Q. I am getting ready to do my taxes (turbotax) and I'm not sure how to handle my interest I pay for my construction and land loan. I'm currently renting a home and paying interest on a 500K loan to build my house. Can I write that interest off? If yes, do I do it as if it's the home I live in? Only people that know for sure respond please.
A. Publication 936
Home under construction. You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy.
The 24-month period can start any time on or after the day construction begins.
Home under construction. You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy.
The 24-month period can start any time on or after the day construction begins.
What type of check are real estate companies going to do the tenants when renting a home?
Q. I've never rented a home listed by a realtor before and we are going to be selling our home and renting because rent in our area is about $1500 less than a house payment. I'm sure they run credit but what type of score are they looking for? Is it like a mortgage company where if your score isn't 720 you pay a higher rent or deposit? We've rented before, should I get a letter from our old landlord stating how wonderful and neat and clean we were?
A. It's not so much the credit score but rather the credit history...of course, your score will be affedted if you show late payments, collection accounts, judgement liens, bankruptcies and/ or foreclosure.......if you have such items noted I would put together a letter of explanation to mitigate.
What rights does one have if they are renting a home, and just found out it is being forclwed?
Q. My sister rents a home and pays her rent every month on time. She signed a one year lease in August. A mortgage company came to the house,, took pictures and served her with papers for the owner stating the house has been forclosed. What rights does she have to stay there? Her family has nowhere to go right now.
A. Your sister needs to start looking for a new place, pronto.
A foreclosure is not a sale or transfer of ownership, it's a repossession, the laws that apply when an owner sells a home that leased do not apply in this situation. The lease is completely void.
Bank's are not in the landlord business, and are quick to try to mitigate their damages by putting the home on the market as quickly as possible.
A foreclosure is not a sale or transfer of ownership, it's a repossession, the laws that apply when an owner sells a home that leased do not apply in this situation. The lease is completely void.
Bank's are not in the landlord business, and are quick to try to mitigate their damages by putting the home on the market as quickly as possible.
What rights does one have if they are renting a home, and just found out it is being forclwed?
Q. My sister rents a home and pays her rent every month on time. She signed a one year lease in August. A mortgage company came to the house,, took pictures and served her with papers for the owner stating the house has been forclosed. What rights does she have to stay there? Her family has nowhere to go right now.
A. Your sister needs to start looking for a new place, pronto.<BR><BR>A foreclosure is not a sale or transfer of ownership, it's a repossession, the laws that apply when an owner sells a home that leased do not apply in this situation. The lease is completely void.<BR><BR>Bank's are not in the landlord business, and are quick to try to mitigate their damages by putting the home on the market as quickly as possible.
Powered by Yahoo! Answers
No comments:
Post a Comment