I recently heard that the portion of one's monthly condo fees that go into a reserve fund for capital improvements to the overall property can be added to an individual condo unit's tax basis. Is this true?
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I lost my home to foreclosure in August 2011. I had a second mortgage on the home that was secured by a deed of trust for $99,000. This was a home equity line of credit that I used to pay off a pool loan, used for home improvements and later tapped each month to make the mortgage payment.
Tagged with: ForeclosureRead More »
DEAR BENNY: My wife and I are purchasing a two-bedroom condo. We are paying cash and intend to have her parents live there for a year, and then we will likely turn it into a rental. Our current single-family home ...Read More »
DEAR BENNY: My mom no longer wants the responsibility of homeownership. She no longer wants her 3,000-square-foot home and is willing to give it to me, as a gift, if I move in and care for her. If she transfers ...Read More »
DEAR BENNY: A mortgage broker advised us several years ago to split our mortgage into a $400,000 mortgage and a $100,000 line of credit (we had $300,000 total available on the HELOC). A few months ago, we refinanced our $400,000 ...Read More »