I have a second house that I was trying to sell while building my current house. It did not sell so an investor agreed to lease with option to buy and he would eventually buy it outright. He has been paying very late and I received a letter that they would only pay half of next month's mortgage due to the economy.
Now to my question....On the means test, I have to include the rent payments as income that I have received in the last 6 months but I can't deduct the mortgage on the house since I want to surrender it in bankruptcy?
This doesn't seem fair as I won't be receiving those rental payments once the bankruptcy happens. Anyway, those were not really income anyway even though on my taxes it appears that way. He only paid the mortgage, I never received one dime extra.
Now to my question....On the means test, I have to include the rent payments as income that I have received in the last 6 months but I can't deduct the mortgage on the house since I want to surrender it in bankruptcy?
This doesn't seem fair as I won't be receiving those rental payments once the bankruptcy happens. Anyway, those were not really income anyway even though on my taxes it appears that way. He only paid the mortgage, I never received one dime extra.
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