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I currently do not have a mortgage on the home that I live
I currently do not have a mortgage on the home that I live in. I would like to get a mortgage on my primary residence and use the funds to purchase a rental property. Can I use the mortgage interest e… read more
Carter McBride
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I rent rooms in my home (mostly to foreign students). Is
I rent rooms in my home (mostly to foreign students). Is this income taxable? These folks share my refrigerator and the rest of my home and are like roommates. - Carla … read more
Lev
Lev
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Bachelor's Degree Equivalent
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personal residence was purchased in December of 2012 and interest
personal residence was purchased in December of 2012 and interest on 1098 form from one mortgage company was only $900, but mortgage insurance premium ("MIP-YTD") was $6,569. That amount was set up as… read more
Lev
Lev
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Will mortgage insurance premiums be tax deductible on a rental
Will mortgage insurance premiums be tax deductible on a rental property in 2013? On a primary residence?… read more
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We (my wife and myself) rent a condo to our daughter and son
We (my wife and myself) rent a condo to our daughter and son in law at below FMV. FMV would be $22,000/yr and we charge her $12,000/yr. Where do I report this income (what form and line) and where (wh… read more
Phillip B, EA
Phillip B, EA
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My husband and I would like to purchase a property for our
My husband and I would like to purchase a property for our son and his family to live in. The property will be held intrust and we will collect a rent but less than FMV. We already have a vacation hom… read more
Lev
Lev
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Bachelor's Degree Equivalent
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We are moving out of the country and are having friends house
We are moving out of the country and are having friends house sit. They will not be paying us rent. Do we write this off as a loss for the year when we do taxes? How does this work?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Does this rental payment qualify as taxable income
Hello. I am purchasing a condominium for a relative in my name b/c the relative has poor credit and cannot get a mortgage on his own. My relative will live in the condominium and give me monthly payme… read more
Lev
Lev
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Bachelor's Degree Equivalent
31,877 satisfied customers
i purchased a home this year. In the closing costs i paid approximately
i purchased a home this year. In the closing costs i paid approximately $4,700 for upfront MIP. can i deduct this on my taxes this year? i also pay $97 monthlt for MIP. My 1098 from my mortgage compan… read more
CGCPA
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I purchased a dilapidated vacation rental house in Sept 2009
I purchased a dilapidated vacation rental house in Sept 2009 and begin an extensive remodel (improvement) in Jan 2010 through Nov 2010. The rental will be placed into service starting Jan 2011. The ho… read more
Jacy
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I have a second home that my parents will be living in and
I have a second home that my parents will be living in and they will be providing most, if not all of the mortgage payment to my wife and I. I don't wish to view this as a rental if I don't have to. I… read more
Merlo
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If we are renting out our primary residence (our only house
If we are renting out our primary residence (our only house in the U.S.), can we write off the mortgage interest?… read more
Robin D.
Robin D.
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I rented out a condo that I use as primary residence (and the
I rented out a condo that I use as primary residence (and the only real estate that I own)for 73 days last year. How should I report it to the IRS? On which schedule? I have a certain amount of ineres… read more
Arthur Rubin
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Doctoral Degree
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I have a primary residence (the only property I own), which
I have a primary residence (the only property I own), which I rented out for three summer months while travelling. How should I report this on my tax return? On which schedule?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I am considering renting out my vacation ownership and am curious
I am considering renting out my vacation ownership and am curious about the tax implications. I would NOT be selling the actual ownership - just the points used to rent the properties. How would I cla… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I own a small Condo in Los Angeles. I rent out a room and
I own a small Condo in Los Angeles. I rent out a room and access to the house to a friend. Do I have to pay taxes on the rent money paid to me. If the answer is yes how can the tax be legally avoided?… read more
Lev
Lev
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Bachelor's Degree Equivalent
31,877 satisfied customers
Please advise,I have two rentals one is worth appr. 300k and
Please advise,I have two rentals one is worth appr. 300k and I owe 110k with a varable interrest loan,the other rental is worth appr. 200k and I owe appr. 50k on it with a varable interast loan. My pr… read more
Guru_Guy
Guru_Guy
Doctoral Degree
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i own a rental house which my sister in law is renting. i add
i own a rental house which my sister in law is renting. i add 500 dollar a month to cover the mortgage...can i claim the extra cost as a loss in my tax?. how do i claim it if i can and where it is rep… read more
Lev
Lev
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Bachelor's Degree Equivalent
31,877 satisfied customers
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