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Yes, gross income less allexpenses for that property, regardless offile theB22C.
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Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
A-Bankruptcy-Attorney.com
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________________________________
To: cdcbaa@yahoogroups.com
Sent: Tue, October 19, 2010 2:43:21 PM
Subject: [cdcbaa] HOA Dues part of "operating expenses" of rental property on
Form 22C?
Hi All,
Ch. 13 Debtor & spouse are barely below median and qualified for a 3 year Plan.
They have Rental Property income which just about breaks even (if not negative)
with the mortgage liability and mandatory HOA dues, and thus no profit.
When entering the rental income and property expenses on Line 4 of Form 22C,
doesn't "Ordinary and Necessary Operating Expenses" include the Mortgage
payments PLUS the HOA?
Mind you, this is a Santa Ana case
Thanks in advance,
Nikki
Yes, gross income less all expenses for that property, regardless of where you file the B22C. Peter M. Lively, JD/MBALaw Office of Peter M. Lively * Personal Financial Law Center I11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462 A-Bankruptcy-Attorney.comPersonal Financial Law Center II - Costa Mesa, CA
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
From: Nikki <hashemiesq@yahoo.com>To: cdcbaa@yahoogroups.comSent: Tue, October 19, 2010 2:43:21 PMSubject: [cdcbaa] HOA Dues part of "operating expenses" of rental property on Form 22C?
Hi All, Ch. 13 Debtor & spouse are barely below median and qualified for a 3 year Plan. They have Rental Property income which just about breaks even (if not negative) with the mortgage liability and mandatory HOA dues, and thus no profit. When entering the rental income and property expenses on Line 4 of Form 22C, doesn't "Ordinary and Necessary Operating Expenses" include the Mortgage payments PLUS the HOA? Mind you, this is a Santa Ana case
Thanks in advance, NikkiThe post was migrated from Yahoo.