It was the wrong thread

[taxwonk]

Originally Posted by Hank Chinaski

space fuck- I meant assume this is a rental property, can I deduct realtor fees (i have a buyer's broker) or treat this as an expense against profits? also, assume I pay some closing fees- any tax relief?

Realtor fees are more likely than not going to have to be added to the basis of the property and won't be deducted, but will be used to offset gain/increase loss on the sale of the property.

If the fees are financing related, then they are amortized over the life of the mortgage unless you pay them upfront with cash out of pocket, in which case they are deductible.

[Hank Chinaski]

Originally Posted by taxwonk

Realtor fees are more likely than not going to have to be added to the basis of the property and won't be deducted, but will be used to offset gain/increase loss on the sale of the property.

If the fees are financing related, then they are amortized over the life of the mortgage unless you pay them upfront with cash out of pocket, in which case they are deductible.

thank-yoo.

[PresentTense Pirate Penske]

Originally Posted by Adder

Also, kinda a lot of hostility toward a sock that has no obligation or necessarily interest in giving tax advice.

Righteous way to have my back! Grazie signore. Indeed, I punt on tax law. Corp fin, structured fin, re fin, and healthcare. outsource tax. i don't believe in it and can't stomach the concept. no offence to wonk.

[Hank Chinaski]

Originally Posted by PresentTense Pirate Penske

Righteous way to have my back! Grazie signore. Indeed, I punt on tax law. Corp fin, structured fin, re fin, and healthcare. outsource tax. i don't believe in it and can't stomach the concept. no offence to wonk.

i'm not saying you're going on ignore, yet, BUT I will not wiki research an atticus-style response regarding you ever again.

you know how many personalities sybil had, and I sorted through all that?

[PresentTense Pirate Penske]

Originally Posted by Hank Chinaski

i'm not saying you're going on ignore, yet, BUT I will not wiki research an atticus-style response regarding you ever again.

you know how many personalities sybil had, and I sorted through all that?

NWTF?!?!?

BFF?

yp,

ptpp

[Tyrone Slothrop]

I have a friend who lives abroad and is refinancing a house he owns near me. So he has asked me to sign for him at the closing under a power of attorney, and being an amiable sort, I naturally agreed.

The problem is, I'm having a hard time getting him to explain to me exactly what he wants me to do at the closing. The lender and title company say they will send him a complete set of the final papers the day before the closing, so he can review them. But then what? One possibility is that he relies on their representation, and instructs me simply to sign whatever they put in front of me the next day. Alternatively, he could send me his set of papers, and I could compare them line by line to the copies I'm signing. The first option seems too trusting, and the second seems like overkill. What's the best way for us to handle this?

[Cletus Miller]

Originally Posted by Tyrone Slothrop

I have a friend who lives abroad and is refinancing a house he owns near me. So he has asked me to sign for him at the closing under a power of attorney, and being an amiable sort, I naturally agreed.

The problem is, I'm having a hard time getting him to explain to me exactly what he wants me to do at the closing. The lender and title company say they will send him a complete set of the final papers the day before the closing, so he can review them. But then what? One possibility is that he relies on their representation, and instructs me simply to sign whatever they put in front of me the next day. Alternatively, he could send me his set of papers, and I could compare them line by line to the copies I'm signing. The first option seems too trusting, and the second seems like overkill. What's the best way for us to handle this?

This is pretty typical course--actually, lender frequently will not provide docs until *at* closing. I think it's pretty much the same as if your friend were signing directly, and you were along as counsel--spot check key provisions (really, anything with numbers) and ensure there are no extra riders or anything; it is extraordinarily unlikely, for a variety of reasons, that they would change anything in the form except the numbers.

The most important thing is the closing statement and the payoff/release of the current mortgage.

pm if you have detailed questions.

[Hank Chinaski]

Originally Posted by Tyrone Slothrop

I have a friend who lives abroad and is refinancing a house he owns near me. So he has asked me to sign for him at the closing under a power of attorney, and being an amiable sort, I naturally agreed.

The problem is, I'm having a hard time getting him to explain to me exactly what he wants me to do at the closing. The lender and title company say they will send him a complete set of the final papers the day before the closing, so he can review them. But then what? One possibility is that he relies on their representation, and instructs me simply to sign whatever they put in front of me the next day. Alternatively, he could send me his set of papers, and I could compare them line by line to the copies I'm signing. The first option seems too trusting, and the second seems like overkill. What's the best way for us to handle this?

i'm buying a place in savannah Ga. and want to do it from the 248. I just signed the mortgage papers. as understood, someone with my POA will need to be there to sign whatever else.

I'm guessing "whatever else" will be closing papers and what I signed was more in the nature of aplication papers.

[PresentTense Pirate Penske]

Originally Posted by Hank Chinaski

i'm buying a place in savannah Ga. and want to do it from the 248. I just signed the mortgage papers. as understood, someone with my POA will need to be there to sign whatever else.

I'm guessing "whatever else" will be closing papers and what I signed was more in the nature of aplication papers.

Whatever else is probably the mortgage and note plus closing docs, no?

[PresentTense Pirate Penske]

FD: [True confession] I just gave up my bidet and corner office for the lure of entrepreneurial venture. I am having regrets. [/true confession]

[Hank Chinaski]

Originally Posted by PresentTense Pirate Penske

FD: [True confession] I just gave up my bidet and corner office for the lure of entrepreneurial venture. I am having regrets. [/true confession]

i'm coming up on my tenth anniversary of this- best decision I ever made, next to giving your children my last name.

[LessinSF]

Originally Posted by PresentTense Pirate Penske

FD: [True confession] I just gave up my bidet and corner office for the lure of entrepreneurial venture. I am having regrets. [/true confession]

Do explain - by e-mail or PM.

[PresentTense Pirate Penske]

Originally Posted by Hank Chinaski

i next to giving your children my last name.

In 20/20 hindsight, knowing now that you would do that for me, my best decision was fully enjoying the moments with your wife and not worrying about the latex barriers.

[PresentTense Pirate Penske]

Originally Posted by LessinSF

Do explain - by e-mail or PM.

firstnamelastname@gmail.com??

[Greedy,Greedy,Greedy]

Originally Posted by PresentTense Pirate Penske

FD: [True confession] I just gave up my bidet and corner office for the lure of entrepreneurial venture. I am having regrets. [/true confession]

I understand the entrepreneurial venture not having a bidet, but why no corner office? Did you rent space in a circular building? Aren't you the big cheese in the new venture?