Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-15-2016, 02:39 PM
Junior Member
 
Join Date: Mar 2016
Posts: 1
Transfer of capital gains

Can I use equity from my rental property and place it towards my residential mortgage? I am trying to convert my residential property into a rental and dump my current rental.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-15-2016, 06:52 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,233
Quote:
Originally Posted by cjimenez View Post
Can I use equity from my rental property and place it towards my residential mortgage? I am trying to convert my residential property into a rental and dump my current rental.
Can I use equity from my rental property and place it towards my residential mortgage?=======>>>>>>>>>i think so youmay palce it on naother residnetial home by taking it out from your rental home and placing it towards another residential home. plz read below



I am trying to convert my residential property into a rental and dump my current rental.=============>>>>>>>>>>I guess your equity in the residential home is automatically transferred into the rental home;if you convert it to rental home then, your basis is the lower of FMV on the date of conversion OR its adjusted basis;however, I also guess you neeed to review your mortgage contract with your lender, if there is a loan on the property. If the home loan was expressly for a primary resident or the contract has a provision that forbids renting the property, you need to consult with your attorney before proceeding with the conversion.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Capital gains Henny4 Capital Gains 5 04-18-2015 04:49 PM
Capital Gains. I think. Joshua Capital Gains 1 02-21-2015 01:32 AM
way to create capital gains? texastaxpayer S-Corporation 1 04-04-2009 04:05 PM
What is the treatment for Capital Gains and Capital Losses in a C-Corporation? katlee C-Corporation 1 02-01-2009 05:23 PM
Capital Gains kmk21248 Capital Gains 2 05-01-2008 02:50 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning