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Home » Resources » Ask Ron - Q&A sessions with Ron » Ask Ron 2015-01-02

Ask Ron 2015-01-02

Ron’s on vacation this week, so his mentors, the Dumires, are filling in! This week’s Ask Ron is filled with great questions about that big non-refundable option deposit we keep upfront, finding the homeowners of vacant houses and much, much more!

An interesting question this week dealt with taxes. With a subject-to deal where the property tax and insurance escrows are in the previous owner’s name, not the tenant-buyer, who gets to write it off? Watch and find out!

Still have a question? Submit it to Ron through the Ask Ron forum!

This entry was posted in Ask Ron - Q&A sessions with Ron, Resources, The Gold Club Weekly Report, Training. Bookmark the permalink.

7 Responses to Ask Ron 2015-01-02

  1. Darren Dixie says:

    Good video guys. Thanks for filling in.

  2. Debbie Magar says:

    Thanks for covering for Ron, great info. Enjoy your vacay

  3. Kristine Pitts Pitts says:

    I’m not clear on the response to Derrick’s question about who gets the write-off for the taxes. I understand the “owner” gets the write-off but if it is a subject to, the tax forms are going to go to the mortgage holder, not me. What would stop the mortgage holder from claiming the deduction? And if I claim it where is my back-up documentation in case of an audit?

  4. Kevin Meissner Meissner says:

    The tax deduction question was answered by referring you to a qualified tax professional. The answer is it depends! If you use a land trust both parties “might” be able to claim the deduction based on beneficial interest and knowledge of the tax law. Do NOT bypass the use of a qualified tax professional in an effort to “save” money. I found my CPA at my local REIA group. My CPA pays for himself.

  5. Richard Couch says:

    More ExSELLent advice………thanks you two.

  6. Shay Lance Lance says:

    Great info. Love the Dumires. Tx.

  7. Michael Sebastiani says:

    Kristine, Kevin is correct in saying ask your accountant, but, I remember Ron posing this question to a seller, ” would you rather lease your house or sell it?”. It’s my understanding the reply sell it made it a subject to deal, and lease it made it a lease purchase deal. If I’m correct, you get the tax benefits and the depreciation benefits on the house. Correct me if I’m wrong.

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