Tag Archives: Contract law

Renting to Roommates

Today TaxMama® hears from Ellen in the TaxQuips Forum, who is getting conflicting information.  “I had no idea, when we decided to be responsible parents to my son and the son of a family friend, that we’d have such a headache at tax time when we decided to start charging “rent” after they graduated from […]

Wages Garnished

Today TaxMama® hears from Vivian in the TaxQuips Forum, with a big problem. “I just received notice today of my wages being garnished. I will be left with only $750 per month to pay all my expenses (which total approximately $1,500 at minimum per month). What can I do to negotiate that amount due to […]

Converting to Rental

Today TaxMama® hears from Connie in the TaxQuips Forum with this question “What is the cost basis that should be used for property that had a HUD cost of $63,000 back in 1997 when the current owner acquired it? It was recently (2011) converted to a rental property. The 2011 value of the property is […]

Loss on Leasehold Interest

Today TaxMama hears from Gordon in the Tax Quips Forum, who wants fairness. “In 1996 I purchased a leasehold interest in a lot in a recreational vehicle park.  The lot is on leased land owned by someone else.  Since there was actually no real property I assumed I would not have to pay capital gains […]

Fiance’s Financial Fiasco

  Today TaxMama hears from Sandra in the Tax Quips Forum with a quick question. “My soon-to-be spouse has a mountain of back tax debt. Can this affect me in any way or my property? I live in Missouri. He also has terrible credit.”

Residence or Travel

Today TaxMama hears from Susan in the TaxQuips Forum, with this issue. “We have a rental property that we want to re-establish residency in for the 2 year period without selling our current home we live in. I have to go back to work near the rental property so it is my plan to stay […]

Landlord Costs

  Today TaxMama hears from Eric in the TaxQuips Forum, who is a new landlord. “During periods of vacancy (in between tenants), are mortgage and utility bills tax deductible at all? Also are the costs of replacement furnace filters and pest control items, etc. purchased and used by me (the landlord) deductible as operating expenses?”  

Read the Contract

  Today TaxMama hears from someone with an endless set of questions. “It started out as a question about a lease buyout, which turned out not to be about an equipment lease, but a landlord-tenant lease, which turned out to be about a tenant-former tenant thing, which…”  

Missed the Deadline?

Today TaxMama hears from Jesus in the TaxQuips Forum, who is on the cusp. “I made my offer for my home on 04/29/10 but I closed escrow on 06/14/10. My HUD-1 statement says STAEMENT DATE : JUNE 14, 2010, basically the day I closed escrow. Do I still qualify? The binding contract is confusing. What […]