, and Retain Management
An UPREIT (Umbrella Partnership Real Estate Investment Trust) structure allows for flexibility in managing partnerships by enabling...

Todd Phillips
Sep 10, 20242 min read


Organizational and Operational Overview of REITs
Capital Structure and Market Role REITs play a growing role in the commercial real estate market, owning assets like office buildings,...

Todd Phillips
Sep 9, 20243 min read


Health Insurance Deduction for Business Owners (IRC § 162(l))
S-Corp In an S-Corp, the health insurance premiums paid for a more-than-2% shareholder (the owner) must be included in the shareholder’s...

Todd Phillips
Sep 7, 20241 min read


Understanding Section 162: Why Not All Business Expenses Are Deductible
For social media influencers, the lines between personal and business expenses can blur quickly. Whether it's buying clothes for a...

Todd Phillips
Sep 5, 20243 min read


Q: What is the difference between effective tax rate and marginal tax rate?
A: People often confuse these two concepts. Effective tax rate compares the total tax you pay after considering deductions and credits...

Todd Phillips
Aug 27, 20242 min read


Roth IRA and Roth Conversions
I am often asked about Roth IRA and Roth IRA Conversions. A Roth IRA offers a powerful tax-advantaged retirement savings option. Unlike...

Todd Phillips
Aug 23, 20242 min read


Q: I want to employ my kids in my business, can I just put the money in their bank account?
A: Great idea! Employing your kids can be very rewarding for them and help them learn many life lessons, as well as a good chance to...

Todd Phillips
Aug 21, 20242 min read


Q: When does a 401k file a tax return?
Here is the actual question in full: This year, I used my Solo 401K and invested in a syndication as a LP. The anticipated loss on year...

Todd Phillips
Aug 21, 20242 min read


Q: What are the tax differences between flipping houses vs short term rentals vs long-term rentals?
A: I am going to keep this brief – so know that reading this, you have more homework to do to fully understand it. Flipping houses:  From...

Todd Phillips
Aug 21, 20242 min read
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