support issue

[ghomnet 1]

i have some rental property i acquired last year. I wanted to know how do i use that as support. Also they ask what the worth is do I just give them the going rate or do i say what the assessment is. We all know the assessment is never what it sales as. Some one pls help

[flicker 5]

well if u have rental property i will assume you make enuff to meet the requirements without useing it but if you do list it go with what the average sell price has been in youre area for the last 3-6 months. we all know that house prices now are not what owners want or think they are ,they are alot lower but if u use the last 3-6 months of property sales of property that is similar to youres you will be fine good luck

[Rocky_nBullwinkle 6]

i have some rental property i acquired last year. I wanted to know how do i use that as support. Also they ask what the worth is do I just give them the going rate or do i say what the assessment is. We all know the assessment is never what it sales as. Some one pls help

I would think you have a couple ways to do it:

1) Show it as income property, and make a profit/loss statement for the rental.

2) The fair market value of the asset. If you can show listings for like properties in the area, or recent sales, that should do it. Remember, assests are not income, so they are evaluated over a five year period. A property worth $100,000 would be treated the same as $20,000 of income.

--Bullwinkle

Edited January 28, 2009 by Rocky_nBullwinkle

[tallcoolone 102]

I used a house as Assets.

I went to the Dallas Appraisal District and had them print out my file and the appraised amount and had them Notarize all the information......