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Investment property mortgage Quest.

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    Investment property mortgage Quest.

    I have 1 house that is a rental property. the mortgage is 850/mo.
    I charge 850 a month for rent. Its a wash not counting other expenses.

    Do I get to include the mortgage as an expense to offset the 850 as income for the means test?

    #2
    Yes, but you have the matter of the rental property as an asset.

    How much would it appraise for and how much do you owe on it?
    Filed Business Chapter 7: 7/11/07
    341 Meeting: 8/8/07 Asset Case
    US Trustee reviewed case/resolved 9/14/07
    Discharged: 10/11/07 Closed: 11/2/08

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      #3
      Originally posted by depjlp View Post
      I have 1 house that is a rental property. the mortgage is 850/mo. I charge 850 a month for rent. Its a wash not counting other expenses.
      Two important questions to ask first:
      1. Do you live in this house full-time or do you own another house that you live in?
      2. Which state do you live in?
      I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

      06/01/06 - Filed Ch 13
      06/28/06 - 341 Meeting
      07/18/06 - Confirmation Hearing - not confirmed, 3 objections
      10/05/06 - Hearing to resolve 2 trustee objections
      01/24/07 - Judge dismisses mortgage company objection
      09/27/07 - Confirmed at last!
      06/10/11 - Trustee confirms all payments made
      08/10/11 - DISCHARGED !

      10/02/11 - CASE CLOSED
      Countdown: 60 months paid, 0 months to go

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