Yes, we have to pay tax on it
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.
You cannot buy a home unless you can afford to pay the mortgage payments, taxes, insurance and upkeep of the property using your own income. You should speak with a banker to determine your status as a borrower.You cannot buy a home unless you can afford to pay the mortgage payments, taxes, insurance and upkeep of the property using your own income. You should speak with a banker to determine your status as a borrower.You cannot buy a home unless you can afford to pay the mortgage payments, taxes, insurance and upkeep of the property using your own income. You should speak with a banker to determine your status as a borrower.You cannot buy a home unless you can afford to pay the mortgage payments, taxes, insurance and upkeep of the property using your own income. You should speak with a banker to determine your status as a borrower.
A good thing about reverse mortgage is that it does not have to have any income to qualify. Like the regular mortgage, it doesn't have any monthly loan payments. When your property gets sold, your mortgage will get paid off without any risk.
Mortgage Required Income What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.
Pay cash. If you pay everything up front, there is no mortgage. If you can't pay for it up front, you are going to need a loan. And a loan is going to have to be secured. And if the security is the property, you have a mortgage. Having a mortgage is not all bad, the interest on the loan for a home is deductable on your income tax.
as long as your fixed income can support the payments for the second property you will not have a problem getting a mortgage.
"The information that is needed for a mortgage calculator will be income and source of other income, debt and other assets that can be used to determine payments."
An author's annual mortgage refers to the total cost of their mortgage payments over the course of a year to finance their home. This would include the principal loan amount, interest, property taxes, homeowners insurance, and any other fees associated with the mortgage.
No, community property refers only to that property that is gained during the marriage. However, if you use community property or income earned during the marriage to continue mortgage payments, to improve, etc, then a portion of it does become community property.
Only if they produce income
Discretionary income is disposable income (after-tax income), minus all payments that are necessary to meet current bills. It is total personal income after minus taxes and minimal survival expenses (such as food, medicine, rent or mortgage, utilities, insurance, transportation, property maintenance, child support, etc.) to maintain a certain standard of living. It is the amount of an individual's income available for spending after the essentials have been taken care of: Discretionary income = gross income – taxes – all compelled payments (bills)
Maximum Mortgage What is your maximum mortgage? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.