All Forum Posts by: Jamie Engledow

I think it really be depends on what market you are in. if I rented my primary residence it would take much longer!

So Strange!

@Jon Holdman Actually bank account statements are many times opposite accounting methods. in accounting, per an accountant a deposit to a bank account, an asset account is a debit. A decrease to a bank account is a credit and the corresponding debit goes to an expense account. ie., banks record their transactions the opposite of how customers do.

Go to your County's property appraisers website and enter your property address. it should tell you at least last years annual property taxes. Budget for 5% above that amount. Your county property appraiser office will send a bill to either you or your mortgage company depending on how your closing docs specified property taxes to be paid. You or your mortgage company pays taxes. End of story. if paid, no problem. if not. a tax lien will be imposed on your property (usually by the county of the property).

As an auditor I have a habit of running my finger over the signature to feel the texture bump of an original signature. I also prefer blue ink. So, for safest, I would say retain the originals. However we are in the digital age and digital signatures are gaining popularity and pen and ink are starting to become extinct. This is your judgement call. Surely if you have any originals over 7 years old, I would scan them to your computer and trash the paper. The newer docs, I can't help you with. This is at your discretion, but surely make sure you have a clear scan before disposal.

Also you should prefer that the seller write the receipt in their hand as this will have more weight in an audit than you writing yourself, so just tell the seller you would like them to write you a receipt.

of course for actual cash you would not include check number, just cash $1,000.

Yes, even a handwritten receipt from the seller will suffice. Bring some paper and a pen and ask the seller to write something like, "for consideration of $1,000 I convey to "your name" a sofa,loveseat, and recliner. signed this date of 6/30/2018. Paid in amount of $1,000 check number 2300. Signed by seller.

To clarify, when I said acquisition debt, I meant acquisition debt on primary residence property.

The interest is not deductible on Schedule A as mortgage interest expense. Mortgage interest expense deductible on Schedule A is only for acquisition debt or debt used to improve primary residence.