Tax write off ?, home became a rental, was a loss for the past seven years then sold about the price owed?
373639
Wow, I wish I had a solid answer for you but tax laws are so squirrelly, and they vary from state to state. I can tell you that you want to be very careful to take the correct steps because nothing hurts you (or your wallet) like IRS trouble. Consider a consultation with a CPA or tax agency. These guys are worth their weight in gold, and usually know what your business needs long before you do.\n\nYou can also ask your questions here: http://www.irs.gov/\n\nAnd here's a real, legal list of deductions for the self-employed: http://www.irs.gov/businesses/small/arti...\n\n\n\nBest of luck with this,\n~Tia~
412377
Luaren, \n\nWith out knowing what part of NYC your talking about, and where you live. I would say that most if not all locations are over priced. If you do a cost analysis of the potential rental income to cash flow, you might be floating in red ink right off the start. It would most likely be looking like you would have to place a 10% down on a property valued at 230K (that's a very conservative number), and if your only clearing 500 dollars a month after paying for your mortgage and other maintenance fees (and that is a very liberal number) your cash on cash return is extremely low. At that rate you would have to keep the property for at least 46 months to recover from your initial investment and that doesn't include the cost of the closing. In most cases, you wouldn't even be able to cover the cost of the mortgage payment since your interest rate would be higher because of the fact that it's an investment property. You would have to do your own due diligence in researching not the property value market but the rental market to see where the trend is moving towards.\n\nHope this helps...contact me directly if you have any other questions.
95181
Yes, if insurance didnt cover all of it.  You have to itemize to claim it.  Use form 4684 and Schedule A.  After you figure your loss you have to reduce it by $100 and then reduce it again by 10 percent of your Adjusted Gross Income.  Refer to IRS Publication 547
923798
You shouldn't, but call your agent to make certain.\n\nDo you have rental reimbursement on your policy?  It's inexpensive and worth it when you need it.
1124825
You should keep your current home.  The continued payment history will help show potential lenders that you have re-established good payment habits.  Plus, if you sell and don't roll the proceeds into a new house within a reasonable time, you could be liable for capital gains tax on the sale.
1076770
If you decide to begin using the property as your principal residence, you will eventually be eligible for the home sale gain exclusion after 2 years ($250k single, $500k married).  However, you would still have to pay 25% federal tax on the amount of depreciation you took while the property was a rental (this is "depreciation recapture"), assuming you have a gain on sale.
811113
Doesn't sound right.  There has to some onus of responsibilty on the part of the operator of the storage facility.  I do know they recommend obtaining renter's insurance if you use such a facility.  At any rate, you may have a case for small claims court.  It depends on the state where your reside.  Assuming this was a recent ocurrance (within your state's statute of limitations) and you were in good stead (you made the required payments on a timely basis) then you may be able to recoup at least a portion of your loss.\nTry the website I have listed below for additional information.  It will serve as a good "jumping off" point, giving you an idea of where else to look for information specific to your state, what documentation you need to prove your claim and what questions you need to ask and of whom.  Good luck!
692890
By converting one home to a rental property, you will only lose that tax exemption on the sale of the property ($500 if MFJ or $250 if single).  But the rental property will now get benefits, such as deducting depreciation, repairs, insurance, HOA fees etc that were not deductible before.  The down side is that when you sell this property, you have capital gains issues.  I suggest you consult a tax accountant to learn more about your options,  It will be well worth the fee, beleive me.
927122
Contract liens are totally legal and are probably a part of the generic lease your friend signed. The landlord has the right to remove enough property to cover the amount owed.  But that is based on the fair market resale value, not the replacement value. If your friend's TV cost $600 when he bought it 5 years ago, it's not worth $600 now; fair market value would be less than $100.  It takes a LOT of personal property to equal $2000 resale value.  The good news is if your friend pays what he owes, he can have his stuff back.
85232
No.  It is a personal use vacation home.  The good of selling your home is the gain on primary residences are not taxed...the bad is losses are not deductible.
995477
AMEX did the same thing to me years ago. They call the shots. I cant tell you if you should pay it but I can tell you it will haunt you longer than the 7 years because it will continue to be "sold" and thus will stay on forever.
900881
According to page 97 of IRS publication 17:\n\n"Personal Use Property - Property held for personal use only, rather than for investment, is a capital asset, and you must report a gain from its sale as a capital gain (on Schedule D).  However, you can NOT deduct a loss from selling a personal use property."\n\nThere are four types of property, personal-use (your boat, car, home, clothes, furniture), investment-use, business-use, and inventory.  You mentioned being able to write-off the loss on your home.  If you see anywhere where it says that, please let me know.\n\nSo, if you sold your boat at a profit, Uncle Sam wants a cut.  If you sell it at a loss, too bad.  Not fair, is it?
66683
It depends on what you mean by a little bit. I would save up  five hundred and go to the county clerks office and get a copy of the property tax list what houses that had tax leins on them or were forclosed. Then go when the auction is scheduled and bid on a house that you want (you can get one for as little as 100 dollars if no one bids higher) fix the house up and 'flip' it. you could sell it outright, rent it out. If you are willing to get in there and get a good deal, it really isn't too good to be true. Give it a try. First step is to go to the county tax clerk office and take a look at the houses and auction dates/times. Good luck.
1105985
You can deduct all expenses directly related to your rental property, even if it is not being rented.  It must be available for rent tho.  So if one moves out, any expenses you incur in getting it ready for the next one are deductible, which include cleaning, repairs, rental agency fees.  The mortgage interest, RE taxes and insurance too.  The appliances can be dedcutible at 100% (Sec 179) but will depend on your income.  Otherwise you will need to depreciate in over time.  The cost of the property can also be depreciated over 27.5 years.  Most tax computer programs can help you with these calculations.\nOne issue will be what you do with the property the other months that you are not renting it out.  If you are living there, then your rental property will have limitations.  Consult a tax accountant for more details.
92542
I filed anyway one year, when I only made like $6,000-$7,000 and I got back over $600. I was very surprised. You might do it online for kicks just to see if you have anything coming to you. If not just leave it unfiled. Good luck !
173431
no. they come off the value of your house when you go to sell it. meaning less profit for the you to show the irs.
887319
In my county, they hold a tax sale on a certain date after the last tax payment is due (usually it's a month after the 2nd installment was due)...and...you have 3 years to redeem your taxes (plus interest plus fees, it's not too much actually)---if in that 3 years you do NOT redeem your taxes, then the creep that "bought" your taxes PAYS your taxes and THEY OWN YOUR PROPERTY!\nWord from the wise: DO NOT fall for any "we'll pay your taxes for you" mortages, or services, etc. These are all scams. If it sounds too good to be true..>IT IS<!!!