Q. I know it says you cannot have owned a home in three years, does this apply to a rent house, which is considered to be a business, not a home?
I can put the rent house under a corporation, and it would not be under my name.
I can put the rent house under a corporation, and it would not be under my name.
A. It refers to *where* you are living.
I can own a "2nd home" or rental property and still qualify if I can show I was renting my main home for the past 36 months.
Think about it. Your rental house will show up on schedule E of the 1040 for the past 3 years because of course you reported the rental income....
I can own a "2nd home" or rental property and still qualify if I can show I was renting my main home for the past 36 months.
Think about it. Your rental house will show up on schedule E of the 1040 for the past 3 years because of course you reported the rental income....
I want to owner fiance my rent house to my current renters. How do i go about the paper work? Who do i talk to
Q. The renters that live in my rent house right now have lived there for about 10 years and have been on time on their monthly rent. I am not in a hurry to sell my rent house but i would like to owner finace with them. The renters don't have very good credit but they are very intrested in buying with owner finance. If I owner finace it would be a win win situation. I can sell my house and maybe get some interest on top of that and the buyers would get to own their first home.
A. Here is a link to a Wiki "How-to" article that pretty much walks you through the process:
http://www.wikihow.com/Sell-Your-House-Using-a-Lease-Option
Good luck with your real estate endeavors.
http://www.wikihow.com/Sell-Your-House-Using-a-Lease-Option
Good luck with your real estate endeavors.
how to find a rent house or safe apartment?
Q. My husband and I live in a small town and we're about to sell our house. We'd like to find a small rent house or apartment, but don't want a total dump or drug deals outside or door. How should we go about finding the right place? We also have 2 toddler boys.
A. Contact the local police department to get crime statistics for the area where you plan to rent. You could also drive around the neighborhood at different times of the day, especially in the late afternoon or evening.
Good luck
Good luck
How much of a tax write off would I be able to get if I were to donate my rent house to an organization?
Q. I have moved from Texas to another state and I would like to do what would be best with my rent house. It needs work done that I do not want to mess with. It is valued at 55,000 and I will not be able to get that for it as it is now.
If I were to donate it, how much would I be able to write off in the next year or years??
If I were to donate it, how much would I be able to write off in the next year or years??
A. You'd have to get it appraised. The deduction would be for the appraisal in its current condition. It isn't "valued at $55,000" since you say yourself you couldn't get that without doing work on it.
Charitable donations are limited in what can be taken in any year - any excess is carried over to the next year.
And a "writeoff" doesn't mean that much money in your pocket. If for example you could deduct $45,000 and are in a 15% bracket, your tax savings from the donation would be $6750.
Charitable donations are limited in what can be taken in any year - any excess is carried over to the next year.
And a "writeoff" doesn't mean that much money in your pocket. If for example you could deduct $45,000 and are in a 15% bracket, your tax savings from the donation would be $6750.
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