All Forum Posts by: Ryan H.

Hello, I'm trying to understand whether paying off my mortgage balance using a HELOC would make sense. I am feeling confused about it, because the terms of each are so different. The mortgage is a long-term, fixed rate loan charging compounding interest; the HELOC is a shorter-term, variable rate line of credit charging simple interest. Can anyone offer guidance here for how to analyze?

Hello, I'm currently pursuing a refinance and also have a balance with the IRS for 2019 tax, being paid under an installment agreement.  The lender has requested a payoff statement from the IRS.  I contacted the lien department of the IRS, and they stated that there is no lien since the amount due is under an installment agreement.  I then contacted another department, and they weren't sure what to do either. 

What is a payoff statement?  Is it different from a Record of Account or Account Transcript?  Is this something the IRS can help with if there is no lien and the amount due is under an installment agreement?

The plan is that the amount will be paid off at closing from the loan proceeds.

Thank you, @Eamonn McElroy.

Thanks, @Ashish Acharya.  Can you comment on the alternative of putting these expenses on a Schedule C?  The expenses are not tied to my current property and I have not identified a new property.

Hi @Dalyn Hazell - all of those expenses are for the purposes of acquiring a second rental.  I'm confused about your suggestion to include this on Schedule E, since the Schedule E is tied to particular property.  Wouldn't it go on Schedule C?  I am not looking to wholesale or flip.

Hello, 

I own one rental property and report income and expenses related to that property on schedule E.  However, I also have other expenses in connection with general real estate investment activities (not connected with the property I own but instead with my search for additional rentals) - marketing and education, especially.  Can I deduct these as business expenses for 2020?  I did register a business in connection with these activities, but not until later in the year.  

Hello, I recently received an escrow review statement in connection with my home mortgage. Historically I've not had a separate account set up in my personal finance software (Quicken) to track the escrow account. The review statement states that there is a projected shortage for 2021 and asks that I pay this amount. How would I categorize this payment?  Is it best to set up a separate account in Quicken for the escrow so that it is just marked as a transfer?

Hi @Danielle Witte, did you decide on anyone in particular?  I too am looking for recommendations.

Hi all, I'm getting conflicting information from various people about whether a TPT license is necessary for owners of rental properties in Tucson.  My understanding is that with few enough properties, typically an owner of a Tucson property would be exempt, but once they engage a property manager, the license is required.  Do anyone know the answer?

Hi @Lyndon C. and @Pamela Sandberg, I'm in the same situation.  What's your opinion on utilizing one's property management company for this?