Don't Forget to Pay Your Rent

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.

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 :)

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!!!!

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.

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 :)

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!!!!

P.S. I meant 'write off' :D

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

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 :D

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

<img src="http://www.neom.ca/fusionrock/orly_mr_miyagi.jpg" alt=" - " />

Mank, the child support one is a shitty one, but the theory is that if you were allowed to have any tax consequences for child support that were a benefit over being married, it would lead to more people getting divorced. When children are involved, the court's intent is to do everything they can to keep the unti together, including tax planning. Stupid? Absolutely, but the taxes would be the same if you were married. You can (in FL, anyway) ask for an accounting of every dollar the mother spends on the children to make certain every dollar you give her is spent on the kids.

Alimony is treated differently because there are generally no children involved.

In the case of being an investment property owner, consider a scenario where you own a few investment properties and that is your sole source of income. You would never have to work, have enough income to live by, and everything you do to those properties is a write off.

No, she doesn't get to write off her mortgage on the properties, but if the rent from the properties exceeds her mortgage (which is likely the case), and she has enough business deductions, she could live off that money alone - she would never have to have a 9-5 job. Eventually when she buys a new primary residence, the tax savings are incredible on that mortgage, which is being paid by your renters.