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I think I am reporting my income incorrectly and I need

I think I am reporting my income incorrectly and I need help!JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am a Notary Public and per IRS Publication Notaries are considered public officials and therefore their income is not subject to self-employment tax and the publication explains how to report it on a 1040JA: Is there anything else important you think the Accountant should know?Customer: However, my notary fees are issued to my business TIN and I have been reporting the income on my business 1120S

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TaxWhisperer

Principal

Masters Science Taxation

736 satisfied customers
I am buying a home with the help my Father and he will be

I am buying a home with the help my Father and he will be living with us. My wife and I will net $200k out of our current home when sold. My Father will provide another $600k for the $800k purchase price and we will establish formal loan terms for my wife and I to pay him. I would like to create a second promissory note to him for the additional $200k to be paid back upon sale of my current home. All of this would allow us to provide a full cash offer on the home we want to buy. Would there be tax implications for him for the $200k second note when we pay that back?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: This is a primary residence situation not an investment property.

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Lev

Retired

Bachelor's Degree Equivalent

24,904 satisfied customers
We have a business mortgage loan which had a 5-year fixed

Hello,We have a business mortgage loan which had a 5-year fixed interest rate of 5% and then changes to 3% above the bank's cost of funds thereafter. This rate has changed January 31st. Is the 'bank's cost of funds' regulated or entirely discretionary bank by bank? Is there a method to check this rate out to insure we are receiving the appropriate rate?Thank you

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Lev

Retired

Bachelor's Degree Equivalent

24,904 satisfied customers
I recently paid off a second mortgage through an offer of a

Hello, I recently paid off a second mortgage through an offer of a mortgage loan settlement with the company that held a second deed of trust. Of the settlement, a the mortgage company paid some portion of the proceeds towards principal and interest. I have online access with the company and am able to pull up the transaction. I did not receive a Form 1098 (mortage interest paid) from the company. I called them up and they are reluctant in sending me the form. My question is, can I still write off the interest paid on my 2016 taxes, without the Form 1098, based on the transactions I got off of their online services?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not sure if this is pertenant, but I got a short-term loan to pay off this settlement because we are in the midst of selling our home.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,188 satisfied customers
I need about 20-30 thousand to remodel my house. I have 2

I need about 20-30 thousand to remodel my house. I have 2 current mortgage loans, which one should I re-finance? The first one is with Wells Fargo. Current debt is $87,960 current home value is $200,000 the interest rate is 4.75%. The other is with Primary residential mortgage FHA risk based. Current debt is $155,697. Home value is $210,000 with interest rate of 4.375%. Or will it be better to apply for a line of credit instead of refinancing my house?

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PDtax

Owner

Master's Degree

7,732 satisfied customers
I am 62, had a heart attack. Asked the bank for a two month

I am 62, had a heart attack. Asked the bank for a two month forbearance . It appears to me that they are telling me not to make the payment and the paperwork is being processed. They did this to me about 8 years ago when I had an emergency appendicitis, but instead of a forbearance they did a refi, I really don't want 8 years of interest and or payments added to my loan . Any suggestions to what I should ask for?

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PDtax

Owner

Master's Degree

7,732 satisfied customers
I have a father in law that is 97 years old and owns a home.

Hi I have a father in law that is 97 years old and owns a home. He is using his savings that he has for his live in care. He is depleting his account quickly and would like to know what is his best option? He owns a home worth $300,000. Should he try to get a Reverse Mortgage on the property in order to continue paying for his care or should he take out aHome Equity Loan on his home to pay for his care? Which is easier for him to get being that he is 97 years old and only gets a fixed income from his social security check monthly?

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
My credit scores seem to have gone up slightly in the past

My credit scores seem to have gone up slightly in the past weeks. I still have a lot of outstanding credit although always paid on time. One thing I didn't know is that I have a lot of closed accounts (because I paid) from finance companies and those accounts still impact negatively in spite of having closed them. I got this warning from a credit service(Discover FICO) . Can you please tell me what I can do about this issue? ThanksSummary scoresscore657 Jun-15657 Jul-15642 Aug-15642 Sep-15642 Oct-15642 Nov-15648 Dec-15650 Jan-16650 Feb-16650 Mar-16662 Apr-16677 May-16

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,188 satisfied customers
This question is about calculating the closing cost

This question is about calculating the closing cost for a condo.The exact questions are:- What is the closing cost that should be expected for a condo purchased in Boston in $1.9 Million.- What are the specific items within the closing costs for a condo and what are the approximate feesassociated with each item- Is the closing cost effected by the size of the mortgage loan, for example if I pay cash for the property will be closing cost be less

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

4,180 satisfied customers
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