Which LLC Gets The Deduction? This Tax Court Case Shows Why It Matters

In Reed v. Commissioner, the Tax Court examined deposits, transfers and expenses across personal and business accounts. One well-explained $40,000 advance was excluded from income, while other unexplained deposits were sustained. Would you like to learn more about hiding your assets? Schedule a free consultation here: https://aba.link/d8d0d8 Got questions? Drop them in the comments below or reach out to us directly—we’d love to help. Register for a FREE upcoming workshop to protect your business and personal assets from snoopy lawyers and creditors. 👉 Save Your Seat: https://aba.link/00b986 🔔 Stay ahead of the curve. Subscribe for cutting-edge insights on real estate investing, business strategies, and more! Show Notes: 0:00 Intro 1:02 The Real Estate Investor’s Accounting Disaster 3:33 $170K Business Expense Mistake 4:55 The $811K Deduction the IRS Wiped Out 6:17 Why You Must Prove Your Tax Basis 8:07 When a Rental Property Is “Placed in Service” 9:25 The Danger of Mixing Business & Personal Accounts 10:37 What They Actually Won Against the IRS 11:21 3 Tax Lessons Every Business Owner Should Know --------------------------------------------------------------------------------------------------------- FINANCIAL PLANNING & RESOURCES Download your free copy of Un-Tax Yourself eBook and discover the secret to real estate wealth is in the tax deductions. https://aba.link/04cfb1 ~~~~ CONTACT US Phone: 800.706.4741 Email: info@andersonadvisors.com Fax: 702.664.0545 ABOUT CLINT COONS Clint Coons, Esq. has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth. --------------------------------------------------------------------------------------------------------- The information provided in this video should not be construed or relied on as financial, investment, or legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. #taxes #irsaudit #realestateinvesting #realestatetaxes