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If someone were to refinance the loan on a rental property
If someone were to refinance the loan on a rental property they own are the loan fee, city tax, refinance fees, loan origination fee, and closing costs deductible? If so, would they be depreciated ove… read more
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Hi, my wife and I would like to get tax advise on the following situation. IRS publication 4681 states "Your main home is the home where you ordinarily live most of the time. You can have only one mai… read more
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My boyfriend has been determine to be 100% disabled as of 1/1/10.
My boyfriend has been determine to be 100% disabled as of 1/1/10. No taxable income for year 2010. The title of the house is under both names. Can I - 1) claim him as a dependent 2) can I claim head o… read more
Jacy
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I just refinanced my home. I had previously refinance the
I just refinanced my home. I had previously refinance the house. My question is since the previous refinance was prorated for deduction purposes, I could not deduct all of the points from the previous… read more
MequonCPA
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My son has a 3-bedroom townhouse that he jointly signed with
My son has a 3-bedroom townhouse that he jointly signed with his fiancée. The wedding was called off and his fiancée wants off the mortgage. My son cannot make the payments solely on his pay, so I wan… read more
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I own 2 properties (total mortgage balance is less than $1
I own 2 properties (total mortgage balance is less than $1 million). 1st property has $400k in equity, while the 2nd property's mortgage balance is $100k greater than the value of the property. I woul… read more
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Mortgage Debt Relief Act - Tax on Short Sale or Foreclosure
Background: Bought a house in 2006 for $400k. My parents loaned me the entire amount so there was no official mortgage/lender. My sister and I both lived and still live in the house and it is our prim… read more
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I am refinacing a rental house that is paid off. I plan to
I am refinacing a rental house that is paid off. I plan to use most of the cash to build another unit on the same lot. It will take about 4 months to build. When that unit is rented can I then deduct … read more
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I live in California I am contemplating refinancing my house--I
I live in California I am contemplating refinancing my house--I purchased it in 1986 I owe 115,000 on it. Current taxes are based on a value of around 250,000. It's easily worth 500,000. I added a ren… read more
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I live in Tennessee and own a house in Virginia. Im ...
I live in Tennessee and own a house in Virginia. I''m interest in refinace my second mortage and would like to buy a house here in Tennessee. Not sure which one I should do first or is there something… read more
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I refinanced a mortgage in 2005 and I didnt include ...
I refinanced a mortgage in 2005 and I didn't include the points I paid (3) in my income tax return. Can I include them in the 2007 tax return?… read more
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My son is trying to refinance his house and because
My son is trying to refinance his house and because his credit rating is low, he needs a co-signer. What does co-signing on a mortage refinance entails.… read more
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My son is trying to refinance his house and because
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I refinanced my mortgage in November 2005. I paid ...
I refinanced my mortgage in November 2005. I paid $12,037.00 to my ex-husband to buy him out of the house as his name was still on the mortgage and our divorce papers state that we own the house as te… read more
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I'm on the loan and title for my wifes parents condo and they are looking to sell. How do I transfer this to them before the sale to avoid paying capital gains?… read more
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