All Forum Posts by: Chris Clark

@Jonathan R. I wish I could hit up a meeting it would go a long way towards getting to meet other investors/ people in the industry out in Wichita. I’ll have to plan a trip out there around making it to a meeting and getting some Emperors Grill. 

@Chris Clark

Do you plan to live in the property in one of the units and rent the others, or is this soley an investment property? If you plan to have this as an investement only property and you live at another location, you could have your Roth IRA buy the property, or a percentage. You can use a self-directed Roth IRA to do this. There are many topics and posts about this type of account. If you are interested you should do some research to see if it might be a good option for you. I would also be glad to help answer any questions.

What "first time home buyer exception" do you mean?  Most programs that provide assistance for first time home buyers are local.  So you would need to look at the terms of the specific program you're trying to use.

Chris, 

Thank you this is invaluable.  So my taxes are $11k, and this is a two family home.  I live one unit with my business partner so "taxes" would be $5500/2 = $2500 and the rental would be $5500.  So that $5500 would be exempt from the overall 10K right?

I sincerely appreciate your fast response and @here all your fantastic comments. 

Thanks,

Wayne

okay makes sense.. here's another scenario.. my parents own two homes. one is a single family the other is a multifamily which is rented out. under this logic their main residence (single family) is limited to 10K but their multi family which is rented completely has no limit on how much they can claim. correct?

I am also curious.. I have a home in New Jersey that I own. 

Two family where I live on one floor and the other floor is rented. my property taxes are over 10K so does this mean I cannot claim more than 10K?

Hi guys,

So I live in NJ and apparently people are rushing to prepay some taxes.  I share a rental property with a friend and we're at a loss as to what we should do here. Any advice?

Thanks