I am renting in NYS w/out a lease.Can anyone tell me what my obligation is,if any,to the landlord b4 movin?
Answers: No contract no obligation. Just leave it clean to keep your name clean. Give the landlord sufficient notice.
Actually you have a verbal lease and are required to give a 30 day notice if you are going to move. If you don't, your landlord can take you to court for non payment,court costs and possible abandonment.
The mortgage calculators that I find online don't cout taxes and insurance, right?
So, basically I inevitability to add around $175/mo to every number that they give me, right?? (I know the number vary. This is the number that a USAA rep gave me for a $115,000 home contained by Davidson Co Tn.) . I was getting my hopes up near those calculators, but I don't think they're accurate are they?Answers: Mortgage calculators are almost other accurate - but use 2 different ones and make sure you enter the information accurately. You are right they don't include taxes and insurance. You will enjoy to add them as ably as utilities - heating, electricity, river - which some renters do not pay for.
Go ask them what the millage rate is.
Rental write-off?
I am currently an owner of a home in the "down" marketplace. I bought this home at the peak and if I sold it I would be at a loss of around $50,000. I wondered if it is possible to buy another house (taking benefit of low prices) and turn my current house into a rental . My mortgage is $2400 and would probably get around $1300 a month surrounded by rent. Can I write-off this monthly loss on my taxes at the end of the year?Answers: Oh wouldn't that be nice? That would trade houses in a hurry, everyone would buy as much as they could.
No, the administration does not allow you to write off anyone in the red for your investment. Also, that 1300 a month is income, you enjoy to pay income tariff on it.
You can't write off the difference between your return and the rent. You can depreciate the home, write off interest, property taxes, and other expenses for the home.
In the meantime, you can skulk for the market to turn around and supply at that time.
You should be careful beside this idea where on earth taxes are concerned.Unless I'm mistaken the IRS views interest rewarded on rental property differently than on your primary residence. I would consult a CPA before making any primary move.