Refinancing a rental property or an upside down mortgage? Options for refinancing an underwater mortgage. Q: We received an invitation from a loan company to refinance a rental home we own. Our current lender is in partnership with this company. The interest rate on our current loan is 6.25 percent with about 22 years left [...]
Need to sell your home fast? Easy tips on selling and buying a new home, including applying for an equity line of credit. Q: I have a problem that I think others in my age group at least, might share. I am retired and over 70 years old. I want to move away from where [...]
When dealing with tenant problems, you should first review the lease document to determine if they have violated a lease term. Q: My parents own two apartments in the same building in San Antonio. I recently moved into one of them but the other one was leased until September 2012. My father had some items [...]
While becoming a homeowner has long been a cornerstone of the American Dream, the recent recession has caused many Americans to question if buying a home is still the right move. For some, renting a home and saving the money that would have been spent on a mortgage has become the new American Dream, and [...]
Renting out part of your primary residence will change how your capital gains tax is calculated when you later sell. If you didn't have a rental property as part of your primary residence, you could save taxes on up to $250,000 of profit from the sale, if you're single. When you have a rental property as part of your primary residence you have to consider what percentage of your property is considered the rental property and your capital gains tax will change. How you use a property affects what kinds of tax deductions you can take and also how much capital gains tax you pay upon sale. You should consult a tax preparer for more advice when you have a rental property as part of your primary residence.
