[TemekuT]

Nicole, SD Realtor is correct. I went back and read the post and you do state that you have a realtor who in turn has a broker. I failed to see that in the first quick reading. And SD Realtor is correctly informing you to go to your realtor’s broker.

My fault for the quick perusal and answer while returning phone calls this morning.

[TemekuT]

Nicole, SD Realtor is correct. I went back and read the post and you do state that you have a realtor who in turn has a broker. I failed to see that in the first quick reading. And SD Realtor is correctly informing you to go to your realtor’s broker.

My fault for the quick perusal and answer while returning phone calls this morning.

[TemekuT]

Nicole, SD Realtor is correct. I went back and read the post and you do state that you have a realtor who in turn has a broker. I failed to see that in the first quick reading. And SD Realtor is correctly informing you to go to your realtor’s broker.

My fault for the quick perusal and answer while returning phone calls this morning.

[TemekuT]

Nicole, SD Realtor is correct. I went back and read the post and you do state that you have a realtor who in turn has a broker. I failed to see that in the first quick reading. And SD Realtor is correctly informing you to go to your realtor’s broker.

My fault for the quick perusal and answer while returning phone calls this morning.

[TemekuT]

Nicole, SD Realtor is correct. I went back and read the post and you do state that you have a realtor who in turn has a broker. I failed to see that in the first quick reading. And SD Realtor is correctly informing you to go to your realtor’s broker.

My fault for the quick perusal and answer while returning phone calls this morning.

[TemekuT]

Hi Nicole:

I have quite a few years experience working in real estate in several different capacities and have seen a lot of different situations. If I understand you correctly, you have no representation and are somewhat naive as to the process of purchasing a resale. The listing agent represents the seller and will do whatever the bank wants done at this point to push the sale to a close and collect the commission. And, probably since you have no agent, the listing agent is receiving the entire commission and is even more motivated to push this deal through even though you haven’t received all the inspections and disclosures.

If you were my relative, I would at this point advise you to pay a broker a fee to advise and guide you through the remainder of the process. I’m not so sure you need a lawyer as an experienced broker should be able to read and decipher the clauses in the boilerplate contract the bank is probably using. You need to make sure you don’t do anything like sign away your rights and end up with a major defect like a cracked slab, a cloud on title, etc.

You might consider contacting any one of the 3 realtors that post to this sight – SD Realtor, sd realtor, and Jim Klinge – to see if you can arrange a fee based short-term arrangement. I’m also a broker (not in the resale business) and I see them all as ethical and informed and they appear to put the clients’ interests at the forefront. Do not rely on the loan rep – their interest is to close the loan and get the commission. And do not just arbitrarily select some broker. You can google Jim, and I think SD Realtor’s e-mail is floating around this website in several locations, adam something or another. I don’t know exactly who sd realtor is. Perhaps some other Piggintonians can supply the e-mail addresses.

I recall you are an M.D. so think of this as a consultation fee. Best of luck to you.

[TemekuT]

Hi Nicole:

I have quite a few years experience working in real estate in several different capacities and have seen a lot of different situations. If I understand you correctly, you have no representation and are somewhat naive as to the process of purchasing a resale. The listing agent represents the seller and will do whatever the bank wants done at this point to push the sale to a close and collect the commission. And, probably since you have no agent, the listing agent is receiving the entire commission and is even more motivated to push this deal through even though you haven’t received all the inspections and disclosures.

If you were my relative, I would at this point advise you to pay a broker a fee to advise and guide you through the remainder of the process. I’m not so sure you need a lawyer as an experienced broker should be able to read and decipher the clauses in the boilerplate contract the bank is probably using. You need to make sure you don’t do anything like sign away your rights and end up with a major defect like a cracked slab, a cloud on title, etc.

You might consider contacting any one of the 3 realtors that post to this sight – SD Realtor, sd realtor, and Jim Klinge – to see if you can arrange a fee based short-term arrangement. I’m also a broker (not in the resale business) and I see them all as ethical and informed and they appear to put the clients’ interests at the forefront. Do not rely on the loan rep – their interest is to close the loan and get the commission. And do not just arbitrarily select some broker. You can google Jim, and I think SD Realtor’s e-mail is floating around this website in several locations, adam something or another. I don’t know exactly who sd realtor is. Perhaps some other Piggintonians can supply the e-mail addresses.

I recall you are an M.D. so think of this as a consultation fee. Best of luck to you.

[TemekuT]

Hi Nicole:

I have quite a few years experience working in real estate in several different capacities and have seen a lot of different situations. If I understand you correctly, you have no representation and are somewhat naive as to the process of purchasing a resale. The listing agent represents the seller and will do whatever the bank wants done at this point to push the sale to a close and collect the commission. And, probably since you have no agent, the listing agent is receiving the entire commission and is even more motivated to push this deal through even though you haven’t received all the inspections and disclosures.

If you were my relative, I would at this point advise you to pay a broker a fee to advise and guide you through the remainder of the process. I’m not so sure you need a lawyer as an experienced broker should be able to read and decipher the clauses in the boilerplate contract the bank is probably using. You need to make sure you don’t do anything like sign away your rights and end up with a major defect like a cracked slab, a cloud on title, etc.

You might consider contacting any one of the 3 realtors that post to this sight – SD Realtor, sd realtor, and Jim Klinge – to see if you can arrange a fee based short-term arrangement. I’m also a broker (not in the resale business) and I see them all as ethical and informed and they appear to put the clients’ interests at the forefront. Do not rely on the loan rep – their interest is to close the loan and get the commission. And do not just arbitrarily select some broker. You can google Jim, and I think SD Realtor’s e-mail is floating around this website in several locations, adam something or another. I don’t know exactly who sd realtor is. Perhaps some other Piggintonians can supply the e-mail addresses.

I recall you are an M.D. so think of this as a consultation fee. Best of luck to you.

[TemekuT]

Hi Nicole:

I have quite a few years experience working in real estate in several different capacities and have seen a lot of different situations. If I understand you correctly, you have no representation and are somewhat naive as to the process of purchasing a resale. The listing agent represents the seller and will do whatever the bank wants done at this point to push the sale to a close and collect the commission. And, probably since you have no agent, the listing agent is receiving the entire commission and is even more motivated to push this deal through even though you haven’t received all the inspections and disclosures.

If you were my relative, I would at this point advise you to pay a broker a fee to advise and guide you through the remainder of the process. I’m not so sure you need a lawyer as an experienced broker should be able to read and decipher the clauses in the boilerplate contract the bank is probably using. You need to make sure you don’t do anything like sign away your rights and end up with a major defect like a cracked slab, a cloud on title, etc.

You might consider contacting any one of the 3 realtors that post to this sight – SD Realtor, sd realtor, and Jim Klinge – to see if you can arrange a fee based short-term arrangement. I’m also a broker (not in the resale business) and I see them all as ethical and informed and they appear to put the clients’ interests at the forefront. Do not rely on the loan rep – their interest is to close the loan and get the commission. And do not just arbitrarily select some broker. You can google Jim, and I think SD Realtor’s e-mail is floating around this website in several locations, adam something or another. I don’t know exactly who sd realtor is. Perhaps some other Piggintonians can supply the e-mail addresses.

I recall you are an M.D. so think of this as a consultation fee. Best of luck to you.

[TemekuT]

Hi Nicole:

I have quite a few years experience working in real estate in several different capacities and have seen a lot of different situations. If I understand you correctly, you have no representation and are somewhat naive as to the process of purchasing a resale. The listing agent represents the seller and will do whatever the bank wants done at this point to push the sale to a close and collect the commission. And, probably since you have no agent, the listing agent is receiving the entire commission and is even more motivated to push this deal through even though you haven’t received all the inspections and disclosures.

If you were my relative, I would at this point advise you to pay a broker a fee to advise and guide you through the remainder of the process. I’m not so sure you need a lawyer as an experienced broker should be able to read and decipher the clauses in the boilerplate contract the bank is probably using. You need to make sure you don’t do anything like sign away your rights and end up with a major defect like a cracked slab, a cloud on title, etc.

You might consider contacting any one of the 3 realtors that post to this sight – SD Realtor, sd realtor, and Jim Klinge – to see if you can arrange a fee based short-term arrangement. I’m also a broker (not in the resale business) and I see them all as ethical and informed and they appear to put the clients’ interests at the forefront. Do not rely on the loan rep – their interest is to close the loan and get the commission. And do not just arbitrarily select some broker. You can google Jim, and I think SD Realtor’s e-mail is floating around this website in several locations, adam something or another. I don’t know exactly who sd realtor is. Perhaps some other Piggintonians can supply the e-mail addresses.

I recall you are an M.D. so think of this as a consultation fee. Best of luck to you.

[TemekuT]

This pool deductibility question is a standard example in any college income tax fundamentals textbook.

Let’s define “writing off the pool”. The interest related to the acquistion debt, whether in the form of mortgate debt or a HELOC, would generally be deductible.

In the case where a homeowner wants to deduct the costs TG mentioned, i.e., chemicals, cleaning, electricity etc, if a medical condition exist such as (let’s say) ALS in which swim therapy in a heated pool would alleviate the symptoms, those costs would generally be deductible on Schedule A to the extent that they exceed 7.5% of AGI, but only if the pool was specifically designed to meet the medical hydrotherapy needs as prescribed by a physician.

Let’s assume a homeowner arbitrarily deducts the same maintenance costs because he/she installs a pool due to something like “arthritis”, and there is no clear and urgent medical diagnosis and the pool is a standard backyard pool with diving board, slide and the usual configuration. The excess medical deductions will most probably trigger at least an IRS office audit and it will be imcumbent on the taxpayer to defend the tax treatment of the deductions, which will generally be disallowed and the taxpayer will be assessed an underpayment penalty and interest and perhaps a negligence penalty.

TG, be careful about the deductibility of anything in a HELOC or refi. The non-acquistion home equity debt interest cannot be deducted on the portion that exceeds $100,000. For example, if you HELOC your house to $130K and build an addition, that is acquisiton debt and is entirely deductible. But if you HELOC your house to $130K and buy jet skis, a lifted Ford F250, a Crystal Symphony cruise, and finance a bat mitzvah, the maximum interest deduction is allowed only on $100,000 of the debt. The remaining interest on $30,000 is disallowed.

When consumer interest was disallowed in 1991, there was a change in tax law that redefined consumer interest and instead of being phased out, it was merely redefined and shifted to deductibility as qualifed residence interest, and this led to the proliferation of HELOCS, which brings us to the mess we are today.

[TemekuT]

This pool deductibility question is a standard example in any college income tax fundamentals textbook.

Let’s define “writing off the pool”. The interest related to the acquistion debt, whether in the form of mortgate debt or a HELOC, would generally be deductible.

In the case where a homeowner wants to deduct the costs TG mentioned, i.e., chemicals, cleaning, electricity etc, if a medical condition exist such as (let’s say) ALS in which swim therapy in a heated pool would alleviate the symptoms, those costs would generally be deductible on Schedule A to the extent that they exceed 7.5% of AGI, but only if the pool was specifically designed to meet the medical hydrotherapy needs as prescribed by a physician.

Let’s assume a homeowner arbitrarily deducts the same maintenance costs because he/she installs a pool due to something like “arthritis”, and there is no clear and urgent medical diagnosis and the pool is a standard backyard pool with diving board, slide and the usual configuration. The excess medical deductions will most probably trigger at least an IRS office audit and it will be imcumbent on the taxpayer to defend the tax treatment of the deductions, which will generally be disallowed and the taxpayer will be assessed an underpayment penalty and interest and perhaps a negligence penalty.

TG, be careful about the deductibility of anything in a HELOC or refi. The non-acquistion home equity debt interest cannot be deducted on the portion that exceeds $100,000. For example, if you HELOC your house to $130K and build an addition, that is acquisiton debt and is entirely deductible. But if you HELOC your house to $130K and buy jet skis, a lifted Ford F250, a Crystal Symphony cruise, and finance a bat mitzvah, the maximum interest deduction is allowed only on $100,000 of the debt. The remaining interest on $30,000 is disallowed.

When consumer interest was disallowed in 1991, there was a change in tax law that redefined consumer interest and instead of being phased out, it was merely redefined and shifted to deductibility as qualifed residence interest, and this led to the proliferation of HELOCS, which brings us to the mess we are today.

[TemekuT]

This pool deductibility question is a standard example in any college income tax fundamentals textbook.

Let’s define “writing off the pool”. The interest related to the acquistion debt, whether in the form of mortgate debt or a HELOC, would generally be deductible.

In the case where a homeowner wants to deduct the costs TG mentioned, i.e., chemicals, cleaning, electricity etc, if a medical condition exist such as (let’s say) ALS in which swim therapy in a heated pool would alleviate the symptoms, those costs would generally be deductible on Schedule A to the extent that they exceed 7.5% of AGI, but only if the pool was specifically designed to meet the medical hydrotherapy needs as prescribed by a physician.

Let’s assume a homeowner arbitrarily deducts the same maintenance costs because he/she installs a pool due to something like “arthritis”, and there is no clear and urgent medical diagnosis and the pool is a standard backyard pool with diving board, slide and the usual configuration. The excess medical deductions will most probably trigger at least an IRS office audit and it will be imcumbent on the taxpayer to defend the tax treatment of the deductions, which will generally be disallowed and the taxpayer will be assessed an underpayment penalty and interest and perhaps a negligence penalty.

TG, be careful about the deductibility of anything in a HELOC or refi. The non-acquistion home equity debt interest cannot be deducted on the portion that exceeds $100,000. For example, if you HELOC your house to $130K and build an addition, that is acquisiton debt and is entirely deductible. But if you HELOC your house to $130K and buy jet skis, a lifted Ford F250, a Crystal Symphony cruise, and finance a bat mitzvah, the maximum interest deduction is allowed only on $100,000 of the debt. The remaining interest on $30,000 is disallowed.

When consumer interest was disallowed in 1991, there was a change in tax law that redefined consumer interest and instead of being phased out, it was merely redefined and shifted to deductibility as qualifed residence interest, and this led to the proliferation of HELOCS, which brings us to the mess we are today.

[TemekuT]

This pool deductibility question is a standard example in any college income tax fundamentals textbook.

Let’s define “writing off the pool”. The interest related to the acquistion debt, whether in the form of mortgate debt or a HELOC, would generally be deductible.

In the case where a homeowner wants to deduct the costs TG mentioned, i.e., chemicals, cleaning, electricity etc, if a medical condition exist such as (let’s say) ALS in which swim therapy in a heated pool would alleviate the symptoms, those costs would generally be deductible on Schedule A to the extent that they exceed 7.5% of AGI, but only if the pool was specifically designed to meet the medical hydrotherapy needs as prescribed by a physician.

Let’s assume a homeowner arbitrarily deducts the same maintenance costs because he/she installs a pool due to something like “arthritis”, and there is no clear and urgent medical diagnosis and the pool is a standard backyard pool with diving board, slide and the usual configuration. The excess medical deductions will most probably trigger at least an IRS office audit and it will be imcumbent on the taxpayer to defend the tax treatment of the deductions, which will generally be disallowed and the taxpayer will be assessed an underpayment penalty and interest and perhaps a negligence penalty.

TG, be careful about the deductibility of anything in a HELOC or refi. The non-acquistion home equity debt interest cannot be deducted on the portion that exceeds $100,000. For example, if you HELOC your house to $130K and build an addition, that is acquisiton debt and is entirely deductible. But if you HELOC your house to $130K and buy jet skis, a lifted Ford F250, a Crystal Symphony cruise, and finance a bat mitzvah, the maximum interest deduction is allowed only on $100,000 of the debt. The remaining interest on $30,000 is disallowed.

When consumer interest was disallowed in 1991, there was a change in tax law that redefined consumer interest and instead of being phased out, it was merely redefined and shifted to deductibility as qualifed residence interest, and this led to the proliferation of HELOCS, which brings us to the mess we are today.

[TemekuT]

This pool deductibility question is a standard example in any college income tax fundamentals textbook.

Let’s define “writing off the pool”. The interest related to the acquistion debt, whether in the form of mortgate debt or a HELOC, would generally be deductible.

In the case where a homeowner wants to deduct the costs TG mentioned, i.e., chemicals, cleaning, electricity etc, if a medical condition exist such as (let’s say) ALS in which swim therapy in a heated pool would alleviate the symptoms, those costs would generally be deductible on Schedule A to the extent that they exceed 7.5% of AGI, but only if the pool was specifically designed to meet the medical hydrotherapy needs as prescribed by a physician.

Let’s assume a homeowner arbitrarily deducts the same maintenance costs because he/she installs a pool due to something like “arthritis”, and there is no clear and urgent medical diagnosis and the pool is a standard backyard pool with diving board, slide and the usual configuration. The excess medical deductions will most probably trigger at least an IRS office audit and it will be imcumbent on the taxpayer to defend the tax treatment of the deductions, which will generally be disallowed and the taxpayer will be assessed an underpayment penalty and interest and perhaps a negligence penalty.

TG, be careful about the deductibility of anything in a HELOC or refi. The non-acquistion home equity debt interest cannot be deducted on the portion that exceeds $100,000. For example, if you HELOC your house to $130K and build an addition, that is acquisiton debt and is entirely deductible. But if you HELOC your house to $130K and buy jet skis, a lifted Ford F250, a Crystal Symphony cruise, and finance a bat mitzvah, the maximum interest deduction is allowed only on $100,000 of the debt. The remaining interest on $30,000 is disallowed.

When consumer interest was disallowed in 1991, there was a change in tax law that redefined consumer interest and instead of being phased out, it was merely redefined and shifted to deductibility as qualifed residence interest, and this led to the proliferation of HELOCS, which brings us to the mess we are today.

[Author]

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