All Forum Posts by: Elena Gasol

Sometimes the appraisers are not very familiar with the local market. You can use your appraisal to negotiate the price if you agree with what it says, or you can challenge it if you disagree, and ask the bank to do another one. I have a great appraiser, just not sure if he works in Warren but I assume he does.

You may want to start here: https://dcra.dc.gov/shorttermr...

Thanks Eduardo! 

I actually just realize that they may qualify for a partial exclusion that would cover up to 333k in gains, meaning more than the gains that they have had since they bought, so we could just go ahead with a regular sale  (https://www.irs.gov/publicatio...):

You meet the requirements for a partial exclusion if any of the following health-related events occurred during your time of ownership and residence in the home.

• You moved to obtain, provide, or facilitate diagnosis, cure, mitigation, or treatment of disease, illness, or injury for yourself or a family member.
• You moved to obtain or provide medical or personal care for a family member suffering from a disease, illness, or injury. A family member includes your:
  1. Parent, grandparent, stepmother, stepfather;
  2. Child (including adopted child, eligible foster child, and stepchild), grandchild;
  3. Brother, sister, stepbrother, stepsister, half brother, half sister;
  4. Mother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, daughter-in-law;
  5. Uncle, aunt, nephew, or niece.
• A doctor recommended a change in residence for you because you were experiencing a health problem.
• The above is true of your spouse, a co-owner of the home, or anyone else for whom the home was his or her residence.

Hi BP community!

Looking for some ideas on how to structure a deal. Our potential sellers, who bought their property a little more than a year ago as their primary home, would like to sell quickly for health reasons to be closer to medical care. However, they would like to avoid paying capital gains tax, and thus assume they must remain in the residence for two years. Is there a way to structure a purchase without waiting to close on a sale for the full two years?

Thanks for taking the time!!! What is the difference, in terms of the treatment of expenses, and depreciation, between a second home loan and an investment loan? We have the option of purchasing a property either as a second home loan, in which case we would spend some time there, or as an investment property; in either case we would rent it out for much of the time as a STR. What difference does it make for taxes if you do one or the other, particularly in terms of treatment of expenses and the treatment of depreciation? Thanks much!

How many homes can you get in the same vacation market with the 10% down second home mortgage? Did I understand correctly that each spouse can get one in the same market? In your experience, how do underwriters define a vacation market (for instance, would 2 different sides of the same mountain range which are one hour apart be considered the same market? Thanks!!

thanks!

Hi, is there a June zoom meetup coming up?

Is there a way to retroactively pull together these inquiries as one, even if they exceed the 30 day period? I was not aware of that rule and now find that mortgage shopping has dropped my score significantly.

Thanks!