A Reader Asks…
I got a credit report from a lender (the lender type of credit report), it lists 3 credit scores.
There is a same tax lien listed twice, one has account number , the other doesn’t has an account number. Which credit bureau should I contact for this issue? How do you know which item is from which credit bureau?
A Reader Asks…
I used to think it saved money to lower the thermostat when I left the house but a former landlord told me that raises the cost of heating because the heater must then work harder to get to the higher temperature when it’s turned back up. My furnace is natural gas so which is the correct way to save money, lowering the thermostat or keeping a constant temperature?
A Reader Asks…
My mortgage is $1550 per month and taxes are $6500 per year. I rent the house out for $1375 per month at a loss every month. BUT… If I file taxes reporting the rental home as an active income generator (at a loss) I can only deduct “X” dollars for my loss (this of course would include maintenance fees, home owners insurance, HOA dues, etc.). If I just deduct the mortgage interest and taxes I get a bigger deduction.
Is it OK for me just to deduct my interest and real estate taxes and get the bigger deduction? Or do I HAVE to report it as an income generating venture even though I take money out of my pocket every month just to hold on to the house?
How would the IRS look at it? The way I see it I get penalized for owning my home and renting it out. I guess I would have to be losing alot more money every month to make it work in my favor…
Any experts out there? Thanks.