What to Do Before December 31: A Year-End Tax Conversation with Nate Busch, CPA
Most investors don’t overpay in taxes because they’re careless. They overpay because nobody showed them their options before the year closed.
In this session, Mark Khuri sits down with Nate Busch, CPA, of Busch Tax Company to walk through how the IRS classifies your income, which losses can offset it, and the planning moves investors should consider before December 31.
Topics include:
- The three income buckets: active, portfolio, and passive
- Real estate professional status and the short-term rental loophole
- Oil and gas investments and W-2 income
- Putting passive losses to work
- The lazy 1031, and when a true 1031 makes more sense
- Opportunity Zones, HSAs, and Roth conversions
- Live Q&A on K-1s, state filings, RMDs, and more
This session is for educational purposes only and is not tax, legal, or investment advice. Please consult your own tax advisor about your specific situation.
Click the time below to jump to a topic:
00:00 – Welcome & Intro to SMK 01:39 – Meet Nate Busch, CPA 03:47 – The Three Income Buckets: Active, Portfolio, Passive 08:45 – Q&A: How Do I Use Accumulated Passive Losses? 12:51 – Q&A: Can Syndication Depreciation Offset a $100K Gain? 17:18 – Offsetting Active Income: Real Estate Professional Status (REPS) 21:28 – Offsetting Active Income: The Short-Term Rental Loophole 23:33 – Offsetting Active Income: Oil & Gas Investments 29:21 – The Lazy 1031 32:30 – How Nate Uses the Lazy 1031 Himself 38:31 – Year-End Moves: Start With a Tax Projection 40:48 – Solo 401(k)s, HSAs & Roth IRAs 43:27 – Q&A: What Can a W-2 Earner Do About a Large Stock Gain? 45:34 – Q&A: What Are the Smartest Ways to Do a Roth Conversion? 51:10 – Opportunity Zones: Invest in 2026 or 2027? 54:51 – Q&A: How Is a Split 1031 & Opportunity Zone Investment Taxed? 57:50 – Q&A: Donating Property, Offsetting RMDs & DSTs 1:02:58 – Q&A: How Do You Project Taxes When K-1s Are Unclear? 1:09:06 – Q&A: Do LPs Need to File State Returns Every Year? 1:13:01 – Closing Thoughts & How to Reach Nate