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Buying Property Homepage
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Can you claim tax relief on lost deposit for investment property?
Hi, I put a deposit on a investment buy to let in 2007 for around 8k. Due to the mortgage changes etc, I was given the option to drop out as the deposit needed to be around 45k which I do not have . Therefore I have lost the 8k depoist and have letter from solictor confirming this.My question, is can this be put on my tax return for losses on investment properties? I have another house that I let out?Also where would this be reported on the tax return?Thanks in advance
How long do I need to keep an investment property to avoid capitol gains tax.?
REREAD the question MARKClarify On primary residences, if a property is sold within 2 years of purchase owner seller pays capitol gains tax.... Does the same situation exist with an investment property. If different, what is the threshold period.thanks mindcrime
Where can i get a 10% down payment loan for an investment property?
Why do I need an appraisal to refinance an investment property, if I have never been late on a payment?
I am a high school teacher who happens to have invested in some rental properties. I own 3 other homes besides my own. I recently looked into refinancing one of them. I put 20 % down on the property and have never missed a payment or been late. I am wanting to refinance to a 15 year mortgage at a lower rate. This will make my payment go up slightly but will save me a bunch over the long haul. Why do I need an appraisal? The bank gave me a loan based on a higher value when I purchased the house so why does the value matter? I am willing to pay the closing costs etc. I believe this is the red tape you spoke of in your speech the other night.
Any CGT on inherited investment property?
Say I own an investment property which is income producing right up until my death and then my daughter inherits it at this time, is there any CGT payable by her or will she just need to continue to pay taxes on income produced from that property assuming she doesn't sell the property?What if she does sell the property and how long does she have to sell it assuming some exemption applies?
I now live outside the uk can i cash in my private pension to buy an investment property?
Where is the best place to search for investment property's ?
I'm looking for houses that cost under $10,000
Is cap rate the most important part of investment property?
Is cap rate the most important part of investment property? I know there are other factors like the terms of the tenants and price per square foot, but is cap rate the most important part?And would a higher cap rate in Oakland than Cupertino san jose area mean Oakland is a better investment?
Rolling over gains from investment property into primary residence?
I own an investment property but rent at my primary residence. I want to sell the property and rollover the gains into the purchase of a primary residence. Can I do this without paying any capital gains taxes from the sale?
Im getting ready to buy an investment property?
I want to buy an investment property to keep. But I need to find out how do I figure out the yearly rent expenses, plus rent income to see if its worth buying. Is there a percentage I need to be in and if it is how do I figure this out. Help. I ask around to real estate agents and they all tell me different,
Can I claim my foreclosed house was an investment property for tax purposes?
When I bought the house in my intent was to fix it up and sell it. I did some demo and got tied up on some other things and due to a lack of funds I never got around to putting it back together. It seems pretty cut and dry, but I did carry an insurance policy that was based on an 'owner occupied' house, which wasn't true. I think I slept there about 5 times in the 7 years I owned it before the first foreclosure was complete apparently my first bank bundled my loan and sold it instead of completing the foreclosure after giving me notice to vacate the property, but that's another story, I think . So I think my insurance status is the only thing working against me in terms of claiming a loss. Oh yeah, I did receive most mail there and list the address on my driver's license because I worked out of town a lot and was moving around all the time. On the other hand I have 2 foreclosure notices listing the condition of the house as abandoned and or in a state of disrepair one in 2007 and the second in 2011 , documentation of rescinded primary residence status for township tax purposes and the fact that I was operating a construction company at the time of the purchase and discussed my intentions of 'flipping' the house with quite a few people on my side. It seems pretty obvious to me that I can treat my old house as an investment property but, I'm new to dealing with this type of tax situation and don't really have the money to hire a professional. Thanks for any information and sourcing your answer would really help Additionally, I want to go this route because I've figured that I will have enough insolvency to offset any debt forgiveness income I may receive.I see what you're saying Quick Answers, but do you think getting sworn statements from people who live or used to live in the neighborhood would make a difference. I could also produce witnesses or at least statements from people that used to work for me, that are respected contractors in the community, and my family members to vouch for me.You are correct that my plan is to offload any cancelled debt using form 982 whenever that should occur. Do you know how long that offloaded income exists in terms of how long it can 'absorb' any losses I might have in the coming years? The reason I ask is because I have no other investments and don't see any way that I could have another loss at least until a year or 2 after I get my master's degree. So incurring any new loss shouldn't be an issue until at least 2015 16 and I would hope much longer than that. Thanks for you well informed answers I should mention too that I don't have any cancelled debt yet. I've only received a 1099 A and a foreclosure notice. It is my understanding from reading IRS publications that I need to treat the foreclosure as a sale. And I've been assuming that since I didn't receive a 1099 C that I may have to deal with the cancelled debt income next year.Here's my 1099 A data Outstanding principal balance $30,337FMV $19,000Personally liable YesCost basis $37,500OK, I see figuring the loss is pretty straightforward. If you would, please comment on whether having impartial witnesses to vouch for me not ever living there would make a difference in being able to claim the property as a loss.Also, if I receive a 1099 C in the future and use form 982 to reduce my income that year and have no loss to absorb it, how long is that income 'attached' to my account. Would I still have to report it on form 982 part 2 say 5 years later if that was the first time I had credits or losses eligible to absorb it?Thanks again
If you foreclose on an investment property do you have to pay taxes?
What are the advantages to owning investment property in Breckenridge, Summit County, Colorado?
I am planning something new this year end, and thought to gather more information before doing so. However I have plan to invest in the property in Colorado area. My area of interest are Breckenridge, Summit County. Thanks for your support
What bank will refinance a investment property?
I have a renter home I would like to get the mortgage payments lower by refinancing.My renters are having a hard time trying to help them too.
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