I think I made a mess of things

[amberwave]

What is the name of your state? Ca.

I bought a home last yr. this time ...well then after about 6 mo.'s I found this pre fab home and land for a little less , my daughter was going to move in this pre-fab one but it worked better for me ..as it's very wide open space and I am in a wheel chair ...so I moved in the pre-fab ...we switched ...I own both homes ...she lives in the other one and I only charge her the payment nothing above that ...but I have not told the first loan people I have changed yet ...( two diff. loan companies) ...all payment have been made on time ..everything is up to date ...BUT i want to change it around ...but I am worried that this will cause a upset to my loan company on the first home ...I am new at this like a fish out of water ..I do NOT know the in and outs of real estate..I want to re-finance also the last home ..and Help or infor for me anyone I JUST DONT WANT ANY PROBLEMS...

 

[mykoleary]

Talk to a mortgage broker, they'll help you all you need and often for free (hoping of course for your business on which they will get a commission...)

 

[kharvel]

You may want to consider the tax implications of renting out one of your homes to someone else, especially when it is your daughter. Talk to a tax specialist and find out if you are liable for any taxes related to the rental income. Thanks.

 

[hexeliebe]

Besides being a DUH! what does that have to do with the poster's question?

 

[HomeGuru]

What is the name of your state? Ca.

I bought a home last yr. this time ...well then after about 6 mo.'s I found this pre fab home and land for a little less , my daughter was going to move in this pre-fab one but it worked better for me ..as it's very wide open space and I am in a wheel chair ...so I moved in the pre-fab ...we switched ...I own both homes ...she lives in the other one and I only charge her the payment nothing above that ...but I have not told the first loan people I have changed yet ...( two diff. loan companies) ...all payment have been made on time ..everything is up to date ...BUT i want to change it around ...but I am worried that this will cause a upset to my loan company on the first home ...I am new at this like a fish out of water ..I do NOT know the in and outs of real estate..I want to re-finance also the last home ..and Help or infor for me anyone I JUST DONT WANT ANY PROBLEMS...

**A: why would you think that your first loan company would be upset?
What are the reasons?

 

[amberwave]

I dont know that is why I am asking ...I know nothing about real estate ...these are the first homes I have ever bought ...my tax lady said there should be no income to report on the house my daughter is living in as she only pays the payment and nothing over that ...I make no profit from it ...but I am the one who name is on both homes. ??

 

[HomeGuru]

I dont know that is why I am asking ...I know nothing about real estate ...these are the first homes I have ever bought ...my tax lady said there should be no income to report on the house my daughter is living in as she only pays the payment and nothing over that ...I make no profit from it ...but I am the one who name is on both homes. ??

**A: what kind of tax lady do you have? Did she not tell you to rent the property to your daughter and then take the appropriate deductions on Schedule E?

 

[amberwave]

no she did not .....(see what I mean) ...she says that as long as I dont get fair market value for it ..and she is makeing the payments to me ...I dont have to report it ? Now what ...?And I dont want profit from it either .

 

[HomeGuru]

no she did not .....(see what I mean) ...she says that as long as I dont get fair market value for it ..and she is makeing the payments to me ...I dont have to report it ?

**A: that's interesting. Where is the IRS publication confirming the non reporting? I know what she is trying to do. Get a 2nd opinion.
********
Now what ...?And I dont want profit from it either .

**A: see above.