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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

 
16,242 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

 
3,892 satisfied customers
My mortgage company is requesting monthly 2015 profit/ loss

My mortgage company is requesting monthly 2015 profit/ loss statements to help verify my income. I'm an independent contracting bartender/ cocktail waitress with no previous experience with this. Do you know of a good online program that could help? I want to make these statement look as professional as possible.Also, the engine of my car was destroyed as a result of the Texas floods in May, 2015. Unfortunately, my insurance company refused to pay for either the damage to my vehicle or the months of alternative transportation related costs. I'm assuming this would constitute a "loss", however, I'm unsure how to note the loss on either my 2015 profit/ loss statements or my 2015 taxes. Can you help clarify this for me?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,188 satisfied customers
I bought a new heavy SUV and am using it % business

I bought a new heavy SUV and am using it for 80% business use. I also commute and small personal use with the vehicle. I pay the loan payments with a business check each month. Can I claim the loan payment on my taxes as a deductible business expense and if so, where? I use a schedule C with our 1040. I know I can put the loan interest but it is the rest of the payment that I am asking about. I am using the special 179 depreciation. Thank you, Kris

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I have a tax question: My husband passed away in October

Hi I have a tax question:My husband passed away in October of 2015. I am on disability and also receive a survivor benefit through social security. I do not work so this is my only income source. I am 54 years old and have recently on April 1st of this month, soldMy home. After paying off the mortgage loan on my home and some other bills there was not enough to turn around and buy another smaller home without taking out another loan which I am trying to avoid because of my limited income. My question is: if I take some money out of my IRA's to help purchase a home. Will I end up paying a bunch of money back? Would I have to do an income tax return next year if I take out some of my IRA's how does that work? Or can I pay the taxes upfront out of the IRA account? Thanks.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,890 satisfied customers
Good Morning Lane,Attached please find the Sellers

Good Morning Lane,Attached please find the Sellers Settlement Statement for the "Inherited" home I was discussing with you yesterday.I'm still not 100% uncertain as to which items I can use as the adjustment. Can you please review the document and let me know which items are deductible?Chase is to pay off the mortgage loan balance and the Housing Authority is to pay off "Home Improvement Loan".Thanks,Kathleen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I am working on a new client form 1065. A Rental Property.

I am working on a new client form 1065. A Rental Property. At the end of 2015 The Mortgage Loan Balance was 607,462.98. The property was purchased for 695,000.00 the owner refinanced and cash out 30,000. The property is a three family house. On last years return form 4562 line 18 H column C basis for depreciation is 559,841.00 Not sure how to enter this in my books. Which should the asset value be ?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,890 satisfied customers
Where should I start if I want a business loan

Where should I start if I want a business loan for the construction of my office on my land?

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3,740 satisfied customers
I need somebody on here who knows about mortgage loans

HI. I need somebody on here who knows about mortgage loans and/or credit scores. My score (and my husband's) score use to be around 760-790. We both had excellent scores for at least as long as we know. We make all our payments on time, are paying off our house early, only use 6%of our credit lines we have. Anyway, we use online bill pay with bank of America. we had our auto payment going to Infiniti Financial since 2011 on a reoccurring payment schedule. Back in August and September of last year (2015), our bank just skipped two payments and I have no idea why. I am having the bank researched why it happened now however I only found out because i got a letter from Infiniti financial in October (they said they called me but they had an old land line number we got rid of, as we never used our land line). i immediately made two payments and another separate one too (so 3 in all) to catch me up. I was never threatened for it to be put on my credit statement or anything but they reported it to the credit bureaus in December i think as in our January score (i have identity guard ) it ways it dropped our scores, both of us down to 677-690!!!! So we were about to buy a new car this week and that is when I found out about our credit scores (i pulled them myself online but then i paid to have a very current one pulled and it was showing both of us around 694-714 in range on all 3 credit bureaus). The car dealership pulled our credit and said we were scoring around 703-709 and could give us a decent rate. So, i was about the buy the car when the finance guy showed us our rates on his computer and the CAR DEALERSHIP's rates had us as low as 624/647 on Equifax and i just freaked out. They did not tell me that ahead of time. They had only told us our transunion score and also online I did not find a score that low on us. They said they use a different system. Anyway, i declined buying the car seeing that we are about to build a house (we will need to get a construction loan) and do not want to hurt our credit further by buying a car since we have one that is paid for (we do not really need a new car, just wanted one). So my question is this: why would the auto dealership's score be so much lower than the score i was seeing online. Also, they told me that buying a car would help my credit, not hurt it. I am not sure i believe them as they are car salesman, lol. What would buying a new car do to my credit in the short term and long term. My gut instinct is to buy nothing on credit until we get our credit back up. Thanks.

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Phillips Esq.

Attorney

Juris Doctor

 
16,564 satisfied customers
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