 Oregon landlord but property is in Washington state? |
Just wondering what state law (landlord tenant act) would apply oregon or washington?
Thanks!!... |
|
 If someons lease isnt renewed can someone else take them into the same complex through marriage? |
| If someons lease isnt renewed due to broken lease rules can someone else put them on their lease through marriage for the same complex? Or is it up to the landlords decision considering this person ... |
|
 Quick real estate question? |
| If i were to give you $250,000 to invest in real estate do you think you'll meet SUCESS out of it and bring back millions in 4 years from now?... |
|
 Do I have to pay rent? |
| My landlord just gave me 90 days notice to move out. Do I have to pay rent?... |
|
 Sharing a boxroom with my Daughter and housing? |
| Last week I went into a meeting with 2 housing officers to put me onto red band (high priority) because I share a box room with my daughter and I also live with my mum and dad and sister. When they ... |
|
 How much can a person making $86,000 a year afford to spend on a house? |
| Granted I have VA benefit so they will go a long way. I live in the VA/DC/MD area.... |
|
 is $2,400 a month good enough to live comfortably in an apartment? |
FIRST LIVING CONDITIONS:
apartment would be $800 dollars 2 bed room apartment
Three people living there- wife husband and new born
wife and husband have their own jobs that bring $2,400... |
|
 Can I get upgraded from apartment to townhouse in my community without any fees? |
| I have been living in my community for 2 years now. We have NEVER been late on rent or had any complaints. We kept our apartment in good condition. Our lease will be up in 3 months. Can I ask my ... |
|
 Buying our first home, and its a little scary!!? |
| So my husband and I just bought our first home, we close next week. We bought a 4 br. 2 bath for 71600, which the seller is paying closing and we get $1700 in brand new appliances. But the asking ... |
|
 How much downpayment do I need as a first homebuyer when buying a house for investment? |
| I plan on giving out rent on my first property and was wondering how much I will need to save up before I go house shopping.... |
|
 Have to deal with construction...help?!? |
| I have to deal with construction...not even at my own house! My friend is getting construction on her house....and i'm pet sitting for her cat because she and her family took a trip to France! ... |
|
 i my gosh... what do we do? we cant find an apartment that will take us!!?? |
| literally! we have really bad credit and my husband has a felony from 2 years ago (he went hunting with an illegal gun that wasn't registered and they got stopped by a cop on the way home) and ... |
|
 What Happens To Tenant When The Property Is Sold? |
| Suppose a tenant has three years left on a lease and the tenant has paid his rent in a timely manner for years. Now suppose the landlord has refused to cash the checks in order to screw the tenant, ... |
|
 We just sold our condo, and now need a place to live. What to look for when renting a house? |
| We just sold our condo (yay!), and now we need to find a place to live. Since we haven't found a house we want to buy yet, we need to rent something until we find (or build) our dream home. We ... |
|
 can a vendor pull out of a land sale contract after signing? |
| just wondering if someone can tell me if a vendor can pull out of a land sale after he has signed a contract, although the title has not been released, is there also a time limit on when the title ... |
|
 Is selling a house as a short-sale bad idea when it's already a foreclose? |
| We own a rental duplex that we are about to loose because it was hard to keep with payments due to not being able to rent.I'm thinking of putting it for short sale.But how bad is this on credit ... |
|
 Closed on new Duplex, leftover tenant lease question? |
| I just closed on a property where the previous owners told me the leftover tenants lease expired July 1, 2010. Saw this lease at closing, today I told tenant I expected them out by July 1 and they ... |
|
 Security deposit from the landlord...? |
| The landlord guy is wish washy....he said that he will return the security deposit after he finds a new tenant...July is the last month...he seems to have used my security deposit for whatever reason.... |
|
|  |
El Gigante | Capital Gains - Renting out primary Residence? |
I have lived in my home for several years and while the real estate market has been rather fickle, I am still ahead of the game with today's market value compared to when I bought my home. I am considering moving and am unsure if I want to rent out my current home as the mortgage is reasonable. The one thing that is really keeping me from renting it out is that if I sell now, I can realize a decent profit and not have to pay any capital gains on it.
Is there any way for me to start renting this property out and use today's value for the basis at which I start my depreciation or do I need to use the figure that I originally purchased the property? Will I have to pay taxes on the entire capital gains if I were to sell the property after 5 years? |
 |
 
patrick
|
First of all, it is highly unlikely that your current mortgage allows you to rent this property. Almost all mortgages are owner occupied. If you do rent, and they find out about it, they can call the loan immediately.
Secondly, the government considers the house basis cost to be the original cost, plus any permanent improvements to the property, not its value today.
Yes you will have to pay taxes on the entire capital gain when you sell the property, and the amount of depreciation will be added back to the capital gain. The rollover and one time exemption for real estate capital gain is for primary residence only. |
|
Ross
|
AS far as depreciation I don't know, may tax person deals with that. As far as Capital gains: if you have lived 2 of the last five years in the home I BELIEVE you won't have to pay capital gains, after that I think you will.
Ask a tax person to get good info. |
|
acermill
|
When you change property you held for personal use to rental use (for example, you rent your former home), the basis for depreciation will be the lesser of fair market value or adjusted basis (cost) on the date of conversion.
Thus, if your cost(s) using IRS calculations are less than current fair market value, you use your cost basis.
Yes, you will pay capital gains on the difference between cost and sale price, and your cost will be reduced by any depreciation taken while you use this as a rental property. Understand that you are strongly advised to take the depreciation. Whether or not you avail yourself of this tax break, Uncle Sam WILL require you to pay capital gains on the depreciation you COULD have taken, even if you did not take it.
For further clarification, view the supplied IRS URL. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 24 minutes(s) ago
| | | |
10 | 58 minutes(s) ago
| | | |
10 | 3 hour(s) ago
| | | |
10 | 5 hour(s) ago
| | | |
10 | 8 hour(s) ago
| | | |
10 | 9 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
10 | 2 day(s) ago
| | | |
10 | 6 day(s) ago
| | | |
10 | 1 week(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
