Posts Tagged ‘Property’

I have a condo that I live in for 6 months last year and rented to a friend for the other 6 months. What are the tax implications of claiming the leasing. Taking into account my friend paid less than my total costs, so it qualifies as leasing-not-for-profit. What are the pros/cons of regular leasing property claim versus leasing-not-for-profit? I believe there are some differences in terms of depreciation, deducting assessments, and tax basis on sale. I plot to sell my condo this year, so there would be approximately 1 year of leasing.

When applying for loans should I indicate that I plot on using this as my primary residence or apply as a leasing? I know what I should do, but I want to know what the common practice is. A mortgage broker friend told me I would be stupid to get a loan as a leasing property and to say it was my primary.

I would like info on converting my mortgage from hold to leasing
property. Is there a “fee” to do this? What would be some pros and cons to dependability it? I am trying to sell, and need to go soon.

I want to diversify my business (it is no way correlated to real estate at all). I am looking at the possibility of buying a leasing property or possibly a vacation leasing property (i.e. a condo at a ski resort or something along that line). Which mortgage companies specialize in this? I assume they will want financial statements from the company or can I do a stated loan? What size down payment would be predictable?
*

* Member since: February 13, 2006
* Total points: 263 (Level 2)
* Points earned this week:

* –% Best answer
*

rykookyr
S

How can my company buy a leasing property?

I want to diversify my business (it is no way correlated to real estate at all). I am looking at the possibility of buying a leasing property or possibly a vacation leasing property (i.e. a condo at a ski resort or something along that line). Which mortgage companies specialize in this? I assume they will want financial statements from the company or can I do a stated loan? What size down payment would be predictable?

I know I may possibly contact a lawyer, real estate agent, bank and a mortgage self but I don’t want their salespeople to start bugging me right now (I get too many telemarketers calling me now as it is). I want to get some background info so I can question intelligent questions when I start talking to those people mentioned above.

Since CD appeal rates are so low we were thought of securing a mortgage with one to buy leasing property-the cd would still earn appeal, and (hopefully) the rent would pay for the mortgage.
We have someone knowledgeable about property who may possibly manage it for us, but I have qualms about people who don’t pay their rent/and or ruin property.
Any suggestions?

Do I have to get special insurance for a leasing property? Is it the same as it was when I lived there? Does it cost more or less than before?

What if a renter has someone get hurt on the property, can I get sued as the landlord?

Hi, this year I bought a house and rent the two extra rooms out. I’m wondering how I file this specifically with TurboTax? Do I claim it as a leasing property or as an investment? Periodical 527 says to claim parts of the expenses on Schedule E, but I don’t know how this corresponds to what TurboTax wants to do. Thanks!

I am a California inhabitant. Do I entere the amount on Schedule A as well as Schedule E? Turbo tax question me for the amount in both location. But, at the end, it seems that the total mortgage appeal is higher than the amount received on my 1098.

I have a four-plex and I live in one of the units. For occasion, if I paid appeal of $20,000 for the year, do I report only $15,000 on Schedule E and report the $5,000 on Schedule A? Should I entered $20,000 on both questions for Turbo Tax to calculater the income for leasing property as well as the ‘credit’ section for Turbo tax?

Please help me out with this? Is this also applicable for the property taxes paid during the year?

I be grateful for your advice.

I currently own a home valued at around $150k. There is a home I want to buy. But, I do not want to sell my current home but use it for a leasing property. I owe 100k on my current home.

My friend and I have talked about getting into a partnership and purchasing properties to rent. How would I equitably bring him into this leasing? My current mortgage is $850 a month. Projected rent is $900 per month.

There is an apartment complex near where I work, and it is an “income-restricted” housing community where in order to be a tenant, your income cannot *EXCEED* a certain (i.e. there is a maximum to how much your income can be).
I am not sure I know the purpose of having such a community, especially when the leasing rates are as high as, or higher than, leasing rates in comparable properties nearby – as is the case for this place.

What is the purpose of having an income-restricted leasing property like this one, who decides that a property is income-restriced (and what is taken into account to do this) and who is benefiting from them?