Texas – Real Estate Investment Tax?
Ok here is the scoop…Your are going to help out a family member whos credit needs some work and who can’t qualify for a home loan…
Your combined net income is 250k(you and spouse)- you have great credit. You offer to go into a deal with a family member, to help them get into a house sooner than next year . You offer to give them 20% down for a house in the most desired area of the city-you’ll make money if you have to sell… You are the main borrower, and a non accupant of the house… Here are my questions..
1)Can their name be on the title?
2) If the lease to own payment is the same as the mortgage payment is that earned income from the property?
3)Say you buy the house for 200K and after 2 years when they are ready to purchase the assested value is 250k – can it be sold for the original purchased price?
4) How is it claimed at tax time as an investment property if it is not making money just enough to cover the property tax and the mortgage payments?
Texas – Real Estate Investment Tax?
Ok here is the scoop…Your are going to help out a family member whos credit needs some work and who can’t qualify for a home loan…
Your combined net income is 250k(you and spouse)- you have great credit. You offer to go into a deal with a family member, to help them get into a house sooner than next year . You offer to give them 20% down for a house in the most desired area of the city-you’ll make money if you have to sell… You are the main borrower, and a non accupant of the house… Here are my questions..
1)Can their name be on the title?
2) If the lease to own payment is the same as the mortgage payment is that earned income from the property?
3)Say you buy the house for 200K and after 2 years when they are ready to purchase the assested value is 250k – can it be sold for the original purchased price?
4) How is it claimed at tax time as an investment property if it is not making money just enough to cover the property tax and the mortgage payments?