 How do i get on Section 8? |
| i just got kick out for my dads now i'm at my moms i cant work i get ssi and i dont have a home what can i do ? i wont have any for 6 days and i cant stay with my mom and i dont know anyone who ... |
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 I have a credit score of 640 my fiance has a score of 750. Can we buy a house what score would they use? |
Additional Details
We would only have about 5% to put down in order to pay for closing costs and have some emergency cash left over.... |
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 First time home buyer using a VA Loan...? |
| My Husband comes home from Iraq in a month, and we are going to buy a house as soon as he gets home. I've heard that a VA loan takes a while to process and what not. So my question is, how long ... |
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 Does a landlord have the right to call at the last second and say they are? |
Coming to go thru the house to check on it? The gave my boyfriend about 8 hours warning that they coming.... do they have the right to go thru the house like that?
Additional Details
Its ... |
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 Should we make our initial offer over the asking price? |
| My wife and I are going to make an offer on a bank owned (foreclosure) home. It is a nice 3 bedroom ranch with a full partially-finished basement, hardwood floors, pool, etc. It's in a ... |
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 Can someone tell me where i stand with my landlord going to court to get me evicted? |
| on mytenancy agreement it states who my landlord is but does not provide me with his address or phone number. my tenancy agreement ended on 7th january but i have not found anywhere else to stay as ... |
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 Going to view a house tomorrow bit of advice? |
| We have been renting a flat since last May. It was fine through the summer, but since winter has come we have found it to be very draughty and cold. We are wanting to get a mortgage on a house ... |
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 Does my landlady have the right to sell the house when we are only 3mnths into a 6mnth tenency? |
i have 2 small children and we have just moved into a rented house 3mnths ago, the landlady said she was not looking to sell in the near future and we signed a 6mnth tenency agreement.
a few ... |
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 The house i'm renting is in foreclosure if I stop paying rent can I appeal a eviction if he files one.florida? |
| I feel as a renter if the owner is not trying to resolve the debt owed he knowingly is breaking the rental agreement between us not allowing my family and self to stay for the duration of ... |
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 Less than 30 day notice - tenant? |
I live in MA. Tenant agreement states 30 day written notice (min). I received an e-mail on the 5th instead of the 1st of Jan '09. Are they responsible for Jan & Feb?
Additional D... |
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 Do They Have The Right to Raise my Rent? |
| I'm from CA and have been living in a Townhouse since last July. During my first year, the complex that I stay in has changed ownership. Yesterday, I got a letter from the manager saying that ... |
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 I would like to start buying houses to rehab & sell or rent.? |
| What is the best way to get started doing this with less than perfect credit?... |
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 Rent A Center a viable option? |
| I have sub par credit (still a work in progress) but really need new bedroom furniture. I know RAC doesn't exactly give you a great deal, but what is a guy to do if he doesn't have several ... |
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 I have lost my house deeds where can i get them from so i can sell my house? |
| iv had my house 37 years now i want to sell but cant find my title deeds can i get some ... |
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 I have a prospective tenant who is claiming benefits, is this a potential problem for me? |
| I´m a UK landlord looking for a tenant, one interested chap says he is claiming benefits but can provide good references. Is this a bad situation and I should avoid him? or is he just the same as ... |
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 We are in the process of looking for a house to buy. We have found? |
| 2 homes we really like. My question is, what would you do. The 1st home is in one of teh best areas in town but really ugly and the 2nd home is in a moderatly good area but very pretty. How do you ... |
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 Is it discrimination ....? |
| Is this discrimination???? I know someone who recently became a landlord, but refuses to rent to friends or relatives even though they have excellent credit and previous rental references. (never ... |
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 Is this house payment a good one? |
| We are under a contract for a house we just bought... well almost, our settlement date is the 26th of September. We are getting all the inspections done. We bought the house for $78,000 with $4,000 ... |
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 UK landlord question?? |
Our landlord has "served notice". He wants us evicted.
The letting agent came round to do a three month house inspetion. She said there was no problem with condition of house. L... |
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 What is negotiable after a sale price has been agreed upon? |
| Both parties have agreed to the inital sale price. A home inspection has occurred. The buyer is now asking for an additional reduction in the price.... |
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christlivesinjohn | When "flipping" a house what are the tax consequences? |
What can be written off and how does it affect personal income tax. Also is capital gains involved? |
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Yanswersmonitorsarenazis
|
Assuming you own it less than a year, your gain will be treated as normal income, subject to the highest rates you'd pay.
You write off all your closing costs, capital improvements, and selling costs against the cost basis, to reduce the profit spread on your taxes.
You should definitely see a tax advisor to make sure you do it right. |
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hirebookkeeper
 |
Yes you can write off your expenses, if you have income. You must live in the house two years or you pay tax on the gain. |
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Kristin
 |
Hirebookeeper is right. You don't have to pay capital gains if you live in it for 2 years. |
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pepper
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Yes. It would be a capital gain. You pay capital gains tax on the profit.
If you hold it less than a year - short-term.
More than a year - long-term |
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John Corey
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1. You are flipping and if you are doing it correctly you never own the real estate.
2. All your deals will be short term deals. Nothing where you hold property for income purposes for more than 12 months. Capital gains will not apply. You are likely to be classified as a dealer in terms of the IRS code so the property if you did own them are inventory.
3. You can write off the normal business expenses (mileage, materials, etc). Nothing that special so pretty easy to figure out.
Flipping is like a job. You make money when you complete a deal and then you start all over again when you do your next deal. Ordinary income closer to commissions than anything else. Good income but nothing special in terms of tax deductions. |
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Peachy
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You can write off the expenses for fixing up the house, you have to claim a capital gain tax when you sell the house, this is due to selling the house after purchasing it less than 2 years ago |
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Lady79
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Well anytime you make a profit, there is a capital gains issue. However, when you but the house I think you can deduct the mortgage interest paid while you owned it. |
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golferwhoworks
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In a flip situation you can deduct any expenses that arose in connection with the home. If you hold only a few months you will get taxed as regular income only rate. You will not have capital gains until held greater than 2 years in real estate |
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boldkevin
 |
The key points to answer here are how long have you owned the property, and was it your principle residence. IF you have owned it for more than 2 years and can say you lived there, it is tax exempt. If not then any gain is subject to a 25% capital gain tax. Gain is computed by subtracting the cost of the property plus any improvements and any selling costs from the sales price.
Sales Price
-Initial Cost
-Improvements
-Selling Costs
----------------------
= Gain |
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