My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? and if I can how?
The amount is over 2K and it is listed on my Settelment Statement. Mortgage is though Bank of America. I was planning to call IRS and my bank but they are closed on the weekends.
Posts Tagged ‘irs’
If my husband’s tax return is taken for defaulted students loans can mine be taken if I file separate?
Sunday, January 17th, 2010Also we have just started paying them 500.00 a month do you think the IRS will still take his income tax return? A lot of money is owed for this. HELP
How can unmarried people report home mortgage interest paid jointly?
Saturday, January 9th, 2010I own a home in common with another person. We’re not married. We’re both named on the mortgage and we pay the mortgage out of a joint checking account, to which we both contribute and use for other various purposes. Can we split the mortgage interest deduction between us however we wish as long as we total up on our two returns to the total amount we jointly paid to the bank? Or must we use some kind of formula? How will the bank report this interest paid to the IRS?
Where can I get information on the 2009 stimulus package?
Monday, November 16th, 2009I can’t find a website that spells out the details of the most recent stimulus package. Any suggestions?
Can I refinance my FHA loan into a conventional loan so I can rent out my house and buy a condo?
Thursday, November 12th, 2009I bought my house in 2007 with an FHA loan. I believe the terms of the loan state that the house must be my primary residence for 5 years before selling it or refinancing.
I would like to buy a condo and relocate to New York in the next 3 years. I’m saving money to do that and working on other aspects of planning (job, etc). I want to rent out my house, but due to the stipulations of the FHA loan, I can’t just go renting it out all willy nilly without getting in trouble (with the IRS or with the state that gave me the money).
Is it wise to refinance the loan from an FHA loan to a conventional loan and then rent it out?
I did some research on this, and it seems that my PMI should be paid in full within the 5 year period, but I may get charged for the refinancing, and possibly a penalty from FHA.
Or should I just sell the house, buy another one with a conventional loan and rent that one out instead? Either way, I’m considering having two properties, a primary residence in NYC and a rental property in my current state.
Thanks for the help!
Are the terms the same for a CDA loan?