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Questions tagged [rental-property]

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

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Exit strategy/options for an existing 1031 exchange

I own 10 units that I purchased on one note with the proceeds of a 1031 back in 2020. They are a 4 plex and a 6 plex. Can I sell one of the two buildings and retain the other? What are the ...
Alan Clark's user avatar
0 votes
2 answers
96 views

How to invest $600K in rental or GIC?

we are an older couple in Canada looking to invest $600K to liveoff. We have no other income for tax purposes. Should we invest in GICs paying 5.5% or rental with a yield of ~2.5% given current gta ...
user129686's user avatar
0 votes
1 answer
63 views

Commercial insurance coverage for rental property

I have recently discovered that my insurance company has been charging me for insurance as if my rental property is commercial property, which increases the premium significantly every year. Other ...
Carolyn Tilghman's user avatar
0 votes
1 answer
192 views

Why does the landlord insurance not cover damage due to an "ongoing water leak"?

I have a property where the tenant has been living for few months. Few months ago, he noticed some water on the groundfloor laundry room, where water heater is also located. He cleaned it and ignored ...
Asad Iqbal's user avatar
7 votes
1 answer
8k views

My boyfriend and I own and live in our own homes as primary home owners. Can I rent him my home and he rent me his and we both have tax write offs

I live and own my own home with a mortgage. My boyfriend lives and owns his own home with a mortgage. We do not live together. Can I theoretically rent his home from him and he rent my home from me as ...
ALG's user avatar
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1 answer
66 views

Should I convert my rental unit into an LLC for tax purposes?

I have a rental unit (condo). I would like to know if it's better to just keep it as a rental unit or put it under an LLC and if the tax implications change? Currently, it's fully a rental unit (owner ...
Jonathan's user avatar
  • 105
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0 answers
44 views

What are the consequences of breaking a lease and leaving the country as non-citizen in Ohio

I have a lease until the end of September 2024 in Ohio. I’m a non-citizen who is going back to his home country in the beginning of May. I might have a cancer and I don’t have an insurance in the U.S ...
Value Tation's user avatar
2 votes
1 answer
79 views

Furnished Holiday Lets - UK Tax - max duration is 30 days, what if two stays during the year?

I have a guest staying in May this year for 30 days in my furnished holiday rental. They want to return again in September for another 30 days. The Letting Condition in HMRC rules says: You must let ...
atreeon's user avatar
  • 155
-2 votes
1 answer
178 views

With 500k in Netherlands, Best path towards regular income, settle mortgage and rent or sell and invest?

Currently I live in Netherlands. I have come to a crossroad and I'm interested to hear other opinions and advice on investment for a regular stable long term income. My ultimate intention is to secure ...
Kareem's user avatar
  • 97
2 votes
2 answers
470 views

Are there significant tax benefits in Germany for renting out a newly bought apartment for 1 year before moving into it?

There seem to be big tax benefits of renting a newly bought apartment in Germany rather than staying in it in the first year. Say, you want to buy an apartment in Bavaria for 300.000€. You have to pay ...
gdrt's user avatar
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1 vote
1 answer
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Rental income taxes

My parents found a home for sale in their area they wanted to buy for rental purposes, but couldn't qualify for the loan. So I took out a loan and purchased it. They are now renting it out and have ...
Josh H's user avatar
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1 vote
0 answers
72 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
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2 votes
1 answer
58 views

Are there overall limits to de minimis safe harbor expenses?

I have a short term rental property in California, USA. In 2023 I made multiple independent updates such as new appliances, entertainment equipment, furniture. Each of these are individually invoiced ...
Matthew's user avatar
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2 votes
1 answer
131 views

If property is a rental, does *only* landlord insurance cover me?

Sort of unsure if this should be in law stack or here... I have seen online that landlord insurance is decidedly different from standard home owners insurance. If my property is a tenant-occupied ...
Runeaway3's user avatar
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1 vote
1 answer
1k views

Does my Trust Need to File Taxes?

I am the trustee of a irrevocable trust. This trust doesn't earn any money (I think). It was created to own three houses that would have otherwise been in my mother's name. Her health is not great, ...
chad's user avatar
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1 vote
0 answers
96 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
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0 votes
1 answer
212 views

How can I deduct Rental Real Estate Partnership loss?

I am a limited partner in a Real Estate Partnership. When I received my Tax Year 2022 form K-1 from the Partnership, it listed a loss in Box 2 - Rental Income or Loss. Can I apply this loss to ...
Mark Lavin's user avatar
1 vote
0 answers
39 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
1 answer
133 views

Can I deduct costs associated with rental improvements?

I have a back ADU (accessory dwelling unit) at my home in Portland Oregon that I rent out. I live in the main house and the ADU is a totally separate 800 square foot house with a separate address but ...
user3644951's user avatar
5 votes
1 answer
454 views

Canada/Ontario Principal residence exemption

I bought my house in 2013 and have been renting it to present time. I never lived in it. I am thinking of starting to live in the house in 2025 and 2026 and then sell it in 2027. What do I have to do ...
user122866's user avatar
1 vote
1 answer
116 views

US Short Term Rental - Can You Deduct The Full Property Depreciation And Property Taxes For A Primary Residence?

I have a primary residence where I am domiciled and file my taxes. I am on the road for work during most of the year and will rent out my residence via Airbnb when I am away. I know that I can ...
Lloyd Banks's user avatar
6 votes
2 answers
2k views

Can I expense guest amenities for my AirBnB?

I own an AirBnB in California. This is a standalone house, I do not live there. In the course of operating it we furnish amenities such as Roku devices, or Foosball tables, or BluRay discs. Can these ...
Matthew's user avatar
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2 votes
1 answer
531 views

All up front rental payments impacting taxes?

Prospective tenant in Philadelphia, PA wants to pay for year long lease all up front. How does this impact net income and therefore taxes? Typically when paid on a monthly basis I am able to deduct ...
Runeaway3's user avatar
  • 2,898
1 vote
1 answer
266 views

Can the Zelle notes be enough of a written statement when returning a portion of the security deposit for Colorado Statute 38-12-103.?

Can the Zelle notes be enough of a written statement when returning a portion of the security deposit for Colorado Statute 38-12-103.
Charlie's user avatar
  • 11
3 votes
1 answer
954 views

Calculating Taxes and Rental Income for Buy-to-Let Apartment in Berlin

I hope you're all well. I need some guidance regarding a financial scenario I'm considering. I'll break it down as clearly as possible to ensure I get accurate advice. Let's simplify things by ...
Alok Nath's user avatar
  • 133
2 votes
1 answer
2k views

Helping family member with complex rental property situation

My grandmother died 10 years ago, leaving her small house in a purely verbal will to my sister. My sister is a "poor musician" and could use the property for rental. However, the will was ...
Bennet's user avatar
  • 489
2 votes
2 answers
421 views

How to evaluate options for selling a rental property

I own inherited rental property in the San Francisco Bay Area, and have been thinking about doing a 1031 exchange into Chicago, where I now live, for a few main reasons. One, I inherited the property ...
fox's user avatar
  • 429
3 votes
0 answers
136 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
  • 227
2 votes
0 answers
64 views

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
4 votes
2 answers
685 views

How common is it to purchase property where total monthly costs is less than or equal rental income?

I always hear about people purchasing rental properties, but most of the time it seems like the rental income is only about half the total cost (mortgage interest + HOA + taxes + repairs etc). How ...
JobHunter69's user avatar
1 vote
0 answers
145 views

Signed a cheap lease, Texas apartment complex wants me to resign a more expensive one [closed]

I have been in an apartment complex for over a year now. I got a new lease offer $100 less than it is currently for next year both verbally and I just signed the lease at this new rate. That was the ...
user122471's user avatar
4 votes
2 answers
2k views

What can be done to mitigate rental income tax liability once depreciation is fully exhausted?

US standard fixed rate mortgage on a rental property. If rent is $X/month and all in mortgage is also $X/month, it would suck to need to pay income tax on $X x 12 for the year, when it all went ...
Runeaway3's user avatar
  • 2,898
1 vote
2 answers
329 views

How can I take a $250,000 capital gains tax exemption on a land sale adjacent to my RENTAL house property?

This is a narrower question than a question about the sale of land adjacent to a PRIMARY residence. Can I take the $250,000 tax exemption on the sale of my land adjacent to my rental property (not my ...
T White's user avatar
  • 11
1 vote
1 answer
126 views

Selling real estate with rent credited as down payment (USA)

My wife and I do not live in a community property state, but we treat everything as jointly owned/spent/taxed. (In case it matters for the question) She inherited a house appraised as (Value) We are ...
WGroleau's user avatar
  • 1,031
2 votes
1 answer
1k views

Tax deductions for a rental property, personal vs LLC

I have numerous questions on the tax deductions regarding a rental property owned by two people. Certain things can be deducted from your income tax each including property taxes, improvement costs ...
user127776's user avatar
2 votes
3 answers
198 views

What is the difference between Capitalization Rate and Return on Assets?

In real estate, the capitalization rate (cap rate) is one of the metrics used to assess the rental profitability of a property. The formula for capitalization rate is net operating income divided by ...
Flux's user avatar
  • 17.1k
10 votes
2 answers
4k views

How likely is it that a rental property can have a better ROI than stock market if I have to use a property management company?

I'm in the USA and have a good amount of money available to me and I'm willing to accept high risk when investing, as long as the ROI justifies it. I've toyed with buying a rental property, but I'm ...
dsollen's user avatar
  • 1,206
0 votes
1 answer
301 views

de minimis safe harbor for rental real estate expenses

We bought a vacation house, in the USA, in 2022, and are renting it some. I'm trying to figure out what expenses (including repairs, improvements, and maintenance) can be "expensed" (that ...
RustyShackleford's user avatar
3 votes
3 answers
943 views

Would I be able to get a loan for a house given I have a loan for a property that I rent out?

Last year I took out a loan for a house that I wound up renting out. The loan is for $260k. My current income average over the past three years is over $100,000, and I just signed a contract at a new ...
dblue's user avatar
  • 133
0 votes
2 answers
423 views

If I move into a home I own but allow existing renters to remain can I start the clock on partially avoiding capital gains?

I have had the same great renters for a number of years. I do realize that I can not avoid capital gains on the home appreciation accrued during that time. But what if I were to move in as my primary ...
WestCoastProjects's user avatar
0 votes
1 answer
70 views

Local Crime Data (Drug) for Property Buying or Leasing [closed]

Folks, I am looking for online data sources that have historical data on crime incidents. I have looked at a few sources simply by googling: crimemapping.com local police department - incident ...
Frank Swanton's user avatar
0 votes
0 answers
127 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
11 votes
7 answers
6k views

As a landlord, should I refuse a rental reference for a tenant who damaged the unit? (Fixing the damage was covered by the deposit.) [closed]

For reference: I had a tenant for 2 years in my 1 bedroom apartment with her cat. Her lease is expiring and I will not renew it because my son needs a place for college. However, the cat absolutely ...
Joseph Simmons's user avatar
1 vote
1 answer
175 views

figuring out the cost basis of a primary home converted to rental and then off rental

I bought an apartment in Washington DC in 1995 to live in. Subsequently I moved out of DC (and a few years ago, out of the country) but kept the apt and rented it out for many years. I paid the ...
punkish's user avatar
  • 271
3 votes
1 answer
386 views

Is a depreciation claim on a rental property basically always worth it in Canada, given stable income?

As I understand it, in Canada (unlike the US) there is some freedom in how much depreciation expense you can claim for a rental property every year, from 0 all the way up to 4% of the yet-...
Eugene O's user avatar
  • 153
9 votes
2 answers
4k views

Can I put my rental in a trust and have the trust sell it?

I probably am not the first to think of this and the IRS most likely has this covered but if one wanted to put their rental into a trust and then have the trust sell it, would they save on taxes since ...
Mr Monee's user avatar
  • 462
0 votes
2 answers
157 views

How much will the bank lend me?

I want to buy a property and let it out. To do so, I'll need a buy to let mortgage in the UK. Let's say the property has been officially valued at £100,000. The bank says they will lend me 75% of the ...
Leonhard Euler's user avatar
0 votes
2 answers
160 views

Can I use one rental house's mortgage interest to deduct another house's rental income?

I have a questions regarding mortgage interest deductions. I have two rental properties in California. For property A, the rental income is $5000 more than total expenses plus mortgage interest, and ...
Manto's user avatar
  • 141
2 votes
3 answers
4k views

If it turns out that using heat is causing a large usage of electricity, does the landlord pay at least part of my electric bill?

I'm currently renting a 1 Bd. apartment about 1000 sq. ft. where the "heat is included". The electric bill was extremely high one month (used 900 kWh). I found out that the community is run ...
ono's user avatar
  • 121
0 votes
1 answer
278 views

I've already filed my personal income taxes but didn't file my schedule E along with it

I have an out of state investment property that's under my name that I rent out to a tenant. I did my personal income taxes through Turbo Tax for free and during the process, it asked about any ...
user113103's user avatar

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