All Forum Posts by: Isabel Owen

@Steven Hamilton II @Patrick Liska thanks guys! Finally figured it out after an hour with a TurboTax guy - he determined it was a bug in the software so we forced zeros into the forms and it let me e-file.

thanks for all replies here, just wanted to provide an update now that we have completed the cash out refi process: after doing a full remodel, foundation to roof, the bank did not request any proof of permitting at all. We did a conventional investment loan.

@John Weidner, @Mike Wood @Seth Teel, @Tim Macy, @Russell Brazil- thanks again for you replies here. We just finished the cash out refi process so I figured I'd update here just in case it can be useful for someone in the future.  In the Sales Comparison Report section of the appraisal we were docked $2k for not having central HVAC. So, the appraisal is lower than actual value will be after HVAC is complete but it was worth it for us to wait as we have a lot more flexibility now that we have the cash out from the refi.

Using TurboTax Business to do my taxes, and it has been great besides this one issue preventing me from e-filing. On form 1065 Schedule B, the instructions state that you do NOT need to complete schedules L, M-1, or Item L on Schedule K-1 if you satisfy all four conditions of Line 6, which is true for us. However, the TurboTax program is still forcing numbers into Schedules L and M-1 which creates an error telling me it is out of balance by the amount of our loss for the year. Due to this error, it does not let me e-file, nor does it allow me to manually clear out those fields. Does anyone have experience with how to get the program to leave these sections blank when they should be? Thanks!

@Mike Wood - Perfect, thanks for the detailed info!

@Seth Teel

We are 100% finished with rehab besides HVAC. We don't need to max out appraisal necessarily but I am curious about how much the lack of HVAC might affect an appraisal if we wait to install until after our refi.

Thanks!

@Michael Herr Thanks, yes, that is exactly what happened on my fha 203k to conventional. I'm wondering if anyone has had that same experience with cash to conventional. 

thanks again!

@Michael Herr

Thanks - the bank can definitely talk to the appraisal management company. On my last refi, the bank told the AMC to get the appraiser to ensure we pulled permits. I am hoping this was unique to the FHA 203K to Conventional refinance (no cash out) as my current project is going to be cash to Conventional (with cash out).

@Tim Macy

We will absolutely be providing central HVAC prior to sale or rental, just trying to determine if we need to install pre-appraisal for refi or not.

@Tim Macy Dignowity Hill, near east of downtown San Antonio.

@Simon ShihWe will absolutely be providing central HVAC prior to sale or rental, just trying to determine if we need to install pre-appraisal for refi or not.

Thanks all!