All Forum Posts by: Edmund Ricker

@Spencer Wetmore

From the IRS website:

In general, you can deduct PMI premiums in the year paid. However, if you prepay PMI premiums for more than one year in advance, for each year of coverage you can deduct only the part of the PMI payment that will apply to that year. Report a deduction for PMI premiums on line 9 of Schedule E (Form 1040), Supplemental Income and Loss.

Hope that helps.

Ed

@Danielle C.

I don't want to discourage you in anyway, but I would like to give you a few words of caution.  Getting started with low and no money down is done everyday, but you must be cautious and very calculated so that things don't go south on you.

If you have a good deal then finding hard money to fund the deal should not be a problem.  Borrowing on a credit card for your downpayment could work, but I would try to find a partner to split the deal with first.  Maybe a family member or good friend could lend you the downpayment and you could either give them a note or split the profits.

Hope this is helpful.

Ed

@Arin Whedbee

At the end of the day, my reputation means everything to me....certainly more than money.  Each person is free to conduct themselves as they see fit, but if it were me, I would be honest about my intentions.

For me, I feel it is important to create win-win situations between parties.  This can be both ethical and profitable.

Hope this helps.

Ed

Hi @Kenneth LaVoie,

How goes the sale of this property?  It is a bit far out of my area but it is interesting.

Thanks,

Ed

@Don Ashby

Congratulations on your first investment!  I wish you success and good fortune.

This community is great and the people are a wealth of good information.  

Ed

@Doug McRae

I am not sure exactly what you need, but if you have Microsoft Office, go to Excel and under "New" worksheets they have templates for different balance sheets.

It is always a good idea to keep an eye on the P&L and balance sheet.

Hope this helps.

Ed

@Account Closed

You need to consult an accountant who can examine your complete picture and advise you accordingly.  Explain your goal to a professional and they can help you to craft a plan to transfer the asset with the least tax impact or explain the consequences of transferring it all at once.

You will run up against gift tax if you transfer the property outright because the FMV of the property is well above the annual gift exemption.

If you sell the property and pay long term capital gains and then gift the proceeds to your daughter you still face gift tax.

I hope this helps.

Ed

@Robert F.

I love QuickBooks.  It might be a bit complicated for just tracking personal finance, but since I work with it daily, I love it.  I have used Mint in the past.  

If someone is on a tight budget, I have found Excel to be great and easy to use. 

@Peter Maguire

I am not sure how things work in Chicago, but I know in my area the repercussions of paying taxes late are penalties and interest.  I don't believe you have to worry about a tax lien, but that is my guess.

If it were me, I would call the tax collectors office and just ask them the consequences for paying your taxes a couple months late.  Then it is not speculation, it is fact.  Just to cover yourself, I would document the day you called and to whom you spoke.

I hope this helps.

Ed