Daniel Hart
Subject-to transactions, are you writing off the mortgage interest?
Deed is your name, mortgage is in previous owners name, you've been paying the mortgage, do you write off the interest? My accountant says I can't...
John Hastie
HELOC: Is interest deductible on primary residence?
HiI live in California. I took out a HELOC on my primary residence and used the funds as a deposit on another property which then became my primary residence. The previous primary residence was converted into a renta...
Rahim A.
Is interest on a HELOC tax deductible?
Hello BP,If I take a HELOC on my personal residence, can the interest on this loan be tax deducted? The funds from the HELOC will be used to purchase additional investment properties.Thanks
Davison Horst
Month to Month versus Yearly Lease in Northern Florida
Just about finished renovating a 2nd house that I own. Seeking to begin renting January 1st. Have never been a landlord before. As such, is it best to do a Month to Month (1st months rent and one month security deposi...
David Luu
non-accredited investing amount limitations question
Not sure what's the best forum category to post here, so trying with investing basics. I saw a few posts on accredited, non-accredited investors on the forum in various categories.
It's not clear to me Googling aroun...
Michael McIntosh
Bank Account Setup when Self-managing
I have decided to start managing a few of my own properties and I want to know how you all have your bank accounts setup for your record keeping purposes? I have one account for the LLC. I also have one established fo...
Kelly N.
Prorated rent collected at closing- tax question
Hi,
We closed on our first rental property last month and had prorated rents deducted from our closing costs. The amount deducted is considered rental income, right?
Thanks,
Kelly
Drew Brown
Seeking information and/or direction
I need a document to secure a loan I made to a property owner, granting me a security interest in the property and establishing the terms of the agreement. I don't want to trigger transfer tax with a deed or mortgage,...
Sean C.
TAX DELINQUENT CRITERIA?!
Hello Bigger PocketsI contacted a specific county and they sent me a form to fill out of which Tax file I want. Bolded below is the form they sent along which type it's under. Crazy they are charging hundreds of dolla...
Jeff Pollack
Can ownership interest be converted to mortgage to avoid taxes?
Hi all, Here is my situation. Way back when my wife and I purchased our 1st house my in-laws helped with our down payment to reduce our mortgage. As such, my mother in law (father in law is deceased) now owns 17% if o...