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All Forum Posts by: Michael P.

Michael P. has started 29 posts and replied 1873 times.

Post: current interest rate for mortagage loans

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,949
  • Votes 2,398

Ask your mom for money at 3.5% hehe

Post: Joe Biden - Eliminate stepped up basis

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,949
  • Votes 2,398

Flipping channels, watched 5 minutes of JB’s first campaign rally.  Says eliminate stepped up basis on capital gains to help lower cost of education.

Post: Ohio Cashflow LLC

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,949
  • Votes 2,398

Anyone who backs out of the deal last second should be forced to eat vegemite 

Post: Moving to Japan with the Military...

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,949
  • Votes 2,398

Post: Are turnkey investors losing their minds?

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,949
  • Votes 2,398

Sounds like your just another anybody to them .. haven't flow out to develop a personal relationship and move to the front of the pecking line.

Post: Ask me (a CPA) anything about taxes relating to real estate

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,949
  • Votes 2,398
Originally posted by @Nicholas Aiola:

@Michael P. As a rental, you will be able to deduct the interest.

 Ok great

But this is only true if its secured and registered in the state right?

Post: Ask me (a CPA) anything about taxes relating to real estate

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,949
  • Votes 2,398
Originally posted by @Nicholas Aiola:

@Michael P. The language you provided relates to a primary residence. In order for home mortgage interest to be deductible, the loan must be secured by the property; the loan is not technically secured by the property until it is properly recorded with the state. See Publication 936 for more info.

If it is a rental, you will be able to deduct the interest.

Yes its a rental I should have specified.

So I can't deduct the loan interest at all??

Post: Ask me (a CPA) anything about taxes relating to real estate

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,949
  • Votes 2,398

I want to borrow money from my mom for a mortgage.  According to my research:

If the Borrower wants to claim the home loan interest deduction from their annual IRS tax return, the mortgage must be recorded with the proper local government authority. Individual Borrowers are not legally entitled to claim an interest deduction on unsecured, simple Promissory Notes, even if the loan was used to purchase real estate.

That being said, does the IRS realistically go around checking for this, or as long as the parent pays taxes on the interest income the IRS is happy, and doesn't bother the borrower for deducting the interest.

Post: Minnesota Turnkey Suggestions

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,949
  • Votes 2,398
Originally posted by @Stoddard Barnhill:

Cool name dude!

Post: New Member from Alexandria, VA

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,949
  • Votes 2,398

@Brad Hunter no plan really just hold forever, raise rents at each turn.