 Rent to Own Contract - Any tax deductions for ME? |
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| Tenants refuse to move out at end of term |
| Thank you for a great website!
I rented my home (two bedroomed, one bathroom), well cottage really, to my son's teacher's parents. As I "knew" them, I gave them a reduced rent and didn't charge ... |
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| regarding rent modification |
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| first time home buyer bronx ny |
| hello,
I need advice on buying a condo. I don't know much about the real estate world. Any advice would serve great help. So first off, it just me and fiance. My fiance makes 40K/yr plus commision. I... |
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| can a landlord put the apartment for rent when someone is already renting it??? |
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| How can I sell or rent my property on the best way? |
| .I am working in the Tax Management, I am higher expert for the tax payers,except my permanent job in the Tax Management, I am writting the project proposals to help poor people,
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Kissthepilot | I purchased a house and the loan docs say I have to make it my primary residence..? |
Within a certain amount of time. I'm a pilot and I'm gone a lot, and even work in a different state. I know the reason is because they don't want me to rent the house or make it a vacation home, but it isn't. It's my only house, as I only rent a room in my work state. I'm waiting on a transfer, and will live in it full time in a few months. Does anyone know the legal definition of primary residence? All my stuff is there and I plan to live there, but I'm only there part time for now. Thanks for any sincere answers, and I'm looking for the law, not just opinions.
Additional Details
Marqueen, I don't live there for over the amount of time required to pay state taxes. Why should I pay something I don't owe? Do you know that the law says I have to pay taxes and have a driver's licence to make a house my primary residence? Which law are you citing? |
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marqueen71
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Get a driver's license in that state using that address and register to vote there. Pay your Federal and State taxes from that address. |
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linkus86
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If you read carefully you will discover that your loan docs say that you "intend" the house to be your primary residence at the time you sign the documents. Life's priorities change thus the fact that you aren't living their the majority of the time now is of no consequence. In fact you could be renting that house hout now and you would still be fine. Your primary residence is basically where you receive your mail from Uncle Sam. |
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Sam
 |
Primary residence is where your mail goes, bills are in your name (specifically utilities, that seems to be the one banks request as proof of residency most often) drivers license is addressed to the residence, credit report is linked to that address etc.. Basically all of your info is tied to your primary residence - that's what makes a home a primary residence. You can have a primary residence and only stay there 1 day a year if you want, that doesn't matter. They don't care where you sleep (although that is part of the meaning of "primary residence" but not nessarily a deal breaker, employment such as yours is indeed a loop hole).. What matters is who the home is addressed or "tied" to, which would have to be you, the home owner.
You can have a PO box, that's fine. Many homeowners have PO boxes as well as a home mailing address, some do it for travel reasons like you, some do it for mail privacy, whatever the reason it's fine. That's a personal decision, has no bearing to your home ownership. Simply explain your job and they'll understand. I know quite a few people that travel often due to their jobs, they have PO boxes, it's no big deal.... Again they don't care where you go or what you do, they just need confirmation that your home purchase is for personal residency and not an investment/rental property.... I don't know of the "exact law", don't believe one exists quite honestly. I'm just trying to explain the meaning and from a lenders point of view what makes a residence, a residence. |
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Ghost of Zeuz
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You're fine. As long as you don't play landlord, you're fine. |
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quentin epolito
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I had basically the same query a while back. Save yourself some time by click on www.loantools.tk |
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