Updated almost 6 years ago on . Most recent reply
Loan escrow questions
I have 2 duplexes under contract.....(right before all the covid 19). Using a conventional loan in KS
Anyways I was able to negotiate $12000 for each in repairs to an escrow account. I want to install vinyl siding myself and use the rest for other repairs but now the title company is telling me I need to have a contractor. Can I just go write up some letter head and write myself a receipt? Its not fraud if I'm actually doing the work right? I definitely dont want to incur any taxes on this money either. Any other ideas beside putting money in escrow?
The only other idea I have is to knock $12000 off each property and fork out the cash myself.
Can I take the siding cost off my taxes if the money for repairs came from an escrow account?