[2008]

Bloat – regarding tax benefit from write-off as a primary residence owner (mortgage interest and taxes) versus rental income loss ( up to 25K)….are you saying that I can achieve a comparable or even greater tax deduction via rental loss as long as it does not exceed the 25K?

Thanks

[2008]

Bloat – regarding tax benefit from write-off as a primary residence owner (mortgage interest and taxes) versus rental income loss ( up to 25K)….are you saying that I can achieve a comparable or even greater tax deduction via rental loss as long as it does not exceed the 25K?

Thanks

[2008]

Bloat – regarding tax benefit from write-off as a primary residence owner (mortgage interest and taxes) versus rental income loss ( up to 25K)….are you saying that I can achieve a comparable or even greater tax deduction via rental loss as long as it does not exceed the 25K?

Thanks

[2008]

Thanks everyone. I have sat down and looked at some of the prelim numbers – a friend who is a REIT analyst sent me a cash flow model that models out my loan over 30 years, plus looks at tax implications, rental impact, etc. Last night looked at what my payment will look like starting basically in 2011 when it resets at the end of 2010, less the tax savings. It does look like I am far better off just holding on to this place – either living in it myself – which until it resets, does not carry any negative holding costs, or if I were to rent it out and take the tax write off. It does get a lot uglier in terms of holding costs starting in 2011 if I cannot refi, but I need to look into this Calhafa program and find out what my options are there.

[2008]

Thanks everyone. I have sat down and looked at some of the prelim numbers – a friend who is a REIT analyst sent me a cash flow model that models out my loan over 30 years, plus looks at tax implications, rental impact, etc. Last night looked at what my payment will look like starting basically in 2011 when it resets at the end of 2010, less the tax savings. It does look like I am far better off just holding on to this place – either living in it myself – which until it resets, does not carry any negative holding costs, or if I were to rent it out and take the tax write off. It does get a lot uglier in terms of holding costs starting in 2011 if I cannot refi, but I need to look into this Calhafa program and find out what my options are there.

[2008]

Thanks everyone. I have sat down and looked at some of the prelim numbers – a friend who is a REIT analyst sent me a cash flow model that models out my loan over 30 years, plus looks at tax implications, rental impact, etc. Last night looked at what my payment will look like starting basically in 2011 when it resets at the end of 2010, less the tax savings. It does look like I am far better off just holding on to this place – either living in it myself – which until it resets, does not carry any negative holding costs, or if I were to rent it out and take the tax write off. It does get a lot uglier in terms of holding costs starting in 2011 if I cannot refi, but I need to look into this Calhafa program and find out what my options are there.

[2008]

Thanks for your suggestion FormerSanDiegan, a lot to think about and consider. I am hoping that somewhere over the next 3-5 years there will be a slight upturn to sell, versus just down down down. Its tough to consider the condo losing between 30-50% of its value from 2005, but no point in crying over split milk now.

[2008]

Thanks for your suggestion FormerSanDiegan, a lot to think about and consider. I am hoping that somewhere over the next 3-5 years there will be a slight upturn to sell, versus just down down down. Its tough to consider the condo losing between 30-50% of its value from 2005, but no point in crying over split milk now.

[2008]

Thanks for your suggestion FormerSanDiegan, a lot to think about and consider. I am hoping that somewhere over the next 3-5 years there will be a slight upturn to sell, versus just down down down. Its tough to consider the condo losing between 30-50% of its value from 2005, but no point in crying over split milk now.

[2008]

4plexowner – look I’m screwed any way you look at it, I’m trying to figure out how to minimize the pain, so I’m looking at taking the obvious loss today, versus writing off the loss from rental over the next decade as FormerSD suggested. Or the next 5 years. Not buying into any rationale at this point, just trying to understand the best route to go. I do not expect my condo to go back to 2005 values.

What do you suggest I do?

[2008]

4plexowner – look I’m screwed any way you look at it, I’m trying to figure out how to minimize the pain, so I’m looking at taking the obvious loss today, versus writing off the loss from rental over the next decade as FormerSD suggested. Or the next 5 years. Not buying into any rationale at this point, just trying to understand the best route to go. I do not expect my condo to go back to 2005 values.

What do you suggest I do?

[2008]

4plexowner – look I’m screwed any way you look at it, I’m trying to figure out how to minimize the pain, so I’m looking at taking the obvious loss today, versus writing off the loss from rental over the next decade as FormerSD suggested. Or the next 5 years. Not buying into any rationale at this point, just trying to understand the best route to go. I do not expect my condo to go back to 2005 values.

What do you suggest I do?

[2008]

Thanks FormerSanDiegan.

If my rate resets 2 points in 2010, which I believe is the maximum reset on my 80% loan, and my payments creap up another 500-600/month, with the write-off on negative income and depreciation, it sounds like I’m better off if I just hold on till at least 2012- versus selling today and realizing an immediate 70K loss.

Not sure what the tax savings would be, but I would lose 6K the next 3 years per year and 12K the 2 thereafter totaling 42K loss in rental income. Even without the tax write-off, still ahead vs taking a 70K loss right now.

Does my logic sound about right?

[2008]

Thanks FormerSanDiegan.

If my rate resets 2 points in 2010, which I believe is the maximum reset on my 80% loan, and my payments creap up another 500-600/month, with the write-off on negative income and depreciation, it sounds like I’m better off if I just hold on till at least 2012- versus selling today and realizing an immediate 70K loss.

Not sure what the tax savings would be, but I would lose 6K the next 3 years per year and 12K the 2 thereafter totaling 42K loss in rental income. Even without the tax write-off, still ahead vs taking a 70K loss right now.

Does my logic sound about right?

[2008]

Thanks FormerSanDiegan.

If my rate resets 2 points in 2010, which I believe is the maximum reset on my 80% loan, and my payments creap up another 500-600/month, with the write-off on negative income and depreciation, it sounds like I’m better off if I just hold on till at least 2012- versus selling today and realizing an immediate 70K loss.

Not sure what the tax savings would be, but I would lose 6K the next 3 years per year and 12K the 2 thereafter totaling 42K loss in rental income. Even without the tax write-off, still ahead vs taking a 70K loss right now.

Does my logic sound about right?

[Author]

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