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Old 07-17-2015, 04:01 PM
 
56 posts, read 78,100 times
Reputation: 42

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Thank you! I will look at them!
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Old 07-17-2015, 04:08 PM
 
56 posts, read 78,100 times
Reputation: 42
Thanks Hamish Forbes! I will look into those - had no idea they were there. Both under the city-data.com forums?

sobo16 - it seems like from the government perspective, my husband always makes too much money, although it never feels like that to us. :| I will definitely talk to a tax professional. Thank you for that information - I feel like every bit helps me to see the bigger picture.

To anybody - any recommendations for a good tax professional in MD?
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Old 07-17-2015, 05:47 PM
 
2,991 posts, read 4,269,434 times
Reputation: 4270
Yes, both are under CD:

//www.city-data.com/forum/personal-finance/

//www.city-data.com/forum/investing/

You're welcome! I hope that a poster named "Mathjak107" responds -- he is good . . .
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Old 07-19-2015, 12:40 AM
 
Location: Riverside Ca
22,146 posts, read 33,262,375 times
Reputation: 35433
Quote:
Originally Posted by mltbrevis View Post
What would you do?

My husband and I feel like we're at a pivotal moment with our house in Baltimore. We moved to Louisiana last fall, are renting out our house (at least until November), and are trying to make a tough decision if we should rent our house out again or just cut our losses and sell it.

Backstory: We bought in 2005 (top of the housing market), live in an area considered one of the "hot" spots. The area has greatly improved with restaurants and businesses but there are too many foreclosed properties and shortsales and we'd be looking at selling our property for at least $40K less than what we paid. With continuing to rent it out, we won't even be breaking even now that we don’t have our homestead credit. After the year Baltimore has had – weather, riots and the works - I'm just weary about worrying about our property, dealing with the city, and continuing to lose money. On the other hand, I’m worried that we’ll regret selling too soon – I doubt we’ll move back to Baltimore, but it is our first house and it will be sad to sell under these circumstances. If anyone else has been in a similar situation - not necessarily in Baltimore, but anyone who has had just to decide between selling for a loss or renting for a slight loss and hoping things improve, I would welcome your thoughts. Also, any recommendations for an Maryland accountant specializing in real estate would be appreciated. Thanks!

Sell. There are so many things against you. Long distance doesn't work, you need a good management company. We had put if state rental property. After doing 3 years of profit/loss it was much more advantageous to sell and put in stock market.
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Old 07-19-2015, 06:06 AM
 
18,488 posts, read 15,453,055 times
Reputation: 16144
Quote:
Originally Posted by mltbrevis View Post
What would you do?

My husband and I feel like we're at a pivotal moment with our house in Baltimore. We moved to Louisiana last fall, are renting out our house (at least until November), and are trying to make a tough decision if we should rent our house out again or just cut our losses and sell it.

Backstory: We bought in 2005 (top of the housing market), live in an area considered one of the "hot" spots. The area has greatly improved with restaurants and businesses but there are too many foreclosed properties and shortsales and we'd be looking at selling our property for at least $40K less than what we paid. With continuing to rent it out, we won't even be breaking even now that we don’t have our homestead credit. After the year Baltimore has had – weather, riots and the works - I'm just weary about worrying about our property, dealing with the city, and continuing to lose money. On the other hand, I’m worried that we’ll regret selling too soon – I doubt we’ll move back to Baltimore, but it is our first house and it will be sad to sell under these circumstances. If anyone else has been in a similar situation - not necessarily in Baltimore, but anyone who has had just to decide between selling for a loss or renting for a slight loss and hoping things improve, I would welcome your thoughts. Also, any recommendations for an Maryland accountant specializing in real estate would be appreciated. Thanks!
It may be tough to sell it, but that doesn't mean don't try. Will you have to sign a note for the difference?
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Old 07-19-2015, 06:29 AM
 
Location: North Central Florida
784 posts, read 720,405 times
Reputation: 1046
I would think that the best value for any housing in Baltimore has already peaked. Taxes will likely go up, values go down. The cities reputation is tarnished.

Unless you have ever been a landlord, and know how to handle a bad tenant, you could get a bad renter that kills the property. And do not think a property manager will be your salvation, unless you can manage the PM effectively.
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Old 07-19-2015, 08:22 AM
 
1,820 posts, read 1,643,330 times
Reputation: 1091
If I had moved from Baltimore to Louisiana, I'd be concerned about the risks of eventually wanting to move back north again. I wouldn't dump the Charm City place until I was sure that those risks had been overcome.
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Old 07-19-2015, 09:22 AM
 
5,289 posts, read 6,101,530 times
Reputation: 5456
You are allowed to deduct losses (from federal income taxes) up to $25,000 per year for your rental home. If you rent your house for a certain length of time, the house is considered a capital asset and a loss on the sale is deductible from current and future capital gains or spread out over several years against ordinary income.

I really shouldn't be saying this but landlords are known to cheat the taxman by charging repair expenses on their own home against their rental properties.
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Old 07-19-2015, 09:23 AM
 
290 posts, read 337,128 times
Reputation: 172
I'd probably lean towards renting. Even if you're at a slight loss now, you can raise rent as time passes and you'll eventually be making money... Who knows, eventually it could be a nice income property for you that you never want to sell.
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Old 07-19-2015, 10:28 AM
 
Location: Jacksonville, FL
11,069 posts, read 10,627,195 times
Reputation: 9704
Having done contract work for out of town landlords and seen how a lot of renters treat their houses, their is no way that I would have rental property that far away.
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