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If one owns the 1st home as the primary home and owns a 2nd home for family to live in - can the 2nd home still be considered as a primary residency home and not an investment property?
Wiki User
∙ 15y ago
simple answer is no. The home can be considered as a second home if it is at least 50 miles from the primary residence. Otherwise it has to be treated as a investment.
Wiki User
∙ 15y ago
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Are you allowed to keep your primary home and investment property if file you chapter 7 or 13?
If I file chapter 7 or 13 how long can I stay in my house?
If you buy a condo for an investment can you deduct the interest on the mortgage?
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.
What is the diffrece between the primary borrower and the co signer?
The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.
Can you re-fi your primary home after losing an investment property to forclosure?
Yes. You will need to have at least a 620 credit score, and it has to be at least 3 years after the forclosure. Yes. You will need to have at least a 620 credit score, and it has to be at least 3 years after the forclosure.
What does a primary mortgage lender do?
The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
Does the buyer have to pay capital gains on the seller's concession if the property in question is for investment and not primary residence?
No!
Can you use the money made on an investment property to refinance your primary property into an investment property?
You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.
What considered to be recreational property?
Places like a beach, lake, or campground are considered to be recreational property. They are not typically associated with a primary residence but rather a place to get away for a few days.
Are you allowed to keep your primary home and investment property if file you chapter 7 or 13?
If I file chapter 7 or 13 how long can I stay in my house?
Can a husband buy a home in MD but wife lives in NC?
absolutely. where the wife lives has no bearing on the ability to purchase a home, being a primary, vacation on investment property
Can you live in a state for 6 months and be considered a resident?
It depends on what, precisely, you mean. How residency is determined depends on what you're using it for. Normally it's defined as where your primary residence (again, exactly how that's defined varies) is. For tax purposes, if your primary residence was within a given state for any portion of a year, you can claim residency for that year (residents and part-year residents often have different tax rules than non-residents). For college tuition purposes, normally your residency is determined by where you and/or your parents pay taxes. If you move to a state specifically to attend a school in that state, you are not considered a resident, but if you move to a state, take a job there, and then begin attending school, you probably are considered a resident.
What are the sources of return on investment?
The sources of return on investment can vary depending on the type of investment. In general, however, the main sources of return on investment include capital appreciation, dividend or interest payments, and rental income. For example, in stocks, the return comes from the increase in stock price and dividends received. In real estate, it can come from property value appreciation and rental income.
If you buy a condo for an investment can you deduct the interest on the mortgage?
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.
Can a second mortgage be crammed down in a Chapter 13 bankruptcy proceeding if the mortgaged property is in a revocable trust and the mortgagor is technically the trust itself?
No, because the property would be considered to be property of the trustor and not the "trust itself". Moreover, while in certain situations a 2nd mortgage can be stripped (in a process caleed lien-stripping), there is no cramdown on primary residence real property. While a cram-down on non-primary residence real property is POSSIBLE, it is IMPRACTICAL.
Why is the sun considered primary consumer?
The sun is not considered to be a primary consumer. The sun is an energy source that is used by primary consumers.
What has the author Edward Berger written?
Edward Berger has written: 'Intellectual Property Primary Law Sourcebook 2002' 'Intellectual Property Primary Law Sourcebook 2004' '2002 Intellectual Property Primary Law Sourcebook Statutes and Regulations'
Short sale tax liability?
Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.
