Home Property » home property rentals

Tax rules on turning your rental property into your main home.?

admin — Tue, 20 Dec 2011 03:54:40 +0000

Hi,
I am trying to find the answer to this question every where and am having no luck.
We sold our main home in July 2009 and moved into our previous rental home which was vacant in June 2009. My question is how do I determine what portion of mortgage interest and property taxes to claim as my main home and what portion to claim as my rental propery?

you rented the house 6 months? that would be half

I am finshed a chpt.13 bankrutcy.Is it a good time to sell my ounce family home/now rental property?

admin — Fri, 25 Nov 2011 06:45:38 +0000

Property is in good condition and not underwater.

WHY sell it now?
If it is in good condition and not underwater, keep it for the income stream and use it to repay your creditors and to re-establish your credit. You are unlikely to be able to buy anything else right away. . . .so what would you do with the sale proceeds? Not the best time to sell something.

Where do I include home improvement depreciation for rental property on form 4562?

admin — Mon, 27 Jun 2011 09:22:39 +0000

I bought rental property in 2010 and rehabbed it before renting it out. I know that the home improvements should be depreciated. I don’t know where to include it on form 4562. Do I add it to the purchase price (minus the land value) and make one entry? Or do I enter home improvements and building depreciation on separate lines or separate forms?

Get yourself a copy of TurboTax Premier edition and it does all the dirty work for you. The best $70 I ever spent!

Where do I include home improvement depreciation for rental property on form 4562?

admin — Sat, 25 Jun 2011 01:06:52 +0000

I want to sell rental property to renter. Home is own out right how do I sell this property without realtor?

admin — Fri, 20 May 2011 15:45:03 +0000

I currently own out right rental property. I want to sell to the renter without using a realtor. The renter does not have good credit. I want to draw up some type of contract where the monthly payments are paid directly to me. Do I need to contact a real estate attorney as well? Thank you

Yes. Rent to own deals almost always go sour because of an unforseen circumstance that someone made worse by trying to do a contract for themselves.

he does the contract, the note, arranges for the deed transfer, records the land contract if that is done in your state, covers death and default issues, tax and insurance payments, mortgage defaults, foreclosures while the agreement is in effect….

can you get a home warranty for a rental property?

admin — Mon, 09 May 2011 13:40:28 +0000

I’m thinking about renting out my house, and I want to know if I can get a home warranty to cover the house for the renters?

Yes
Home warranty companies selling policies for existing owners…..I’ve never seen a home warranty that excludes rental properties. Most home warranty companies charge a little bit more for a property that you didn’t just purchase unless you are renewing an existing policy.

These policies have a about a $50 trip charge for each visit. There is an extra premium for refrigerators, air conditioners, pools, roofs.

What are the best places/ways to find home rentals for Salt Lake City, Utah?

admin — Thu, 28 Apr 2011 21:50:15 +0000

We are moving to SLC in June and are looking for other avenues to find a home than craigslist. Is anyone from the area — know of property rental companies or other websites that may be more helpful? Thanks!

http://www.vrbo.com/vacation-rentals/usa/utah/salt-lake-city

If the home that I’m renting isn’t registered as a rental property, is my lease invalid?

admin — Wed, 06 Apr 2011 12:42:37 +0000

The county that I live in requires that all rental homes to be registered as such. Do I have a valid lease if the home isn’t legally a rental property?

Yes your lease is valid, it is a separate contract, you do not have to worry about a thing.

However, the county will fine the landlord. You are 100% unaffected.

Bed bugs – I got a quote $650 to treat bed bugs in a tirplex (3 units home – rental property)?

admin — Mon, 04 Apr 2011 14:53:45 +0000

Hi, is this way too much or actually reasonable to treat bedbugs by reputable pest control company? THANKS
ps. it’s a small triplex – only 1600 sq/ft total (or 150 sqare meters)

Wow…………..I don’t blame you not wanting to spend 650 bucks to a pest control company.

A few months ago a buddy of mine had a similar problem with a rental property, but he was able to personally take care of the problem himself on the cheap by simply following the information contained in the following Bed Bug Guide:

http://tinyurl.com/bedbug-guide

I think it costs less than $20 and it worked for him – maybe it’ll work for you too?

I hope this helps – good luck at getting rid of those little pests!

buying a home that is used as rental property and is currently rented how long do we have to give the current?

admin — Tue, 29 Mar 2011 12:19:22 +0000

buying a home that is used as rental property and is currently rented how long do we have to give the current renters to vacate and who would recieve the rent payments until the renters vacate.Paying in cash with no need to finance is there still a waiting period for the transfer of property to take place?

This all depends on if the tenant has a lease or not. You are legally required to honor any existing lease in most states. If they do not have a lease then you must give them 30 days notice.