Red Deer Real Estate

How to deduct home office in a house in which mortgage is paid off?

Admin — Thu, 29 Apr 2010 11:07:06 +0000

Situation:
1) Small business owner has his only office in his home.
2) He paid the mortgage off. House is totally debt free.
3) He uses one room as his only office that he otherwise would use as another family room if he would for example rent space for his business in a business building not belonging to him.
4) Can he bill his business with rent for that room in his own home?
5) Can he deduct rent for that office room?
6) If he ever would sell this house one day, would it still be a private house sale?

Is it good idea to get a HELCO on NEW rental property?

Admin — Thu, 29 Apr 2010 09:55:40 +0000

I have another rental property with no mortgage on it and can use that rental incomes to pay the HELCO on the other NEW rental property?
PLUS the rental incomes from the NEW rental property to pay the HELCO too.

Is a foreign currency mortgage a possibility for my future home?

Admin — Thu, 29 Apr 2010 07:02:59 +0000

I may possibly buy a home in the next couple of years depending on if I find what I like for the right price. I was wondering if a foreign currency mortgage is something that many people opt for and if it would be worth my time to research.

Is there a chance for substantial savings if I choose to finance a home with one?

For the last rental property your purchased, how much did it cost, and how much rent did you charge?

Admin — Thu, 29 Apr 2010 03:50:54 +0000

I’m looking to get rough rent/value ratios for various areas of the country.

I have found websites that display “average home price” and “average rent”, but that isn’t fair because most rentals are lower-end than purchases. I’m looking for an apples-to-apples comparison.

Please don’t include properties which you purchased significantly below market or invested a lot of money in improving.

–>Adam

P.S. I know I’ve asked this before, but judging from the responses, I asked it the wrong way.

Can you save your mortgage interest for next years taxes?

Admin — Thu, 29 Apr 2010 02:50:43 +0000

I have 4 mortgage interest form 1098, and if I can wait until next year it will benefit me. If I use them now, I’m just reporting them if does not change my out-come at all.

What happens if a mortgage company goes bankrupt and doesn’t pay my insurance and property taxes?

Admin — Wed, 28 Apr 2010 22:52:03 +0000

The mortgage company is in bankruptcy and did not pay my insurance and property taxes.

Conversion of Personal Real Estate to Rental Property?

Admin — Wed, 28 Apr 2010 21:50:13 +0000

If a house’s Fair Market Value is less than mortgage due, and the taxpayer wants to convert the property to rental property, what are the tax implications of converting?

The property begins as the principal residence, but if converted will no longer be residence.

Can mortgage companies access your bank statements?

Admin — Wed, 28 Apr 2010 18:55:51 +0000

My ex-wife works for a mortgage company, is it possible for her to request my personal Banking account information. Staments / Balances with out my permission ?
The mortgage company and bank are not the same company.

Would you buy a house with structure damage if you intend for it to be a rental property?

Admin — Wed, 28 Apr 2010 15:53:59 +0000

There is a cheap fixer upper in my area, I’m afraid the inspector is going to say it has structure damage because it’s on a hill. The house is also 50 y/o.

The house is by far livable. Just when do you know “it’s too much” to handle when you’re wanting to make a few bucks in the long run?

*I’m buying my first property in the very near future! In cash! I’m only 22 but I grew up watching my uncles make a killer living off rentals.

What are the consequences of surrendering your home to the mortgage company?

Admin — Wed, 28 Apr 2010 14:49:51 +0000

I have been unable to sell my old home after more than a year, and my wife and I are unable to afford upkeep on two houses. There is sufficient equity in the home to cover the mortgage and I just want out.