Buying Reo Without Wifes Name
Hello
I am in Wisconsin and just got an accepted offer on a REO property we are buying as a rental. I negotiated the offer using my name for simplicity sake so I didnt need to have my wife run around signing anything. The mortgage company wants to put the loan in my name only also since all the other paperwork is the same. My question is come tax time when doing our taxes, will this affect how they are done? We file married filing jointly. Do I just do everything on our joint tax return or does it being in my name only change anything?
Bill
can you vest as a married man as his sole and separate property?
I agree, its state to state. In Texas, investment property can be held in one persons name.
Scott in San Antonio
Long time no see Zin!
Have you been lurking for a year or what?
I would use just 1 account package. Seem like way too much of a headache to have 2.
I use quickbooks, and to be honest other than the payroll feature and auto fill of some tax forms in quickbooks, quicken would be fine
Oh im still out here, dont you worry, haha. I still check in from time to time, i guess you could say i lurk!
Quote:
On 2008-02-07 12:11, d_random wrote:
Long time no see Zin!
Have you been lurking for a year or what?
see http://www.nolo.com/article.cfm/pg/1/objectId/03E7A8D4-EB53-4711-97F91991D9A8468B/catId/8F8C3C1A-2347-419A-9C65B0B8C7762E3B/213/ART/
for a "top-10"
Question about mileage. I have 4 rental properties that are about 270 miles from where I live. Could I go to each one of them on a separate week end of the month and deduct the total mileage. Now before you ask what am I doing with properties so far from home, well, I just do. Never mind that my mom lives near where they are and I might just stay with her and visit in the evenings. I would worry that I might run up too much mileage and get audited. Not that I am doing anything wrong that I know of, but there might be a thing or two the IRS knows of. I do take my taxes to my tax lady – I don’t try to do them myself. I also have some property in the other direction that is about 125 miles from where I live. Just how much mileage can one guy take/use.that I know of