Your Questions About Check My Mortgage Interest

Lizzie asks…

Claiming my working mother as dependent?

My mother earned $7800 in 2008and I have been helping her with payments on her mortgages and real estate taxes. She has an interest only mortgage so we been paying 100% interest (about $25K in 2008). The things is that she has so a lot of deductions she can make but because she earn so little, it is all being thrown away.

Would I be able to claim her as dependent and put her W-2 on my return? (I am filing married jointly already) Or can I at least claim the mortgage payments (interest) and/or real estate taxes that I paid for her? I made all payments from my own check and checking account.

Thank you for any help.

admin answers:

First of all you do not put her w2 on your tax return. You can not claim your mother because she has income over $3500. You would be able to claim her if the $7500 was from social security and you provided over half of her support.

Yu can claim the mortgage interest and real estate taxes if they are reported in your name.

Christine EA Master Tax Advisor

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.


Ken asks…

What steps do I need to do to rent out my home?

We are buying a new home without selling ours first (it needs some work, so we wouldn’t be able to show it as is). Plus, the market in my area is pretty bad, so I’d probably lose money on the house right now if I sold it. It’s a nice little house (low maintenance) and I bought it when interest rates were at 4%, so it has a low mortgage payment. What are the steps I need to take to rent it out?

If I don’t use a property management company, how do I do a background check and credit check? Or can’t I? What do I report to my tax guy at the end of the year for income and write-offs? Are property management companies worth the 10% they charge? Will potential renters be more impressed if it’s managed professionally, rather than by some schmuck like me?

Thanks for any advice!

admin answers:

Go buy a book called Tenants Rights for your state… need to understand whats expected legally by landlords, and tenants, then decide about schmuck or prop. Mgmt.
The book is written in easy to understand language, step by step,
for both sides………

James asks…

I’m 22, just graduated college. I want to buy a house. loan of 100,000 is 104,000 interest..Good move?

I really need some quality advice. I do not have model adults/parents I can turn to for this. I recently graduated college with my BS (Bachelor of Science) degree. I’m making 48grand a year (sadly b4 tax) so after tax it probably will be only 35000 or so. My question is, should I or should I not buy a home or townhouse maximum 110,000K. I am worried b/c I do not know what my weekly take home will be. I want to be able to pay my mortgage with one check. I live in FL and plan of putting what ever my employer match in my 401K. I do not owe $$ in student loans so please serious response only. I am doing my own research but I would like some input. I have a buyers agent but even still I’m not sure she would want me to walk away from the sale.

HELP……………. please

admin answers:

You already have a buyer’s agent? You’re doing things backwards. Before you even LOOK at any properties, do these:
1. Read “Home Buying For Dummies” to get familiar with the whole process and terminology.
2. Find a lender you’re comfortable with and get preapproved for a mortgage loan. Then you’ll KNOW what you can afford instead of just guessing.

Jenny asks…

What department should I go for a complaint?

I live in Las Vegas and I have an apartment rented to a government department which will let those welfare receipant to live. The monthly rental I received from that government department is US$900. However, I found that my bank account was debited by bank for US$9,000 ($900 x 10 months rental paid by the government) in November 2010 because the government department claimed that my tenant was dead in January 2010 in hospital.

1. How can I know my tenant is alive or dead unless that government told me? I would not go to check whether my tenant is is alive every month.
2. That government department should inform me immediately in January if the tenant was dead so I can rent it to other tenant for rental income in order to pay my mortgage instalment.
3. What department can I complaint regarding my loss of rental income and unfair treatment by that department without any prior notice??
4. My electrical applicances like microwave, frige, washing machine, dryer were all gone. Probaby it was taken by tenant’s son or by bulgary. Should I report to police ? Will this be covered by insurance??
5. The whole apartment was ruined and destructed by someone and I need to pay a huge sum for rennovation because that department never informs me regarding the death of the tenant for 10 months. What department can I claim for such rennovation fee for the apartment? Will insurance be convered for such destruction??
6. Due to my bank account was debited for US$9,000 in October all in a sudden, my bank balance was not enough to cover my mortgage payments. I was penalized by bank for 3 months’ overdue interest for unpaid mortgage payments. Can I complaint to that government regarding this issue?
7. I am the victem in this case of loosing 10 months rental income, huge rennovation fee, loss of all electrical applicances, need to pay mortgage overdue interest, suffer from mental illness in this case. Where I can complaint regarding all these issues??

Please help me and give me some directions regarding what I can claim back, which department to write to and complaint, will insurance cover my loss??

Thanks in advance for all your information and guidance.

Desperate lady

admin answers:

1.) It’s not like they’re going to make this up.
2.) HUD is such a big department you can be sure they don’t employ people to make these kind of notifications.
3.) Yourself, being a landlord requires some responsibility on your part to stop by and check on things from time to time.
4.) Yes, report the burglary and any suspect information you have to the police. Depending on what kind of insurance you purchased it may be covered – check your policy.
5.) This is one of the risks of renting to high risk clients. You can protect yourself in the future by making visits from time to time.
6.) Ask your bank if they offer monthly statements or a method to check you balance online. By checking for yourself you will be able to see if you are going to be short of funds one month.
7.) You can complain to yourself. Resolve in the future to not be so trusting and to take responsibility for your property and checking your bank balance. When you offer your property for rent have a lawyer help you write the lease so that you can check the condition of your property. You could also use a property management company to handle some of your responsibilities as well.

Hope this helps

George asks…

Should I get a Mortgage Audit?

I would like to see what has been going on with our Mortgage. Our taxes skyrocketed, and although we are on a fixed interest, our house payment went up $300. They say because of the taxes and we didn’t have enough in escrow. Our taxes and insurance is all bundled up in the mortgage payment. BUT we just got a check from them in the amount of $2500 for overpayment in escrow. Which makes no sense at all. I’m thinking they have no idea what’s going on and they are having fun with my money. So do I go to a lawyer or an accountant? How do I hold them accountable for my money?

admin answers:

U need to ask someone who knows what they are talking about not people on yahoo answers

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