Any payments you must make from Gross Income to keep the property running are expenses. Although a mortgage is usually also called a Liability Expense, it is still an expense to run the property.
Yes, it is NOT a personal deduction, but will be an expense against the income...on either your schedule C or I, depending on how your handling the property 9as a business or as an investment).
A fixed expense in one that is paid on a regular basis. Here are two examples. A mortgage on a property is normally a large debt that must be paid each month in order to keep that property. Another example is utility bills for water, gas, and electricity. These debts are also fixed ones that require payments for ongoing services.
Your tax consultant can answer your specific question, because of the details involved. But generally in USA, mortgage loan interest on real property is deductible. However, since this is an investment and not your primary residence, the answer may be different. Also, your answer may depend on whether you are asking on behalf of a corporation, or on behalf of an individual. == ans == The above is almost laughable. Interest incurred in the effort to make taxable income (on an investment) is an expense for tax. Corporate or personal return is not a consideration. Investment interest is an expense for either. There is no special tax on "real property" at all in the US. There is an interest deduction allowed if incurred for your primary residence (which may or may not be real estate), under a number of qualifying circumstances.
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
An investment interest calculator will calculate the amount of interest that you will have to pay on an investment on a home, car, or other type of big expense.
Yes, it is NOT a personal deduction, but will be an expense against the income...on either your schedule C or I, depending on how your handling the property 9as a business or as an investment).
yes. along with repairs to the property.
A fixed expense in one that is paid on a regular basis. Here are two examples. A mortgage on a property is normally a large debt that must be paid each month in order to keep that property. Another example is utility bills for water, gas, and electricity. These debts are also fixed ones that require payments for ongoing services.
No. You have no authority to transfer a mortgage unless you are the lender. The lender can assign its rights under the mortgage to another lender. If you are the owner of the property transferring the property to another will violate the terms of the mortgage and may incur added expense to the foreclosure costs.
Your tax consultant can answer your specific question, because of the details involved. But generally in USA, mortgage loan interest on real property is deductible. However, since this is an investment and not your primary residence, the answer may be different. Also, your answer may depend on whether you are asking on behalf of a corporation, or on behalf of an individual. == ans == The above is almost laughable. Interest incurred in the effort to make taxable income (on an investment) is an expense for tax. Corporate or personal return is not a consideration. Investment interest is an expense for either. There is no special tax on "real property" at all in the US. There is an interest deduction allowed if incurred for your primary residence (which may or may not be real estate), under a number of qualifying circumstances.
A realised loss on an investment is an expense
If you are talking about PMI (Private Mortgage Insurance for those who put less than 20% down on their purchase), that should be deductible if the mortgage originated in 2007 or later. If you are talking about homeowner's insurance (fire, burglary, liability), that is never deductible for your personal residence no matter who placed it. If it is a business or investment property, it would be deductible like any other business/investment expense.
Regardless of whose name is on the mortgage the property legally belongs to the person or persons named on the deed. The mortgage is only a financial obligation, the deed is a legal ownership document. Of course, if the mortgage is not paid the mortgagor can file a foreclosure action against the property.
A mortgage calculator is used to determine one's monthly payment expense. It is designed to show how payments vary depending on interest rates and the amount of down payment in comparison to the different types of loans available.
The mortgage is not included in the Common Area Maintenance. Common Area Maintenance (CAM) expense is considered the expense for taxes, insurance and maintenance and operation of the Common Areas of a property including but not limited to, shared utilities, community lighting, parking lot repairs, landscaping, etc. A mortgage is not considered an operations expense. Leases will usually specify what constitutes CAM charges reimbursable by the tenant (lessee) to the owner (lessor).
You mortgage princple and interest, property taxes (city and stae if applicable), fha mortgage insurance, home owners insurance and any fees due for a community (home owners asociations).
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?