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 the other state assesses tax after Minnesotaâs limit has expired, you may still claim this credit for up to one year after you paid tax to the other state. You must submit proof that the this income was validly taxed by the other state, and that you paid the tax.o claim the credit, you must provide documentation of the taxes you paid elsewhere when filing Form M1, Individual Income Tax Return. For Minnesota residents: 1  Include a copy of the other state's tax return and completed Schedule M1CR.