I looked at those document and feel uncomfortable about some items.

Fine with me, I played upon their fears and got a better offer out of it.I did not know it could be for such simple items such as this.

Taxable income is after your personal exemption and itemized deductions have been applied, so it equates to gross income of at least $46,250, and likely more if you itemize your deductions (which you probably would if you have a mortgage on the townhome).

I have a few questions about what the government considers income, and what can be deducted from that income.I think I can deduct things like:Property taxesMaintenance feesMortgage interestDepreciationI am not sure if I can deduct:Repayment of mortgage principleI believe rent paid to me is taxable income, and then I deduct the above items from that.

Also all of this would be contingent on how "not new" the items you list are, and when you think they'll need to be replaced.

Jennifer Lee Evaluating items that require repair is easy to do prior to acquiring the property.

It is rented to section 8 Tenant so there were section 8 inspection items to be addressed.

These agencies have group homes where items posted by Mathew Wray are made available to help them on an ongoing basis; with group homes I guess there are some gains in efficiency so that the number of coaches and such that are needed are lessened.

Technically, you're supposed to report $50K in winnings as income, and then report $50K in losses as an itemized deduction on Schedule A.Seems like it should result in the same thing -- the two even out and there is no extra tax due.

I still have a BOA mortgage w/ 21 more years on it (technically, but I know I'm ahead on that) that I plan on keeping and paying down as quickly as I can afford.My friends have almost no money to put down and I'm planning financing them.I have a lawyer who I've used twice in the past for traditional purchases (one bank financed, one cash) and she assures me this is not a difficult thing.My friends have agreed to my asking price and my terms of the loan.We are getting a small premium on the sales price of the home and are loaning them the $110,000 at 6% over 30 years.We still owe about $75,000 of the original $91,500 BOA mortgage which is at 5.875%.I talked to my Allstate agent and she said we'd have to switch from homeowners to a Landlord policy.First question, does this sound like a fair deal for both parties?