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Info
Gary asked:
House A was paid for and I took out a second mortgage to help in the purchase of House B. I now live in house B (with it’s own mortgage interest that I can write off). House A remains empty and unsold. Can I also write off the interest on House A?
House A was paid for and I took out a second mortgage to help in the purchase of House B. I now live in house B (with it’s own mortgage interest that I can write off). House A remains empty and unsold. Can I also write off the interest on House A?
Posted in: United States : : Comments (123)
Shane M asked:
We live in Missouri, in the US, and purchased our first home for $43,000 in 1997. It was our primary residence for 3 years, during which we refinanced the mortgage for $50,000. After 3 years we turned it into a rental property and again refinanced as an investment property, this time for $60,000. After putting just over $20,000 in improvements into the property this year and last year we recently sold it for $78,000. My question is, are the capital gains taxes based on the original purchase price 10 years ago or on the amount of the mortgage we just paid off when we sold it?
We live in Missouri, in the US, and purchased our first home for $43,000 in 1997. It was our primary residence for 3 years, during which we refinanced the mortgage for $50,000. After 3 years we turned it into a rental property and again refinanced as an investment property, this time for $60,000. After putting just over $20,000 in improvements into the property this year and last year we recently sold it for $78,000. My question is, are the capital gains taxes based on the original purchase price 10 years ago or on the amount of the mortgage we just paid off when we sold it?
Posted in: United States : : Comments (6)
G asked:
I am confused on how to complete a schedule for a mortgage. Last year a home was purchased worth $260,000 @ the beginning of the year. $80,000 was put down and the remainder was borrowed @ 6% compounded annually, amortized over 30 years. $3,240.00 was paid in real estate taxes. HELP PLEASE!!
I am confused on how to complete a schedule for a mortgage. Last year a home was purchased worth $260,000 @ the beginning of the year. $80,000 was put down and the remainder was borrowed @ 6% compounded annually, amortized over 30 years. $3,240.00 was paid in real estate taxes. HELP PLEASE!!
Posted in: United States : : Comments (4)