Questions around the use of property that is rented to others.

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0
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2answers
44 views

How to determine the cost basis on primary home converted to rental (for depreciation)

I would like to know how to calculate the cost basis for a primary residence converted to a rental property. I purchased the home in Oregon for 200k in 2005. I moved out and rented it in May 2013. ...
0
votes
1answer
32 views

How do we calculate the gain on primary residence that was converted to rental for two years?

I'm helping some relatives with taxes, and am looking at a situation I'm not completely familiar with. The primary residence was owned for 7 years, but after living there for 5 years, they moved into ...
-2
votes
1answer
84 views

Living in my own rental property

I've come to understand that owning a townhome/duplex and living in it while others are also renting from you isn't as sexy as it may seem at first glance. Over and over again I get this from friends ...
6
votes
2answers
110 views

Rental Car Company or Insurance Provider: Whom Do I Call First?

Scenario: I have a 7-day rental on a car from Budget Rent-A-Car. I purchased the rental it with my Capital One Platinum MasterCard, which has rental car coverage. During the evening--below freezing ...
-1
votes
2answers
145 views

40 year old A and J makes 1M a year. What is the best investment to save on tax?

We have been very fortunate, also hard working and frugal . Now A and J all had several promotions in the past a few years, and the rental properties are paid off. The tax bills are getting pretty ...
1
vote
1answer
84 views

Renting Below Fair Rent (with maintenance agreement) - Tax Implications

I'm renting a home in the state of Missouri to my parents. We made a verbal agreement that they would pay all utilities and take care of maintenance of the house and in exchange they would get reduced ...
1
vote
3answers
134 views

Sell or keep rental Property?

My father has an old single-family home he purchased at the height of the real-estate bubble. He lived in the property for about 5-years, refinanced to 3.25%, purchased another brand new home designed ...
0
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1answer
44 views

tax consequences on selling rental property for citizens living abroad

We moved to New Zealand in 2012 renting out our house in Colorado from September 2012 until the present time. We want to sell it and heard that if we sell it within three years of renting it, it is ...
3
votes
3answers
121 views

Should I buy my house from my landlord?

The situation This is a specific situation, but hopefully the general themes of the question will be helpful to others. I read the question at In general, is it financially better to buy or to rent ...
0
votes
2answers
104 views

First convert owner occupied to rental, then sell — capital gain?

Bought a house at 250k, converted after 8 years to rental (was worth some 160k then), rented out for two years, sold for 250k. While renting, depreciation was based on market value, 200k. What is ...
1
vote
2answers
155 views

As a prospective tenant, how can I screen a potential landlord and what should I look for?

I am looking for a room and I came across one Craigslist Ad. Please find the image below for the Ad: As can be seen above, there are lot of things that a landlord is demanding from a prospective ...
2
votes
2answers
65 views

Sole Trader or LTD, buy personal house and work from home

As Sole Trader or Limited you can claim a partial rate of your rent if the house where you live is used for business purpose. As usual everything has to be reasonable and calculated pro rata on time ...
0
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1answer
98 views

Can I deduct money I paid to a friend to help rent out my condo?

On this IRS page it says you can deduct management fees related to renting a property. Does this only apply to professional property managers or management companies? I paid a friend to show my place ...
2
votes
1answer
795 views

If my rental property income and mortgage payment are equal, do I need to pay income tax on any rent revenue?

Let's say I have a monthly mortgage payment of $1600 on a condo I own, and the condo is rented out for $1600. Then, I'm breaking even. Hence, I would not need to pay any tax on my rental income. Would ...
0
votes
1answer
51 views

Rental property, pluses to move to an LLC

My wife and I bought a house and turned our condo into a rental property. We were going to go LLC, but money has been tight, so for 2014 we are doing general partnership. We can't get the mortgage ...
1
vote
1answer
46 views

Interest on a deposit

In NC Can I sue for the interest on a security deposit that was in escrow for over 12 year's? My former landlord died and my deposit was with held unlawfully , can I sue for three time's the amount of ...
2
votes
2answers
113 views

renter's insurance for causing property damage

It seems that renter's insurance only covers the tenant's property and perhaps guests. I suspect that a far bigger financial risk for a tenant is in liability due to causing a fire, flood or other ...
4
votes
2answers
725 views

What is the proper way to hold a subtenant's rental deposit?

I have recently leased an apartment with a friend, and we've subletted out a room to another girl and collected her security deposit. I want to store it in a savings account without touching it, but ...
3
votes
3answers
544 views

How do I determine how much rent I could charge for a property or location?

I am interested in investing in property. How do I go about figuring out the rent-ability of any given property? As in how do I figure out how much rent a property could get potentially on average ...
1
vote
1answer
131 views

Need exit strategy for aging mother who owns aging rental properties, please

I'm terrified for my 71-year-old mother's immediate future. She owns 12 residential rentals. We desperately need an exit strategy but she owes as much as or more than market value, and cannot afford ...
6
votes
2answers
570 views

Difference between a mortgage and buy-to-let in UK

In terms of rights, whats the difference between getting a regular mortgage and a buy-to-let mortgage for a property in the UK? For example, if I wanted to invest in a property, and got a regular ...
9
votes
5answers
1k views

Can one insure a home's AC unit?

My mother-in-law would like to insure her single family home AC unit while my wife and I are informally renting a room with her. Is this possible? Although the unit is 10 years old and runs fine, she ...
4
votes
2answers
178 views

Having a flat rented for me on expenses vs having a payrise

I've been offered a flat in London instead of a pay rise. I feel like I'm getting a great deal, but I just want to run this by people in case there's something I'm missing here. Quick background. I ...
1
vote
1answer
74 views

How do I determine capital gains tax on a vacation property for 2014?

In 2003, I bought a property in New Jersey for $465,000 to use as a vacation home. I'm planning to sell it, and I think that I'll get around $685,000. I rented it out for several weeks the first year ...
2
votes
3answers
659 views

Would there be tax implications if I used AirBnB as opposed to just renting out a unit normally?

Basically in the topic. I bought a duplex last October and the upstairs unit is going to become available soon. I live in the downstairs, which already makes the taxes a little more fun. Basically I'm ...
2
votes
2answers
765 views

Is there a rule of thumb when getting roommates in a house?

I have a 3 br house, and I'm considering getting roommates. For the sake of round numbers, let's say my mortgage and all bills(water, electricity, cable, internet, etc) comes to $1,500 a month. Of ...
2
votes
2answers
65 views

Can my local municipality charge taxes on rental income I make out of state?

EDIT Sorry for the unclear question - been staring at tax forms all night. I meant to say that I live in a municipality in Ohio that charges local income taxes. It looks like my local municipality ...
1
vote
2answers
174 views

Tax Impact of Selling Appliances in a Rental Property

I sold the refrigerator in one of my rental properties this year & replaced it with a new one. On my Federal Income Taxes (Schedule E) this year, would the proceeds from the sale count as Rents ...
0
votes
1answer
173 views

If I own 50% of the house, and my partner rents the home how is the rental income taxed?

I own 50% of a home, which I would like to use to write off the taxes, as I will be paying the bills. The other person invested 50% up front and they would like to rent out a room in the house. If ...
0
votes
2answers
189 views

Priced out of London property market. What are my accommodation investment options?

I'm from the UK, I don't have any debt and have some savings that could get me a mortgage somewhere but not where I currently live in London. At the moment I pay low rent but I'm very keen to divert ...
4
votes
3answers
451 views

Multiple people interested in an Apartment

I own a four family building which I am actively renting. Every time I go to rent it I raise the rent slightly and I check the comparables in the area to make sure I am still not pricing myself out ...
2
votes
1answer
71 views

Investing in DHA property in Queensland

I was interested in investing in DHA (Defence Housing Australia) properties in Queensland. Does anyone who may have any DHA investment properties within Queensland know how these properties have ...
1
vote
3answers
153 views

Might I need a credit score to rent, or for any other non-borrowing finances?

I'm moving to Canada soon, and I've read that some people use credit cards for the sole purpose of building up a credit score that they might need. Personally, I consider a system requiring this ...
1
vote
4answers
107 views

How much will I pay in agent's fees or commissions to rent a house in Boston metro suburbs?

I am being relocated for work to the Boston metro area. As I'm starting the search for a home to rent, I have noticed that many properties are listed through brokers and/or agents. What is the ...
8
votes
3answers
3k views

Should I deduct or capitalize the cost to replace a water heater in my rental property? (details Below)

Recently had a water heater die in my rental property and it had to be replaced with a new one. Here are the specifics: Old water heater that was in the unit when I bought it. The property was ...
1
vote
1answer
166 views

Who pays the fee on a NYC no-fee co-broke apartment rental?

I know the following is true (or if it's not, please correct me!): a) If my broker shows me a place that has a fee that's listed by another broker, then they split the fee (i.e. a typcial co-broke ...
1
vote
2answers
536 views

How to declare/deduct owner occupied multi-unit property that only owner occupied one year, but is partially rented the next?

Context: I'm still doing 2011 and 2012 taxes. I purchased a house in the beginning of 2011 that is 3 units all of which needed some level of renovation. For the first year, 2011, I lived in the whole ...
0
votes
3answers
1k views

Is a broker's fee equivalent to one month's rent reasonable in San Francisco?

Friend and I are looking to move from elsewhere in the Bay Area to SF, found a decent option in an okay location. Have been attempting to negotiate with a broker on the rent, and he surprised us by ...
0
votes
2answers
497 views

Tax Implications of Renting a property

I am thinking of buying a condo and renting it out. Let's say I buy it for $200k, and then put it up for rent at $1500/mo. I have to pay $500/mo in HOA dues + property taxes. How much tax do I owe at ...
1
vote
1answer
109 views

I sublet my flat. What should I put when scholarships ask me for the owner's contact information?

I'm a student, and I've been living in a rental flat for a week. As it happens, some scholarships ask me to give details about my contract terms. Everything is all right so far, but the person that ...
8
votes
1answer
248 views

Is my financial plan for buying a house logically sound

All money is in NZD, all calculations done Weekly. Linked house is just example. House in North Shore, Auckland, New Zealand. $600K 30 year Mortgage with ASB, 430K loaned at 5.75% variable, (170K ...
8
votes
2answers
1k views

How to lower my rent when it is listed as less than what I am paying

I live in a large apartment complex that opened last year. I just moved in mid-July 2013 signing a 12-month lease. As of today, the apartment complex is about 30% occupied. There are many units ...
5
votes
2answers
318 views

How to deal with a landlord charging more than what is specified in the lease when I break the lease?

I am not from the U.S. and this is my first experience breaking the lease. I had to break it to move for a new job, and no one would like to sublet the apartment since it is a damp basement. The ...
3
votes
2answers
839 views

Minimize capital gains on sale of investment/rental property

I bought the property in 1979 for $40K. It was zoned R4 and was a duplex. Several years later, the city camein and did a blanket rezoning of the entire street to C-2. I shared the house/owner-occupied ...
4
votes
1answer
89 views

What should I be aware of when renting a home to a corporation instead of an individual?

A prospective tenant requested a corporate rental lease on a single family home in Arizona. He plans to live there. Is there anything I should know about renting to a corporation instead of an ...
1
vote
1answer
758 views

How effective are hotel condos for investment properties?

There is an opportunity to invest in a condo hotel in my area which is very frequently visited by tourists. This opportunity is on a hotel that each room is sold like a condo, and you can either use ...
1
vote
2answers
105 views

Condo Purchase - Tax Strategies [US]

I'm looking to purchase a condo. Without getting into the details, it is likely that the wife and I will lose money on it for a portion of time. Can we treat the condo as a business, and can we ...
0
votes
1answer
401 views

How do I evaluate a potential investment in rental property?

I am looking to buy a long-term rental property. My objective is to maximize cash-flow. At this point I have a few figures, but I have no context to measure the numbers against: For example - This ...
3
votes
1answer
795 views

Are there any disadvantages to DHA Investment Properties?

In Australia, Defence Housing Australia (DHA) sells a selection of their properties to private investors under a leaseback arrangement in order to supplement housing supply for the Australian Defence ...
3
votes
1answer
65 views

How to quantify the cost of your Credit Score?

In the event you have an investment property that have lost 10% value since 2005. Is returning a -30% in terms of revenue. Costs are $12,915 (including mortgage payments) and Revenue (rental income) ...