quest

I have been laid off and earned less than 19 ,000. Have 4,000 in child support and around 2000 from a bldg I just purchased as oo. It cost few hundred to evict and clean a unit. Must I itemize? Any advice suggestions are appreciated. Thanks, Quest

Thanks for the information all. Quest

Thanks Kim that explained it. Whew! I was starting to think I'd never get this figured out. Another newbie question: How do banks loan money to fix up a home. Say that I buy a house for 30,000. This home requires 20,000 in repairs. The comps are 70,000. Is a bank willing to loan me money for a property that is already mortgaged and not worth yet the 20,000. My primitive thinking is that a bank doesn't want to loan money on a property that has little or no value. Thanks, Quest

Hello, I bought a twin single as owner occupied. Upon working on the unit to make it liveable, I realized I HATE THE NEIGHBORHOOD AND THE NEIGHBORS. Do I have any recourse? I'd rather rent it out. When I went to view the home and do the inspection I felt it was nice enough but it's way different after being there regularly doing rehab. What type of legal and or tax problems do I face If I never take occupancy?