Don't Forget to Pay Your Rent

[thirsty moore]

Slumlord!
 
 

Originally posted by le sonick:
 i am probably doing it on a smaller level than that.  but if my plan works...when i am ready to retire in my 50's, i'll have 2 or 3 houses being rented to supplement my income nicely.

[TheDirector217]

Originally posted by econo:
  You're bull930 aren't you.
 
   

Originally posted by le sonick:
 and i dont believe i am in some wicked lucky situation uncommon to other people in the US!!!!

[/b]

Econo is now the front-runner for post of the week!!!!!!!    

[ggw]

I don't know how Rhett gets four bedrooms in a home that is only 1,226 square feet.

[sonickteam2]

Originally posted by TheDirector217:
   

Originally posted by econo:
  You're bull930 aren't you.
 
     

Originally posted by le sonick:
 and i dont believe i am in some wicked lucky situation uncommon to other people in the US!!!!

[/b]

Econo is now the front-runner for post of the week!!!!!!!      [/b]

but i dont get it!!! does bull930 say wicked?

[thirsty moore]

No, he uses multiple exclamation marks.
 
 

Originally posted by le sonick:
 but i dont get it!!! does bull930 say wicked?

[Charlie Nakatestes, Japanese Golfer]

I don't think they count the lower level of a ranch home as part of the square footage. But they do count offices as bedrooms.
 
 

Originally posted by ggwâ?¢:
  I don't know how Rhett gets four bedrooms in a home that is only 1,226 square feet.

[Frank Gallagher]

Originally posted by ggwâ?¢:
  I don't know how Rhett gets four bedrooms in a home that is only 1,226 square feet.

It's a trailer!!! Double wide of course.

[xneverwherex]

Originally posted by vansmack:
   

Originally posted by xneverwherex:
  and to think i have rent due in nyc and paying a mortgage down in virginia. ah the insanity.

Finally.  Somebody who has it right.  Own income bearing property.  Use the income to pay your mortgage and less or equal rent elsewhere where you possibly can't afford to buy. It's a perfect tax scenario. [/b]

yes there are some great benefits of doing this. all sorts of tax breaks and what not. of course, without all this i probably couldnt afford to live in nyc. im planning on buying more property and doing just the same  

[Guiny]

Originally posted by Charlie Nakatestes,Japanese Golfer:
   But they do count offices as bedrooms.

Only if it has a window.

[Bags]

Priceless.
 
 

Originally posted by Roadbike Mankie:
   

Originally posted by Charlie Nakatestes,Japanese Golfer:
  I forgot, remind me what rent is again?

About half of what a mortgage payment is. [/b]

[Frank Gallagher]

Originally posted by xneverwherex:
   

Originally posted by vansmack:
     

Originally posted by xneverwherex:
  and to think i have rent due in nyc and paying a mortgage down in virginia. ah the insanity.

Finally.  Somebody who has it right.  Own income bearing property.  Use the income to pay your mortgage and less or equal rent elsewhere where you possibly can't afford to buy. It's a perfect tax scenario. [/b]

yes there are some great benefits of doing this. all sorts of tax breaks and what not. of course, without all this i probably couldnt afford to live in nyc. im planning on buying more property and doing just the same       [/b]

I don't get why the government lets you right off part of your mortgage on any other house but your primary residence. And why can't you right off part of your rent if it's your primary residence?
 
 And while I'm on the subject...why couldn't I right off my extortionate child support payment whle BITCH didn't have to declare it as income on her tax returns, even though it is income, because she gets it every month...so not only am I paying the skanky whore money, I'm paying her income tax for her too!!!!

[Frank Gallagher]

Originally posted by Roadbike Mankie:
   

Originally posted by xneverwherex:
     

Originally posted by vansmack:
     

Originally posted by xneverwherex:
  and to think i have rent due in nyc and paying a mortgage down in virginia. ah the insanity.

Finally.  Somebody who has it right.  Own income bearing property.  Use the income to pay your mortgage and less or equal rent elsewhere where you possibly can't afford to buy. It's a perfect tax scenario. [/b]

yes there are some great benefits of doing this. all sorts of tax breaks and what not. of course, without all this i probably couldnt afford to live in nyc. im planning on buying more property and doing just the same        [/b]

I don't get why the government lets you right off part of your mortgage on any other house but your primary residence. And why can't you right off part of your rent if it's your primary residence?
 
 And while I'm on the subject...why couldn't I right off my extortionate child support payment whle BITCH didn't have to declare it as income on her tax returns, even though it is income, because she gets it every month...so not only am I paying the skanky whore money, I'm paying her income tax for her too!!!! [/b]

P.S. I meant 'write off'  

[HoyaSaxa03]

Originally posted by Roadbike Mankie:
  I don't get why the government lets you right off part of your mortgage on any other house but your primary residence. And why can't you right off part of your rent if it's your primary residence?
 
 And while I'm on the subject...why couldn't I right off my extortionate child support payment whle BITCH didn't have to declare it as income on her tax returns, even though it is income, because she gets it every month...so not only am I paying the skanky whore money, I'm paying her income tax for her too!!!!

i took a four hour exam today that essentially asked the same questions you just did, in a little different tone ... fortunately i don't remember any of it, so i won't be of much help, sorry ... if you would have asked this last night it would have been a nice review for me

[xneverwherex]

ok before anyone slams me, let me start by saying im not an accountant nor do i work with any sort of tax lawyers. ok wait i do, but i still dont know anything about it.
 
 i did not write-off my mortgage, if anything i paid taxes on it (or something like that). my rent in NYC is not written off. i use my rent money from my tenants in virginia to pay my rent in nyc. then the money i make in NYC goes to my mortgage payments which are a lot less than rent in NYC. i do get to write-off things I did to better value my condo, such as repairs and what not.
 
 and since this is now an investment property, there are all sorts of taxes just associated with that. my feeling is - its best to get a whole lot of work done to your place, hire someone to manage the property - then at the end of the year write it all off. then hopefully with the taxes im charged because its an investment property and the money that i write-off will end up being 0 or close to it.
 
 like i said - i could be totally wrong on how it all works - smackie might know. i paid someone to do my taxes in NYC and learned it was downright painful and took a month to figure out the different laws pertaining to this. for all i know i hired a total idiot out of H&R block, but i got a lot of money back. so im not complaining    

Originally posted by Roadbike Mankie:
  P.S. I meant 'write off'  

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