Q. I own and house which I am planning on renting. The house has a swimming pool and I need to know what are thre requirements in CA regarding pools in residences.
A. There's no legal requirements, but the pool does pose a huge liability should someone suffer injury by it. Short of taking it out, I'd recommend ensuring its properly enclosed and that your lease agreement has extra waivers of liability specific to the pool.
Does receiving money into a US bank account make it a taxable business?
Q. I run a costa rican buisiness renting houses for vacations. Basically all the clients are from the US, and I would like to be able to offer them the option of paying by PayPal.
Paypal will let me set up an account for my costa rican business, but will only allow me to withdraw the funds to a US bank account.
Assuming I can set up a US bank account, or get a friend to receive the money into their account in the US, will the US taxman then want to tax this money as if it was a US business?
Or can I simply transfer the money to my Costa Rican account without having to declare it to the US taxman?
Paypal will let me set up an account for my costa rican business, but will only allow me to withdraw the funds to a US bank account.
Assuming I can set up a US bank account, or get a friend to receive the money into their account in the US, will the US taxman then want to tax this money as if it was a US business?
Or can I simply transfer the money to my Costa Rican account without having to declare it to the US taxman?
A. If the US bank account is your only US activity, then you should not have any US income tax liability or filing requirements. Note that there are non-tax reporting requirements for funds transfers across borders.
If you have other US activities (such as sales visits, sales representatives, etc.) then you quickly cross into the grey area where you can easily become subject to US income tax.
If you have other US activities (such as sales visits, sales representatives, etc.) then you quickly cross into the grey area where you can easily become subject to US income tax.
Can I rent a room from someone who lives in a rented house?
Q. Hi can someone help me with information about renting a room for someone? I live in a rented house an I want to know if its possible to rent a room that we dont use for someone? Since its a rented house I would like tr o know if I can rent the room to someone. I live in texas. What are the requirements to rent the room?
Thank you
Thank you
A. What's your landlord say about it?
It's their property, they're the one who gets to decide.
It's their property, they're the one who gets to decide.
I have an existing home that I would like to rent and buy a new house, How to do this?
Q. I have an existing house with approx. $60 - $70K equity and a $190K mortgage. Unfortunately renting the house would not cover the mortgage payment of approx. $1250.
I want to buy a new house @ approx. $380K with little down.
What are my options?
Affordable new mortgage payment would be approx. $2K
Any info would be much appreciated.
BTW, Credit Scores are in the 800's, zero debt except for $190K mortgage. $100K income per/yr.
I want to buy a new house @ approx. $380K with little down.
What are my options?
Affordable new mortgage payment would be approx. $2K
Any info would be much appreciated.
BTW, Credit Scores are in the 800's, zero debt except for $190K mortgage. $100K income per/yr.
A. Depending on your credit you may be forced to put more down on the new property than you are willing to part with. High loan to value loans, although still available are starting to become very pricey in terms of interest rates. There are some propgrams out there which you may qualify for ay 97% or 100% loan to value with mortgage insurance which will minimize the downpayment requirement.
Where your real hurdle is going to be is your debt to income ratios. Without knowing your income at this point this is supposition. When the lender looks at your rental income they are only going to allow you to count 75% of that income. They will 'hold' 25% out of the equasion as reserves for vacancies, repairs etc... You will also need to have a rental agreement in place so that the lender will count the funds. They may also ask for a copy of a deposit check from the new tenant.
All this being said I would approach your loan officer and have him/her start working out the loan approval. You really need to start here to make sure that you will qualify to purchase your new home.
Best of luck.
Kevin 949-375-2380
kruorock@sbcglobal.net
Where your real hurdle is going to be is your debt to income ratios. Without knowing your income at this point this is supposition. When the lender looks at your rental income they are only going to allow you to count 75% of that income. They will 'hold' 25% out of the equasion as reserves for vacancies, repairs etc... You will also need to have a rental agreement in place so that the lender will count the funds. They may also ask for a copy of a deposit check from the new tenant.
All this being said I would approach your loan officer and have him/her start working out the loan approval. You really need to start here to make sure that you will qualify to purchase your new home.
Best of luck.
Kevin 949-375-2380
kruorock@sbcglobal.net
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