All Forum Posts by: Kevin E.

I need opinions on the best place to get a mortgage loan for a personal residence.  I read the reviews for Bank of America and they are awful.  My previous mortgage was with Well Fargo but the customer service and the speed at which the local branch operates is slow at best.  I heard about Churchill.  Any recommendations for Mortgage lenders in the Northwest Houston area?

I have good credit, I need someone who is willing to do what is needed when it is needed.  

Quick question.  i am bidding on a house on auction.com and i am currently outbid.  i just noticed there is title information on the site for the home.  It appears there are old and new liens,  liens from even before the home was built.  Is the buyer responsible for these liens and what happens if i purchase the home?  Below is the info from the title company.  Also, any reviews about auction.com?  The reviews online are bad!!!!!!

JUDGMENT AND LIEN INSTRUMENTS Document Type: Judgment Execution Date: 08/07/2000 Instrument No: U627719 Recorded Date: 09/18/2000 Amount: $14,525.66 Holder: STATE OF TEXAS ----------------------------------------------- Document Type: Judgment Execution Date: 09/13/2005 Instrument No: Z039170 Recorded Date: 01/20/2006 Amount: $14,570.70 Holder: DEPARTMENT OF THE TREASURY - INTERNAL REVENUE SERVICE ----------------------------------------------- Document Type: Judgment Execution Date: 08/31/2005 Instrument No: Z112380 Recorded Date: 02/24/2006 Amount: $1,172.00 Holder: THE STATE OF TEXAS ----------------------------------------------- Document Type: Judgment Execution Date: 05/04/2009 Instrument No: 20090564462 Recorded Date: 12/15/2009 Amount: $15,953.12 Holder: WACHOVIA DEALER SERVICES, INC. F/K/A WFS FINANCIAL INC. ----------------------------------------------- Document Type: Judgment Execution Date: 06/05/2014 Instrument No: 20140259339 Recorded Date: 06/17/2014 Amount: $15,945.39 Holder: DEPARTMENT OF THE TREASURY - INTERNAL REVENUE SERVICE

I just closed on a land deal that i held for only about 6 months.  I have already received the funds and have no other deals going on.  I am looking.  

Here are the details.  i bought the land at auction for $19k and paid the taxes before the end of they year.  so i would say i had roughly $20,200 in this property after closing and the taxes.  i just sold it for $40k and after commission and fees I brought home $36,900.  

My questions are:

Can I write off the $20,200 i spent purchasing the land on this years taxes? 

Can I write off anything else?  

What about next year, when i get the 1099 for this land sale.  Will it be for the full $36,900? what can i write off?

Also i should mention i have a real estate license. I dont sell but i do pay fees for MLS and use it to look at potential deals as well. I work full time in a non real estate field. Can someone give me some pointers or recommend a good CPA in my area?

Thanks