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

learn more… | top users | synonyms

8
votes
2answers
911 views

Do I owe a finders fee to my tenant's broker if they didn't bring me the referral?

I am currently using a broker to help me find new tenants for my rental home. Currently, she has only advertised the home on Craig's list. However, at an open house that she was hosting for another ...
0
votes
0answers
37 views

Best way to refi home and investment property

I have a mortgage on my primary residence and a mortgage on a rental house. Both have interest rates of around 4.5%, and the rental has FHA MIP that I would like to get rid of. Both loans are around ...
0
votes
0answers
77 views

Should I claim my rental property was not rented at fair rental value?

So for all of last year my ex-girlfriend rented out my upstairs apartment. When we first broke up she talked me into giving her a discounted rent since she was only going to stay "for a couple ...
0
votes
2answers
73 views

Is renting out a house still a lot of trouble if you rent through a real estate agency?

I often hear people speak about the difficulties of renting out a house, such as dealing with damage to the property, delinquent tenants, occupancy, etc. Where I live (the US), real estate companies ...
10
votes
5answers
869 views

What are the pros and cons of buying a house just to rent it out?

My situation is that I'm 23 and have about $4k a month of spare income after everything. I'm considering buying a house in the area I come from, a relatively cheap area where I have friends who bought ...
-1
votes
1answer
60 views

Value of personal house turned rental

We bought a house in 2004 for about 150K. We moved for work in 2011 and converted the house to a rental in 2012. The realtor guessed its value at the time was about 70K. We sold it in 2014 for 118K. ...
0
votes
1answer
62 views

Am I calculating depreciation correctly?

I'm confused with a number that H&R Block online is giving me with regard to depreciation. I put a dishwasher, which cost $629, in service in June 2010. On my 2010 taxes I took a 50% bonus ...
12
votes
7answers
3k views

Apartment lease renewal - is this rate increase normal?

It's time for me to renew my apartment lease and the landlords are suggesting an increase of 5.8% over the "current" rent price and ~15% over the "effective rental rate" (because I got a free month ...
0
votes
1answer
54 views

Where to park money from the sale of a rental property?

If I sell my investment property to raise cash for the purchase of a new home, I am required to pay capital gains tax (i.e. income tax on 50% of the gain amount.) Is there a way to park this money ...
0
votes
0answers
45 views

Renters Question?

What can you do if there were damages prior to the unit upon your moving in and the landlord knew of the damages but still sends you a bill or threatens to report to your credit?
1
vote
2answers
217 views

Buying a house 50/50

I'm thinking on buying a house with my Business Partner. I would be living on it. We are thinking on going 50/50 on the loan and down payment and hoa and repairs . Since I would be living there we ...
3
votes
1answer
125 views

Buy to Let - Daughter-in-Law

My son and daughter-in-law are currently separated. They have 2 kids, and I have a great relationship with my daughter-in-law. I have had a relative die, and she is paying over the odds for rent, so I ...
0
votes
1answer
173 views

Is laminate flooring an “Improvement” or “Depreciable Property”?

My question assumes MACRS GDS depreciation, in the United States. I converted my primary residence to a rental property last year. While I still lived there, I installed laminate flooring in some of ...
1
vote
1answer
57 views

Tax Implications - First 2-Family Rental Property

My brother and I have opened up an LLC and have put an offer on our first 2-family for a rental. We have some questions on loans/tax implications for the business that we're hoping to get some ...
2
votes
1answer
88 views

Why would I choose a 40-Year depreciation instead of the standard 27.5-Year?

I converted my primary residence into a rental property last year. For depreciation purposes, I must choose between GDS ("General Depreciation System") or ADS ("Alternative Depreciation System"). ...
1
vote
1answer
121 views

Can I deduct the full amount of a rental loss in two states?

Last October I moved from California to Connecticut, converting my primary residence to a rental. I didn't get it rented out until December, so I ended up with a loss for the year. My California ...
0
votes
2answers
275 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
67 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 ...
-3
votes
2answers
167 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
125 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
1answer
160 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
157 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
181 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
votes
1answer
86 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
232 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
152 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
209 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
67 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
votes
1answer
109 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
1k 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
60 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
47 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
117 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
740 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
546 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
135 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
583 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
179 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
85 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
727 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
956 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
75 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
268 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
191 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
197 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
499 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
73 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
181 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
114 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 ...