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The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.
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Can you keep rental property in chapter 7 bankruptcy?
You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.
If you have a home and you are buying a second home for investment is it better to refinance with higher rate or take a home equity loan?
Home equity Loans and Investment properties both come with high Interest Rates. However, if you were to claim bankruptcy with a rental property they would take the rental property and you can keep your home. Homestead law. On the other hand, if you file bankruptcy and have a second lien on your home you are still liable for payment and they would still take you rental property to pay off debt. (If their attorney is smart.) Depends on how stable your income is and if you have a chance of ever claiming bankruptcy. Ask yourself how big of a risk it is to get this investment property?
You are being sued for s unsecured loan of 17000 dollars will chapter 13 bankruptcy stop creditors from taking your rental property?
If you file. It will put a stay on your creditors and they will have to halt there collections. You need to contact a bankruptcy attorney to confirm.
How much can I make on rental income?
You normally will expect to make about one third of your income on a rental property. Of course, this is going to also depend on where the property is located as to what the standard rental rates are.
What are the different components of a good rental property investment analysis?
Good components of a rental property will include the location, possible rental income, future rental income, future sales, current valuation, aminities.
You live and work in one state and have a rental property in another state. Do you have to file a tax return in the other state?
Yes the state where the source of the rental income is from wants some income tax on that rental income that you have received from the nonresident state. A nonresident state income tax return will have to filed with the state where the rental property is located.
What is the definition of rental income?
Rental income is any income received from others occupying your property. This may include investment properties that have been rented out to tenants and whatever they pay as rent would be considered rental income for you.
Do you need to claim rental property income?
Yes it must be claimed as part of your income according to law.
Can flood insurance be purchased for rental income property?
Yes, for residential rental property, flood insurance can be purchased up to $250,000 or the replacement cost value of the property, whichever is lesser.
What does a rental property software do?
A Rental Property Software tracks rental income and expenses for landlords who do it themselves. The program makes it much easier than using a pencil and paper or even Excel spreadsheets.
Do you have to pay taxes on property in Thailand as well as paying taxes on the same property in England?
You may be subject to taxes on your property in both Thailand and England. It depends on the specific tax laws in each country and any tax treaties that may be in place to prevent double taxation. It is recommended to consult with a tax professional who specializes in international taxation to determine your individual tax obligations.
Rental property of decedent is sold by estate. Who gets the rental income collected by estate from date of death to date of sale?
The rental income becomes part of the estate and will be distributed according to the terms of the will to the beneficiaries or to the next of kin if there was no will.
