Ask a California Mortgage Broker anything?

If I purchase a home in another state and decide to rent instead of move into it, will I still have to pay capital gains tax if I sell a few years (more than 2, less than 5) later for profit?

Originally Posted by edicWHUN

If I purchase a home in another state and decide to rent instead of move into it, will I still have to pay capital gains tax if I sell a few years (more than 2, less than 5) later for profit?

I am not sure. Call your accountant. I cannot give tax advice, since everyones situation is different.

Originally Posted by kushy

im 12, and is this a gangbang?

Originally Posted by GRIFFIN

Benifiets with the different loans yes, dollar amount not so much.

FHA minimum 3.5% down. Can go up to 95% LTV. DTI is more forgivable to higher ratios, credit score can go down to 620.
But you have required mortgage insurance.

Conventional required 20% down, No mortgage insurance if at 80% LTV or lower. In order to have a good rate, credit score will need to be 680 or higher.

The funny thing is rates between the 2 loan programs are pretty close. Difference of maybe.25%-.50%.

I know about the higher LTV limits of FHA loans, but when happens when you put 20%+ down and want to get an FHA loan. I'm assuming there's no mortgage insurance or up-front MPI when you put over 20% down on an FHA. I've heard that FHA loans are transferable. I have also heard that there are times when FHA loans have slightly lower pricing than conventional loans.

Griffin (teh mortgage broker ITT), are you an alcoholic? In another thread you said you were drunk last night (which is a wednesday).

thanks

Originally Posted by edicWHUN

If I purchase a home in another state and decide to rent instead of move into it, will I still have to pay capital gains tax if I sell a few years (more than 2, less than 5) later for profit?

*Putting my CPA hat on*

You will have a long term capital gain or loss if you sell it after 1 year. If you sell it within 1 year, the short term gain will be treated as ordinary income. You can only deduct up to $3,000 per year of short or long term capital losses. Also, you will also have a depreciation expense on a rental property and depending on what your AGI is and if you actively management the property, you may have an active real estate tax loss that you can use against your income (limited to $25k per year).

Originally Posted by kushy

Griffin (teh mortgage broker ITT), are you an alcoholic? In another thread you said you were drunk last night (which is a wednesday).

thanks

Nope. it was long day yesterday. I drank at dinner and then afterwards.
I was in bed at 12pm. Woke up at 5:30, worked out and showed up to work at 8am.

Originally Posted by USCTrojanMan29

*Putting my CPA hat on*

You will have a long term capital gain or loss if you sell it after 1 year. If you sell it within 1 year, the short term gain will be treated as ordinary income. You can only deduct up to $3,000 per year of short or long term capital losses. Also, you will also have a depreciation expense on a rental property and depending on what your AGI is and if you actively management the property, you may have an active real estate tax loss that you can use against your income (limited to $25k per year).

thank you!

that sounds harsh. was it harsh?

Originally Posted by kushy

that sounds harsh. was it harsh?

what?

Good thread!

Originally Posted by M3Inline6

Good thread!

Originally Posted by GRIFFIN

r

and i was talking about your fall in your sig. was it harsh? you know, did it hurt?

^ What are you smoking.

I want some of that.

what kind of personal software do homebuyers use to track their mortgage

Originally Posted by kushy

r

and i was talking about your fall in your sig. was it harsh? you know, did it hurt?

i don;t know I am not a hot chick.

Here is to correct the repost of my post.

Originally Posted by Amoeba

^ What are you smoking.

I want some of that.

Originally Posted by bmwhype

what kind of personal software do homebuyers use to track their mortgage

what do you want to track?
Normally if you sign up for your lenders website you can monitor your loan. From where your payments go when you send it in. Like how much goes to principal and interest.

i wanna track whatever i can.

Originally Posted by bmwhype

i wanna track whatever i can.

Well, loans aren't all that difficult to track by hand. You take *** dollar amount and charge * interst rate. Space it out over the period of ***years. Part of the payment goes to principal, interst taxes and insurance.
Once that period of time is over loan will be paid off. Some people use Quicken, or other finace programs. But I recommend just uses your lenders website to monitor your account.