Homeowner Digest

Carrie W asked:


My mom owns a rental property they did a move in report but since then they ahve asked her to fix several very expensive things in the house ie new garagae door with automatic enterance thing, new hardwood floors, ect. now she would like that to go into an inspection that is signed but i can nt find a form for an annual inspection. does anyonw know where I can get one. The land lord and tenants act people told me that we can not write on the exsisting inspection.

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foxyraley asked:


by taking it off my primary residence in california. I now pay a mortgage payment on that loan, can I write off the entire mortgage payment as a tax write off, or interest only since it is a rental property???

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james a asked:


I need some answers, I want to voluntarily foreclose on my rental property, my tenants do not pay their rent and I cant afford two mortgages. If I foreclose would the bank put a lien on my residential property?

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davidwassung asked:


if someone applies for a rental property…has good credit…a good job…good references…can afford the property…and is turned about because they are a smoker (an outdoor only smoker)……is this legal?

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PlasticTrees asked:


There is a cheap fixer upper in my area, I’m afraid the inspector is going to say it has structure damage because it’s on a hill. The house is also 50 y/o.

The house is by far livable. Just when do you know “it’s too much” to handle when you’re wanting to make a few bucks in the long run?

*I’m buying my first property in the very near future! In cash! I’m only 22 but I grew up watching my uncles make a killer living off rentals.

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Just the Facts, Ma’am asked:


I recently sold my home and am now renting my primary residence. I’m considering buying a rental property to help defer taxes. Someone recently told me that I shouldn’t because my income level ($200k+) disqualifies me from deducting the interest on the rental property. Is that true?

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Papa Serge asked:


What is that 45 days after sale of the rental property?

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r75 asked:


I had to file a claim on my rental property. do i have to file the money i got back on the claim?

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Farmer X asked:


I understand that if you rent your property AND use it for personal use a few days out of the year, your accounting becomes very complicated. Our accountant said it actually would be less expensive for us to pay to stay somewhere else than to routinely mix personal use and renting in the same property. Since we use a property manager, can we get around this problem by renting the unit to ourself as if we were a customer? (Basically, the flow of money goes through the PM as if we were a normal customer, but then comes back to us eventually as rental income minus the PM fees.) I don’t want to do this if it is considered underhanded.
I realize that some people will suggest that we consider all days of our stay as ‘business’, but since this is an established rental unit, we cannot justify more than 2 days for business activity unless there is some major renovation going on.
Assuming “Renting to ourselves” is okay, it would appear to have the effect of increasing our annual rental income, (which will increase taxable income.)

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Charles K asked:


My friend signed a rental agreement today and gave the property owner $800. Within an hour the property owner began adding oral stipulations to the property agreement and my friend decided that renting from this person would not work out, she asked for her money back and the owner told her that he is keeping it as first months rent. This is in Idaho. Does anyone know if there is anything on the books covering my friend’s situation?

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