FHA guidelines have been set requiring borrowers to qualify according to established debt-to-income ratios. In most cases, the highest debt-to-income ratio acceptable to qualify for a mortgage is 43%, although many larger lenders may look past that figure.
If you paint the rental yourself, deduct the cost of paint. Painting a rental property is not usually a depreciable expense. In most cases, however, you can write it off as a deductible business expense instead. The IRS divides any work you put in on your rental into improvements and repairs.You claim the total cost of repairs on your taxes, but depreciate improvements.ou write off the cost of improvements on your taxes by depreciating them over 27.5 years. Repairs are projects that bring the rental back up to a usable level: Plumbing jobs, painting, fixing broken windows and fixing broken stairs.
If you hire someone to paint your house, don't sweat it. The 1099 form is for businesses: If a contractor does work for you in your private home, it's his responsibility to report the income. Even if the same person painted your house and your store, you don't include the payments for your house on your business's 1099.he reporting requirement kicks in if you pay a contractor at least $600 during the tax year. That doesn't have to be all in one shot, so four $150 payments would do the trick. A $550 payment doesn't require a 1099. In that case, it's up to the contractor to manage his own reporting.