Questions tagged [rental-property]

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

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Euro rental income earned in Spain but can it be paid in Sterling in UK

I am a UK national with a property in Spain. The tenants of this property currently pay the monthly rental in Euros to my Spanish bank account but have asked if they can change this arrangement and ...
baillieman2's user avatar
4 votes
1 answer
138 views

Renting out property - individual Vs company

I live in England and have a flat in Scotland that I now want to rent out. I am a higher rates tax payer. What is my best option for maximising the money I keep after tax from this rental property? ...
Aleks G's user avatar
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4 votes
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241 views

How long must I wait after buying a property to rent it out?

I bought a place as a first time buyer without mortgage. Consequently I paid a 3% stamp duty. Due to certain circumstances, I will have to rent it out. I would like to know how long before I could ...
ems's user avatar
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4 votes
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563 views

How does one calculate their AMT MAGI to determine their passive activity loss limitation?

The instructions for line 19 (passive activities) of Form 6251 (Alternative Minimum Tax) mention that you may need to do an AMT version of Form 8582 (Passive Activity Loss Limitations): Refigure ...
Craig W's user avatar
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3 votes
0 answers
125 views

UK taxes on rental income from abroad (Italy)

I have a property in Italy that is currently rented. I'm paying 10% in taxes as rent is at a rate agreed with the local council. According to the UK/Italy double taxation convention, it seems to me ...
Blue Moon's user avatar
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3 votes
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Can I deduct expenses from rental income on my principal residence without making it not a principal residence?

TLDR: can I still claim 40% of all of these expenses (screenshot from simpletax) on my taxes when renting a portion of my Principal Residence and it still be considered principal residence? and ...
tsdexter's user avatar
  • 183
3 votes
0 answers
97 views

Company Paying Rent for Tenant

I have a rental home in AZ. An individual wants to have the company he works for pay the rent. Is this risky for me the landlord? What would his company require from me tax-wise? Are they going to ...
Linda's user avatar
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3 votes
0 answers
290 views

Would renters insurance cover this scenario?

This is US based. I have renters insurance and the coverage overview is as follows: Personal Property Loss of Use Personal Liability Medical. I have read my policy, but I do not believe the ...
paulj's user avatar
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3 votes
0 answers
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Can construction Soft Costs be carried forward on Canadian rental income?

I built a home and am renting it out for profit. While building, I incurred soft costs (mainly interest costs on money borrowed during construction, and insurance costs). In the years that I had these ...
Ryan's user avatar
  • 31
3 votes
1 answer
175 views

Looking to calculate expected profit from sale of house

I'm trying to calculate the money I will see as profit from the sale of my house. I'm tallying the various expenses associated with selling and would like input on any costs I'm missing. I'm in ...
AdamC's user avatar
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2 votes
0 answers
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Rental expenses in Canada, current vs capital

I am renting my house in Ontario Canada, and claiming the rental income/expenses on my tax return. I know I can claim current repair expenses, but next year 2024, I have to replace the roof and ...
user122866's user avatar
2 votes
0 answers
159 views

Can an owner who rents rooms write-off an unoccupied, unfinished basement that is open to all residents as a common area?

If a rental situation is owner-occupied and areas shared by lodgers and the owner are prorated for tax purposes, can an unfinished basement, treated as a common area to all equally, also be written-...
Ryan Mortensen's user avatar
2 votes
0 answers
153 views

Pay off my mortgage before getting another other?

I have a £70,000 mortgage on my house. I am about to come into £170,000. With this money, I want to pay off my mortgage. Turn my house into a rental property and use the remaining £100,000 as a ...
Leonhard Euler's user avatar
2 votes
0 answers
62 views

Insurance on investment property, is replacement cost commonly required by lenders?

TLDR: Is it common for mortgage lenders to require insurance with "replacement cost basis" on investment properties? Background: I have owned a rental property (3 units) for a few years. ...
Daniel K's user avatar
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2 votes
0 answers
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Stamp duty first time buyer renting after 6 months

I'm looking to buy my first house, but I'm only planning on living in it for 6 months or so before going cycle touring next summer (covide dependant..!). I'd like to rent it out for 6-12 months after ...
Alex Law's user avatar
2 votes
0 answers
37 views

How to calculate depreciation and tax burden

I am having some issues figuring out to calculate how depreciation affects my tax for a rental property. I have an example below. Is it correctly calculated correctly? Example: Purchase price: $1,...
Androme's user avatar
  • 257
2 votes
0 answers
105 views

Roommate/co-tenant said she would renew but lied after I sign lease - invalid lease?

So, my roommates and I planned to sign a lease renewal as co-tenants in NYC. While some of the roommates already signed it, the others changed their mind last minute. This unfortunately means the ...
Bonny Chu's user avatar
2 votes
0 answers
100 views

Can landlord's business expenses be retroactive?

Say, I am planning on moving out of my house and keeping it as a rental. The house needs a bit of work, which I can start before I move out to save on the downtime before I look for renters. Can the ...
Igor Urisman's user avatar
2 votes
0 answers
173 views

How do I allocate gains on Form 4797 for the sale of a rental property?

I sold a rental property last year, so I'm filing Form 4797. I owned it for several years, and had a new roof installed a couple years ago. As I understand, the land (which cannot be depreciated) goes ...
Craig W's user avatar
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2 votes
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175 views

Landlord/Property managers broke contract (I think) but I never did anything about it due to hassle involved, what are my options now?

So, about a year ago some people came in and changed the Electric and Gas meters to Pay as you go meters because the landlord hadn't paid the bills. Since my contract was an all-inclusive contract ...
Thermatix's user avatar
  • 249
2 votes
0 answers
60 views

Joint checking account with renter who is a close relative

I am the owner of a property. I am currently renting out that property to my close relative. I trust this family member to use my money to pay a contractor to make small fixes to the property. For ...
Steve Fuerst's user avatar
2 votes
0 answers
167 views

Can you claim past unclaimed expenses from previous years on a rental property?

My question is the following: Let's say I have some repair renovations that were performed in 2016 that I never claimed in the 2017 tax year (because I had enough expenses to fully balance out the ...
Vlad's user avatar
  • 21
2 votes
0 answers
228 views

Can my landlord raise my rent for switching to a month-to-month lease?

When I first rented my apartment in Los Angeles 3 years ago, it was not rent-controlled. It had a clause saying my rent would increase by $600 per month if I went month-to-month, with a $600 fee to ...
Shawn's user avatar
  • 129
2 votes
0 answers
134 views

what is repayment money for renting lets in UK?

I am almost about to sign a year's worth of tenancy agreement for a house in London. There is 4 weeks rent worth of Deposit and 8 weeks rent worth of Repayment to be paid in the beginning of the ...
Chlyxu's user avatar
  • 21
2 votes
0 answers
159 views

Rental income and mortgage interest deduction for married non resident alien

My wife and I acquired a property in the US in 2016 with a US mortgage. We started renting it that year and have been managing it ourselves since then (no rental management company). We are both ...
michael's user avatar
  • 189
2 votes
0 answers
516 views

Schedule E: What "Type of Property" do I use when renting out a room?

If I rent 1 out of 4 bedrooms in my house, then 25% is rental and 75% is personal. In filling out Schedule E, I use my house address in Line 1a. Line 1B is for "Type of Property". How do I ...
Josie K's user avatar
  • 21
2 votes
0 answers
128 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 ...
user12767's user avatar
1 vote
0 answers
52 views

How should I allocate expenses for rental property with mixed personal use where the expenses are only for business use?

I have a house in California, USA, that I offer as a short term rental. In 2022 it was 95% business use. In 2023 it was 20% business use. In 2024 I expect it to be 95% business use again. I have ...
Matthew's user avatar
  • 3,150
1 vote
0 answers
91 views

Is there a way to file form 1099-NEC or 1099-MISC, in a privacy preserving way? Anonymous W-9?

As a rental property operator I know how to file forms 1099-NEC or 1099-MISC for payments to plumbers, heating companies and vendors. These folks all provide a W-9 on request. How about for a payment ...
Bryce's user avatar
  • 2,530
1 vote
0 answers
34 views

First Home Savings Account (FHSA) in Canada

FHSA was introduced in Canada in 2023 for first time home buyers. From what I read I can open a FHSA, because I have not lived in the house since I bought it (always rented). I can contribute up to $8,...
user122866's user avatar
1 vote
0 answers
24 views

Claiming an income-tax loss on property rental in ZA

I have a property which has been let out for the past several years. Last year the property was vacant for six months and there were also several expenses incurred for repairs - plumbing, electrician, ...
crowne's user avatar
  • 111
1 vote
0 answers
27 views

Rental Property or Second Home? Tenants lease expired at end of year then I sold beginning of following year

I have a single family home that used to be my personal residence for several years and then I converted to a rental property for the last 10 years. My last tenant’s lease expired at the end of 2019 ...
Scruffy Paws's user avatar
1 vote
0 answers
70 views

Paying tax on rental property in UK as a Canadian resident

We left the UK in 2013 and have rented our apartment to friends and family ever since. We make almost no money from the rental, it barely covers costs and have had to pay out for repairs since we have ...
Expatpat444's user avatar
1 vote
0 answers
99 views

Taxes on selling a house I rented

I paid $200,000 for a house in 2007. I lived there until 3 years ago, at which point I rented it out because the real estate market was not good. Now, it is able to be sold for $250,000 I understand ...
Derek's user avatar
  • 865
1 vote
0 answers
40 views

Allowable depreciation for rental property with varying personal usage

I have a rental property (in the United States; Washington D.C.) that has not strictly been used 100% for business purposes over time. At various times I have occupied different portions of the ...
Ahnold's user avatar
  • 43
1 vote
0 answers
34 views

Combine 121 and 1031 - how much capital gain is non taxable?

Section 121 allows $500k of cap-gain to be non taxable (in the right circumstances) Section 1031 allows the deferral of capital gain taxes (in the right circumstances), and they can be combined. But I'...
tom's user avatar
  • 111
1 vote
0 answers
52 views

Regarding leasing removal

I am living in shared accommodation. I am a student and not working yet so I don't have a SSN. But due to some reason I want to move out from apartment and my name is also on the lease, so I need all ...
pooja gajera's user avatar
1 vote
0 answers
54 views

Proper depreciation/method/duration for conversion to in-law unit, in older single family home?

IRS publication 527 covers "Basis of property changed to rental use". My question is on the proper duration for the depreciation. Imagine a home was bought for $60k in 1950, with $10k of land value. ...
Bryce's user avatar
  • 2,530
1 vote
0 answers
56 views

What documentation might be needed to support a rental property's depreciation basis, and under what circumstances? (IL, USA)

Last year, after moving out of our residential property, we converted it to a rental. When arriving at a Fair Market Value (FMV) for determining the basis for depreciation, we relied on an estimate ...
FenTheta's user avatar
  • 277
1 vote
0 answers
81 views

Tax write off for week spent at my own VRBO rental?

I own two different VRBO rentals in two different states. I would like to stay in each at least 1 week per year for no other reason than to inspect them, fix minor things if needed and in general ...
maplemale's user avatar
  • 1,541
1 vote
0 answers
100 views

When is a subtenant entitled to have their security deposit returned?

Halfway through last year, I subleased my apartment unit and moved to a new location. I received a security deposit equal to the monthly rate paid by my subtenant. My rental company has informed me ...
rm -rf slash's user avatar
1 vote
0 answers
368 views

Guidelines on when to buy or rent an apartment (in Europe)

I am currently facing an important decision for my life: I finished studies and will soon enter industry to work. Due to the fact that I will likely earn some money on a regular basis, I want to ...
beta's user avatar
  • 111
1 vote
1 answer
162 views

Will an international student owe capital gain taxes upon selling the property if they didn't live there for 4 years?

I am trying to figure out the Capital Gain taxes on a property in Toronto. I am very new to this, so sorry if I say something weird. I live in a condo, which I own, and I am thinking of renting it. ...
V. B's user avatar
  • 11
0 votes
0 answers
125 views

What are the tax implications of owning an Airbnb rental?

My partner and I (unmarried) recently bought a house in Seattle, and are planning to rent out the finished basement for extra income using Airbnb. The city requires us to register for a business ...
user118012's user avatar
0 votes
0 answers
60 views

T-accounts for shared rental property

I recently bought a vacation property with two friends that we intend to use part-time and rent part-time. All three of us are on the deed and mortgage. Equity, income and debt are all split equally ...
biegel's user avatar
  • 101
0 votes
0 answers
59 views

When will the seller credit me the closing costs if agreed upon?

I've recently purchased (my first) an out of state rental property. While going through the process, the agent told me the seller will take care of closing costs. I've received the final closing ...
Donny's user avatar
  • 1
0 votes
0 answers
117 views

My 52 year-old husband owns a rental property. Sell? When?

My husband owns a house we rent. The tenants are great, but my husband is taking a cash flow loss (less than $400/mo). However, the equity is rising nicely - 14% last year, 54% over the last 5. I want ...
Donald Miller's user avatar
0 votes
0 answers
30 views

Purchase of a bnb property and transfer of online accounts and pre-bookings

An LLC that I'm a member of, purchased a property from a Trust. The trustee is also a member of the new LLC (we already have the Trust attorney involved to avoid conflict of interests issues). The ...
Gabe's user avatar
  • 283
0 votes
0 answers
161 views

Can I run a renting business in USA as a foreign citizen?

I'm considering buying a property in Houston, TX for the purpose of renting it. I'm a foreign citizen and don't know much about how renting functions in the USA. So far I found out that it's possible ...
Томица Кораћ's user avatar
0 votes
0 answers
101 views

Lower rental amount found on an ad

I paid a deposit on an apartment and a day later I found an ad for my same apartment with a lower monthly rent amount. Can I use a screenshot of that ad to get my monthly rental amount to match the ...
Newbieme1's user avatar