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digimon
- Senior Member
rated:
posted: May. 16, 2003 @ 3:25p 
Sueyko,
Wow, ouch, double whammy! Interest and tax. You said DG wired the money to you immediately. Do you have the option of not drawing the line immediately? Sorry if this is a stupid question. |
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DaveHanson
- Senior Member - 6K
rated:
posted: May. 16, 2003 @ 4:27p
SIS, darn it, I read all through chapter 25, and couldn't find the reference. I'm certain I saw something that convinced me (rightly or wrongly) that home equity interest (secured by a qualifying residence) coudln't be treated as business/investment interest. I hope my inference was wrong...I don't have time to mess around more on this at the moment, does anyone else have a reference? |
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tabalard
- Senior Member
rated:
posted: May. 16, 2003 @ 7:11p
I read through the section that came up at the IRS website about his and it seems that you can deduct the interest from a HELOC against your residence but used to purchase/fix an investment property. It has to be proportioned accordingly if you used the property as a part time home. At least that's I understand it without having the forms in front of me. |
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Sueyko
- Senior Member
rated:
posted: May. 16, 2003 @ 11:58p
digimon said:
<< Sueyko,
Wow, ouch, double whammy! Interest and tax. You said DG wired the money to you immediately. Do you have the option of not drawing the line immediately? Sorry if this is a stupid question. >>
Since this is a HELOC, I would imagine I have the option to choose when I wish to draw on the line. However, I do believe you will have to pay the recordation tax upon opening your HELOC. Also, while checking the etrade site for a refinance, I noticed Queens (a county in NYC) had a mortgage tax of 2% !!!
EDITED: Reading the bottom of the etrade quote, it states NY mortgage tax rates are estimates so the 2% is not the exact figure but it is fairly close.
NYC mortgage tax rates from the nyc.gov site:NYC mortgage tax rate
Another NYC mortgage tax rate sheet in PDF format:NYC mortgage tax rate PDF formate
Suffolk or Weschester County rate:suffolk or weschester mortgage tax rates in PDF
NYS tax rate by counties:NYS tax rate by counties in PDF
If you want to read the various pages, just change the page # in your browser or go here to view the parent directory index.
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digimon
- Senior Member
rated:
posted: May. 17, 2003 @ 10:06a
Sueyko,
Where did you find that 2% on ETrade website? |
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Sueyko
- Senior Member
rated:
posted: May. 17, 2003 @ 10:57a
Etrade
If you wish to continue Digimon, please turn on your private message so you can PM me. Let's try not to tie up this thread unneedlessly. |
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Miang
- Member
rated:
posted: May. 20, 2003 @ 3:35p
ynotme said:
<< can you get heloc then refi.? or refi then get heloc?
right now i'm at 7.25% so i want to refinance
TIA >> Yes. Yes. but not until you close the first one before start the next one.
Update: Penfed just told me that their intro. rate will go down to 1.9% starting June 1. |
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digimon
- Senior Member
rated:
posted: May. 20, 2003 @ 3:58p
Miang,
1.9% from PenFed? Anything else will be changed? |
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jpriafl
- Member
rated:
posted: May. 21, 2003 @ 2:44a
I've never messed with the home office deduction and itemization. I just treat the house as investment, rent part to my business part to myself. Schedule E, no itemization. I suppose it helps that I rented half the basement to a friend's ISP business (3 T1s, 48 phone lines), for awhile, then my business took over the space - but I was the unlucky soul who got the TCMP audit for my area that year, and the IRS didn't even blink...
BTW, as for *solely* using anything for business only, no personal use, in order to be deductible - if that's true, than I daresay there is not a computer in any business anywhere that is tax-deductible!
-jpr |
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tabalard
- Senior Member
rated:
posted: May. 23, 2003 @ 8:49a
Finally joined and applied at penfed. Decided to go with the owner occupied HELOC. Penfed does not give the lower introductory rate (hopefully 1.9 according to OP this is GREAT!) on non owner occupied and doesn't allow 90% of value, only 75%.
According to their website there's a backlog of applications so not sure how long the process will take. Anything new with others applying at penfed? |
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klipdrift
- Ancient Member
rated:
posted: May. 23, 2003 @ 9:48a
Penfed does seem to take a while to complete the application. |
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river
- Member
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posted: May. 24, 2003 @ 5:47p
Which military support group are you guys applying to in order to get PenFed membership? Thanks. |
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WalStMonkey
- Senior Member - 1K
rated:
posted: May. 25, 2003 @ 2:38a
river, just go to the the PFCU website. You can fill out one application for both CU and NFMA membership. One charge on your credit card for both the initial deposit (up to $50) amd membership dues. |
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DaveHanson
- Senior Member - 6K
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posted: May. 25, 2003 @ 11:10a
Thanks for the Penfed update Miang. That's just smoking. |
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tabalard
- Senior Member
rated:
posted: May. 28, 2003 @ 6:34p
Got a call from PenFed today verifying the application because we have a fraud alert on our credit report.
They wouldn't allow the HELOC against the property that we are selling to our daughter (on a contract for deed) because of recording complications and ownership issues. The 6/1 introductory rate of 1.9% wouldn't have applied on a non-owner occupied property either.
We're waiting to see what they require. She said as long as the loan closes in 90 days we would get the 1.9 rate. Thanks for posting about this great rate. |
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zender
- Senior Member - 2K
rated:
posted: Jun. 5, 2003 @ 7:49a
SUCKISSTAPLES said:
<< Greater Atlantic Bank www.gab.com
FW Member dbaps has reported obtaining a Rate of 3.75% (1/2% below prime) with free closing costs. You must apply for at least 50K. We dont have more info on this one yet, as it is received I will update this. This appears to be one of the lowest current rates. >>
Does anybody have an update on this lender? I see at their web site that they still are offering the prime minus 1/2 point, but other details are pretty skimpy.
What's their appraisal and application process like? How long to close? Payment process?
Anything? |
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SUCKISSTAPLES
- Charter Member
rated:
posted: Jun. 5, 2003 @ 7:50a
want to be the explorer who gets the details for us?? =) |
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zender
- Senior Member - 2K
rated:
posted: Jun. 5, 2003 @ 7:56a
SUCKISSTAPLES said:
<< want to be the explorer who gets the details for us?? =) >>
Not especially, but I may have to be considering that your initial post didn't raise the apparent interest in the GAB HELOC that I thought it would. |
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alex7
- Member
rated:
posted: Jun. 5, 2003 @ 10:05a
I spoke to GAB about their HELOC about 2 weeks ago. I used to have a checking account with them back when they were paying over 6% on it -- the highest APR I could find locally.
They do offer the prime-1/2% rate on their HELOC but you need to have a checking account with them in order to get the 1/2% taken off. But the main reason I did not go through with this is that they want the closing costs (about $1000) back if the line is closed within 3 years (or maybe it's 2 years -- I can't remember for sure). |
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