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MLG
ParticipantWaitingtobuy. I’m not a tax expert, by any stretch, but here is my understanding.
You are allowed to write off up to $25,000 of loss in your rental property. There is a separate form you file along with your 1040, after you declare your rental income.
You can write off mortgage interest, property taxes, HOA fees, mileage driven to/from your rental property, and you are allowed to write off depreciation.
That is the value of the home (I think land is excluded from the depreciation calculation). The useful life of your property is 27.5 years, which you must use for your depreciation calculation, so you get to claim 1/27.5 as a depreciation expense you can write off each year.
All minor repairs, cleaning supplies, etc. can be written off as a direct expense. However, if you do a major upgrade, like put new cabinets in the kitchen. . . The value of that improvement must be added to the value of your home, and used in the depreciation calculation.
Another important thing to consider. You can only write off the full amount of your “loss” of your Adjusted Gross Income is less than $100,000. You lose a write off amount for every dollar over that you make. If your adjusted gross income is $150,000 or more, you cannot write off any losses on your rental income. The amount of your loss sits in a separate account, and you can only write it off against your capital gains upon sale of the house.
Again, I am no expert, this is my rudimentary understanding of the process, which is why I employ a tax professional each year. This stuff makes my head hurt!
ParticipantSD Transplant
I got hosed on this exact issue years ago. I had to pay way too much money for not understanding this, and giving my notice too late. If your lease expires on Jan 31, 2011, you need to provide written notice on January 1, 2011, 30 days prior to moving. Even though the lease explicity says it ends on January 31, even though you’ve already paid for January rent.
W/o that notice, the lease automatically reverts to a month to month tenancy on Feb 1. Read your lease, there is probably a clause in some cryptic legalese that specifically mentions this reverting to month to month.
It makes sense from a landlord’s perspective, in that, they want to market the property and let prospective tenants know the exact date it’s available, which they can’t do w/o your notice. That being said, I think it’s a shady practice.
As a mom and pop landlord myself, I’m always in communication w/ tenants 1-2 months before lease expiration to find out their intentions. I always make sure they understand to provide this notice if they plan on moving out at lease expiration.
ParticipantSD Transplant
I got hosed on this exact issue years ago. I had to pay way too much money for not understanding this, and giving my notice too late. If your lease expires on Jan 31, 2011, you need to provide written notice on January 1, 2011, 30 days prior to moving. Even though the lease explicity says it ends on January 31, even though you’ve already paid for January rent.
W/o that notice, the lease automatically reverts to a month to month tenancy on Feb 1. Read your lease, there is probably a clause in some cryptic legalese that specifically mentions this reverting to month to month.
It makes sense from a landlord’s perspective, in that, they want to market the property and let prospective tenants know the exact date it’s available, which they can’t do w/o your notice. That being said, I think it’s a shady practice.
As a mom and pop landlord myself, I’m always in communication w/ tenants 1-2 months before lease expiration to find out their intentions. I always make sure they understand to provide this notice if they plan on moving out at lease expiration.
ParticipantSD Transplant
I got hosed on this exact issue years ago. I had to pay way too much money for not understanding this, and giving my notice too late. If your lease expires on Jan 31, 2011, you need to provide written notice on January 1, 2011, 30 days prior to moving. Even though the lease explicity says it ends on January 31, even though you’ve already paid for January rent.
W/o that notice, the lease automatically reverts to a month to month tenancy on Feb 1. Read your lease, there is probably a clause in some cryptic legalese that specifically mentions this reverting to month to month.
It makes sense from a landlord’s perspective, in that, they want to market the property and let prospective tenants know the exact date it’s available, which they can’t do w/o your notice. That being said, I think it’s a shady practice.
As a mom and pop landlord myself, I’m always in communication w/ tenants 1-2 months before lease expiration to find out their intentions. I always make sure they understand to provide this notice if they plan on moving out at lease expiration.
ParticipantSD Transplant
I got hosed on this exact issue years ago. I had to pay way too much money for not understanding this, and giving my notice too late. If your lease expires on Jan 31, 2011, you need to provide written notice on January 1, 2011, 30 days prior to moving. Even though the lease explicity says it ends on January 31, even though you’ve already paid for January rent.
W/o that notice, the lease automatically reverts to a month to month tenancy on Feb 1. Read your lease, there is probably a clause in some cryptic legalese that specifically mentions this reverting to month to month.
It makes sense from a landlord’s perspective, in that, they want to market the property and let prospective tenants know the exact date it’s available, which they can’t do w/o your notice. That being said, I think it’s a shady practice.
As a mom and pop landlord myself, I’m always in communication w/ tenants 1-2 months before lease expiration to find out their intentions. I always make sure they understand to provide this notice if they plan on moving out at lease expiration.
ParticipantSD Transplant
I got hosed on this exact issue years ago. I had to pay way too much money for not understanding this, and giving my notice too late. If your lease expires on Jan 31, 2011, you need to provide written notice on January 1, 2011, 30 days prior to moving. Even though the lease explicity says it ends on January 31, even though you’ve already paid for January rent.
W/o that notice, the lease automatically reverts to a month to month tenancy on Feb 1. Read your lease, there is probably a clause in some cryptic legalese that specifically mentions this reverting to month to month.
It makes sense from a landlord’s perspective, in that, they want to market the property and let prospective tenants know the exact date it’s available, which they can’t do w/o your notice. That being said, I think it’s a shady practice.
As a mom and pop landlord myself, I’m always in communication w/ tenants 1-2 months before lease expiration to find out their intentions. I always make sure they understand to provide this notice if they plan on moving out at lease expiration.
ParticipantYeah, the last time I rented a UHaul, it was right around $200. But, you have to bother your friends/family to help, then there’s the pizza/beer you have to buy when you’re done, the miscellaneous expenses for boxes, tape, packing supplies, etc.
Not to mention the hassle/cost of driving around to multiple rental properties you see on Craig’s List, before you find the one you’re happy with.
If you’re talking about a $50/month increase, I don’t think it’s worth it.
However, if you have a different opinion, if you politely tell your landlord you find the increase unacceptable, and are willing to move if the increase goes through. . . I’d be willing to bet he will blink. Either not increase the rent, may be only increase it 1%, or maybe make some of the improvements you wish he would.
I have a good tenant in my condo, I certainly know I would cave if she was that unhappy with a 3% rent increase. I’ve heard too many horror stories about deadbeat tenants to be willing to roll the dice, and lose a tenant who pays rent on time every month, and takes care of my property!
ParticipantYeah, the last time I rented a UHaul, it was right around $200. But, you have to bother your friends/family to help, then there’s the pizza/beer you have to buy when you’re done, the miscellaneous expenses for boxes, tape, packing supplies, etc.
Not to mention the hassle/cost of driving around to multiple rental properties you see on Craig’s List, before you find the one you’re happy with.
If you’re talking about a $50/month increase, I don’t think it’s worth it.
However, if you have a different opinion, if you politely tell your landlord you find the increase unacceptable, and are willing to move if the increase goes through. . . I’d be willing to bet he will blink. Either not increase the rent, may be only increase it 1%, or maybe make some of the improvements you wish he would.
I have a good tenant in my condo, I certainly know I would cave if she was that unhappy with a 3% rent increase. I’ve heard too many horror stories about deadbeat tenants to be willing to roll the dice, and lose a tenant who pays rent on time every month, and takes care of my property!
ParticipantYeah, the last time I rented a UHaul, it was right around $200. But, you have to bother your friends/family to help, then there’s the pizza/beer you have to buy when you’re done, the miscellaneous expenses for boxes, tape, packing supplies, etc.
Not to mention the hassle/cost of driving around to multiple rental properties you see on Craig’s List, before you find the one you’re happy with.
If you’re talking about a $50/month increase, I don’t think it’s worth it.
However, if you have a different opinion, if you politely tell your landlord you find the increase unacceptable, and are willing to move if the increase goes through. . . I’d be willing to bet he will blink. Either not increase the rent, may be only increase it 1%, or maybe make some of the improvements you wish he would.
I have a good tenant in my condo, I certainly know I would cave if she was that unhappy with a 3% rent increase. I’ve heard too many horror stories about deadbeat tenants to be willing to roll the dice, and lose a tenant who pays rent on time every month, and takes care of my property!
ParticipantYeah, the last time I rented a UHaul, it was right around $200. But, you have to bother your friends/family to help, then there’s the pizza/beer you have to buy when you’re done, the miscellaneous expenses for boxes, tape, packing supplies, etc.
Not to mention the hassle/cost of driving around to multiple rental properties you see on Craig’s List, before you find the one you’re happy with.
If you’re talking about a $50/month increase, I don’t think it’s worth it.
However, if you have a different opinion, if you politely tell your landlord you find the increase unacceptable, and are willing to move if the increase goes through. . . I’d be willing to bet he will blink. Either not increase the rent, may be only increase it 1%, or maybe make some of the improvements you wish he would.
I have a good tenant in my condo, I certainly know I would cave if she was that unhappy with a 3% rent increase. I’ve heard too many horror stories about deadbeat tenants to be willing to roll the dice, and lose a tenant who pays rent on time every month, and takes care of my property!
ParticipantYeah, the last time I rented a UHaul, it was right around $200. But, you have to bother your friends/family to help, then there’s the pizza/beer you have to buy when you’re done, the miscellaneous expenses for boxes, tape, packing supplies, etc.
Not to mention the hassle/cost of driving around to multiple rental properties you see on Craig’s List, before you find the one you’re happy with.
If you’re talking about a $50/month increase, I don’t think it’s worth it.
However, if you have a different opinion, if you politely tell your landlord you find the increase unacceptable, and are willing to move if the increase goes through. . . I’d be willing to bet he will blink. Either not increase the rent, may be only increase it 1%, or maybe make some of the improvements you wish he would.
I have a good tenant in my condo, I certainly know I would cave if she was that unhappy with a 3% rent increase. I’ve heard too many horror stories about deadbeat tenants to be willing to roll the dice, and lose a tenant who pays rent on time every month, and takes care of my property!
ParticipantI’m certainly no expert on cancer clusters, and can’t speak intelligently about them.
I did, however, coach on a Carslbad Pop Warner football team in 2005. 2 kids on that team, were diagnosed with Non-Hodgkins Lymphoma before their 16th birthday.
Chase, unfortunately is no longer with us:
http://www.kpbs.org/news/2010/may/27/carlsbad-parents-cancer-patients-plead-answers/
Michael, who moved to Phoenix before he started high school, is fighting for his life looking for a bone marrow donor
http://www.ioanthem.com/index.php?option=com_content&task=view&id=613&Itemid=1
Again, I’m no expert, but that just seems freakishly coincidental.
ParticipantI’m certainly no expert on cancer clusters, and can’t speak intelligently about them.
I did, however, coach on a Carslbad Pop Warner football team in 2005. 2 kids on that team, were diagnosed with Non-Hodgkins Lymphoma before their 16th birthday.
Chase, unfortunately is no longer with us:
http://www.kpbs.org/news/2010/may/27/carlsbad-parents-cancer-patients-plead-answers/
Michael, who moved to Phoenix before he started high school, is fighting for his life looking for a bone marrow donor
http://www.ioanthem.com/index.php?option=com_content&task=view&id=613&Itemid=1
Again, I’m no expert, but that just seems freakishly coincidental.
ParticipantI’m certainly no expert on cancer clusters, and can’t speak intelligently about them.
I did, however, coach on a Carslbad Pop Warner football team in 2005. 2 kids on that team, were diagnosed with Non-Hodgkins Lymphoma before their 16th birthday.
Chase, unfortunately is no longer with us:
http://www.kpbs.org/news/2010/may/27/carlsbad-parents-cancer-patients-plead-answers/
Michael, who moved to Phoenix before he started high school, is fighting for his life looking for a bone marrow donor
http://www.ioanthem.com/index.php?option=com_content&task=view&id=613&Itemid=1
Again, I’m no expert, but that just seems freakishly coincidental.
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