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(former)FormerSanDiegan
ParticipantI’ve had tenants break leases a few times. Simply ask the landlord. If the rental market is strong there is a good chance they will not be on the hook for breaking it.
Legally … the tenant is liable for rent after they vacate through the end of the lease as long as the unit remains empty and as long as the landlord is offering the property at the same rent. Often times a landlord will decide to let the tenant off the hook, so that they can advertise for higher rents. Depends how long tenant has been in the unit and the current market.
Also, the landlord knows that it is hard to get water from a turnup. If you are vacating for financial reasons, they more than likely will choose to let you out of the lease than end up evicting you later after you miss some monthly payments.
They should tell the landlord they are having trouble making ends meet and want out. Try paying late one month to prove it (assuming the late fees are not too high).
P.S. – Try to time the move out in late winter early spring rather than right now. It is a slow time to fill rentals over the next couple months.
ParticipantI’ve had tenants break leases a few times. Simply ask the landlord. If the rental market is strong there is a good chance they will not be on the hook for breaking it.
Legally … the tenant is liable for rent after they vacate through the end of the lease as long as the unit remains empty and as long as the landlord is offering the property at the same rent. Often times a landlord will decide to let the tenant off the hook, so that they can advertise for higher rents. Depends how long tenant has been in the unit and the current market.
Also, the landlord knows that it is hard to get water from a turnup. If you are vacating for financial reasons, they more than likely will choose to let you out of the lease than end up evicting you later after you miss some monthly payments.
They should tell the landlord they are having trouble making ends meet and want out. Try paying late one month to prove it (assuming the late fees are not too high).
P.S. – Try to time the move out in late winter early spring rather than right now. It is a slow time to fill rentals over the next couple months.
ParticipantI’ve had tenants break leases a few times. Simply ask the landlord. If the rental market is strong there is a good chance they will not be on the hook for breaking it.
Legally … the tenant is liable for rent after they vacate through the end of the lease as long as the unit remains empty and as long as the landlord is offering the property at the same rent. Often times a landlord will decide to let the tenant off the hook, so that they can advertise for higher rents. Depends how long tenant has been in the unit and the current market.
Also, the landlord knows that it is hard to get water from a turnup. If you are vacating for financial reasons, they more than likely will choose to let you out of the lease than end up evicting you later after you miss some monthly payments.
They should tell the landlord they are having trouble making ends meet and want out. Try paying late one month to prove it (assuming the late fees are not too high).
P.S. – Try to time the move out in late winter early spring rather than right now. It is a slow time to fill rentals over the next couple months.
ParticipantI’ve had tenants break leases a few times. Simply ask the landlord. If the rental market is strong there is a good chance they will not be on the hook for breaking it.
Legally … the tenant is liable for rent after they vacate through the end of the lease as long as the unit remains empty and as long as the landlord is offering the property at the same rent. Often times a landlord will decide to let the tenant off the hook, so that they can advertise for higher rents. Depends how long tenant has been in the unit and the current market.
Also, the landlord knows that it is hard to get water from a turnup. If you are vacating for financial reasons, they more than likely will choose to let you out of the lease than end up evicting you later after you miss some monthly payments.
They should tell the landlord they are having trouble making ends meet and want out. Try paying late one month to prove it (assuming the late fees are not too high).
P.S. – Try to time the move out in late winter early spring rather than right now. It is a slow time to fill rentals over the next couple months.
ParticipantYou CAN deduct interest for tax purposes on investment property.
As I stated above the mortgage interest is deducted from the gross rent received. (As are the other expenses mentioned). surveyor accounted for these in his calculation.
There is no additional “tax savings” for which to account by taking a mortgage interest deduction. He already accounted for that by subtracting it as an expense from gross rents.
ParticipantYou CAN deduct interest for tax purposes on investment property.
As I stated above the mortgage interest is deducted from the gross rent received. (As are the other expenses mentioned). surveyor accounted for these in his calculation.
There is no additional “tax savings” for which to account by taking a mortgage interest deduction. He already accounted for that by subtracting it as an expense from gross rents.
ParticipantYou CAN deduct interest for tax purposes on investment property.
As I stated above the mortgage interest is deducted from the gross rent received. (As are the other expenses mentioned). surveyor accounted for these in his calculation.
There is no additional “tax savings” for which to account by taking a mortgage interest deduction. He already accounted for that by subtracting it as an expense from gross rents.
ParticipantYou CAN deduct interest for tax purposes on investment property.
As I stated above the mortgage interest is deducted from the gross rent received. (As are the other expenses mentioned). surveyor accounted for these in his calculation.
There is no additional “tax savings” for which to account by taking a mortgage interest deduction. He already accounted for that by subtracting it as an expense from gross rents.
ParticipantYou CAN deduct interest for tax purposes on investment property.
As I stated above the mortgage interest is deducted from the gross rent received. (As are the other expenses mentioned). surveyor accounted for these in his calculation.
There is no additional “tax savings” for which to account by taking a mortgage interest deduction. He already accounted for that by subtracting it as an expense from gross rents.
ParticipantSurv, let me know if I’m wrong, but it didn’t seem that you factored in the interest deduction in your tax savings (in that equation). Seemed like you only factored in straight line depreciation.
????
The mortgage interest is simply an expense (as are property taxes, insurance, depreciation, maintenance, property management, advertising costs etc). These are deducted from the gross rent received, you only pay taxes on the amounts that exceed real (most of them) and phantom (depreciation) costs.
The accounting in the other link took into account mortgage expenses by subtracting them from gross rents. There is no other interest deduction to factor in.
ParticipantSurv, let me know if I’m wrong, but it didn’t seem that you factored in the interest deduction in your tax savings (in that equation). Seemed like you only factored in straight line depreciation.
????
The mortgage interest is simply an expense (as are property taxes, insurance, depreciation, maintenance, property management, advertising costs etc). These are deducted from the gross rent received, you only pay taxes on the amounts that exceed real (most of them) and phantom (depreciation) costs.
The accounting in the other link took into account mortgage expenses by subtracting them from gross rents. There is no other interest deduction to factor in.
ParticipantSurv, let me know if I’m wrong, but it didn’t seem that you factored in the interest deduction in your tax savings (in that equation). Seemed like you only factored in straight line depreciation.
????
The mortgage interest is simply an expense (as are property taxes, insurance, depreciation, maintenance, property management, advertising costs etc). These are deducted from the gross rent received, you only pay taxes on the amounts that exceed real (most of them) and phantom (depreciation) costs.
The accounting in the other link took into account mortgage expenses by subtracting them from gross rents. There is no other interest deduction to factor in.
ParticipantSurv, let me know if I’m wrong, but it didn’t seem that you factored in the interest deduction in your tax savings (in that equation). Seemed like you only factored in straight line depreciation.
????
The mortgage interest is simply an expense (as are property taxes, insurance, depreciation, maintenance, property management, advertising costs etc). These are deducted from the gross rent received, you only pay taxes on the amounts that exceed real (most of them) and phantom (depreciation) costs.
The accounting in the other link took into account mortgage expenses by subtracting them from gross rents. There is no other interest deduction to factor in.
ParticipantSurv, let me know if I’m wrong, but it didn’t seem that you factored in the interest deduction in your tax savings (in that equation). Seemed like you only factored in straight line depreciation.
????
The mortgage interest is simply an expense (as are property taxes, insurance, depreciation, maintenance, property management, advertising costs etc). These are deducted from the gross rent received, you only pay taxes on the amounts that exceed real (most of them) and phantom (depreciation) costs.
The accounting in the other link took into account mortgage expenses by subtracting them from gross rents. There is no other interest deduction to factor in.
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