John Moksnes
Personal vs. Investment Property IRS Designation/Classification
I am looking to turn my personal property into an investment property and then 1031 exchange into a multi-family home. How long do I have to rent out the personal property (do I have to move out or purely rent a room?...
Jordan Coates
Husband & Wife: Both on loan?
Hey everybody. I'm new to BP and REI. My wife and I are close to making an offer on our investment property and I'm working on the pre-approval process. We would love to expand our portfolio in the future and own m...
Burt L.
How to Put Property Under Contract in Unusual Probate Situation?
I have been working with a couple who own a duplex with the father/father in law who died 18 years ago and it was never probated. 20 years ago the husband and father in law bought the duplex as tenants in common with ...
Bapshil Fatal
First Time Home Buyer living in Queens NY
Hello,
This is my first time posting on this site. To give a bit of background, I'm a 28 year old NYC resident originally from Brooklyn and my family and I bought our very first home ever in Queens. I bought the home...
Ganesh Rao
Deductions
Any one have experience with deducting rental expenses against ordinary income (not just rental income). I know there are rules regarding active versus passive investing and there is a cap (MAGI) but if one is over th...
Charlie MacPherson
Only one spouse signed a "view easement". Now what?
I'm trying to help a family member sell her house in Boothbay, Maine. There was an offer that blew up because of a defect in a "view easement". The buyer's attorney claimed that only one of the two spouses signed th...
Nicholas Potocki
Renting to unmarried (dating) couple
I have a house that will be listed for rent soon. There is a unmarried couple that is interested in the property. They have qualifying combined gross income of $7,000, good references and landlord history. They have b...
Karan Jhavar
Tax advice: Primary -> Rental -> Primary
I purchased a condo as primary residence, converted it into rental and now would like to make it my primary residence again for 2 years. Would I be able to claim the gain (minus depreciation), tax free?2012 - Purchase...
Tyler Duffin
Zoning for rental properties
Hey BP,
I just recently put a property on contract in Logan, UT. It is a 4 bed/2 bath with a basement that has a separate entrance. It is blocks away from the university there and unfortunately, it is only zoned fo...
Tyler Van Wagoner
Tax Exposure - Roll proceeds to pay off debt
Hypothetically, If I owned two homes with a mortgage on both - could I sell one home and roll the proceeds TAX FREE to paying off the debt of the other property? Or would I have to clear the proceeds and then apply?T...