Rental property can be easier than owning a home, but it requires its own special set of circumstances. Whether you’re the renter or the landlord, look at the articles, columns, blog posts, radio shows and videos for more information about rental property.
Transferring Rental Property To LLC
Most rental property owners put the title for their property in their own name is the standard, but holding title in the name of a corporation can make sense in certain situations. The advantages of holding a real estate investment in a corporation or limited liability company is to insulate the shareholders from lawsuits that may come about from the ownership of the property.
Buying A Home During Real Estate Market Bubble
What should you do when you buy a home at the height of a real estate bubble? Should you try to rent out your other property or sell it? And what effect does not having a spouse's name on a title have on the capital gains tax you pay upon sale? Is it a good idea to take the money you receive as income from your rental property and use it toward the mortgage for your primary residence?
Subleasing Rental Property May Be Illegal
A renter has been subletting an apartment and paying the original tenant the monthly rent. Now it turns out that the sublease is illegal and the original tenant may not have not been paying on the lease. The subleaser may be obligated to pay back rent to the apartment owner. In general, if you're going to sublease an apartment, you have to make sure the owner has knowledge of your existence, has consented to the sublease in writing and that the parties understand who will be paying what and when.
Revocable Trust Can Meet Estate Planning Needs
How can you ensure that your investment property gets transferred to the correct heir in the event of your death? Is there a way to meet your estate planning needs and still allow you to enjoy the investment property's income while you're alive? A revocable trust may be able to meet these estate planning needs.
Taxes On Sale Of Rental Property and Primary Residence
A couple bought a home on a 2-acre lot. They lived in it while they built a second home, and then moved into the second home after it was completed. They now rent out the original home to another couple. If they sell the property and both homes, how will the transaction be treated at tax time?
Renters’ Rights: The Basics
Renters' Rights: The Basics by Janet Portman and Marcia Stewart. Is it next to impossible to get the rent out of your roommate each month? Or is your ...
Limiting Taxes When Selling Primary Residence And Rental Property
There are ways to avoid capital gains taxes when selling your primary residence, but you'll still face a tax burden when selling rental property. If you live in a property for two years before selling it, you can keep your profits tax free. A 1031 exchange is also an option that allows you to defer capital gains taxes.
Suing Tenant For Extensive Damage
Tenants leave a landlord with cigarette burns on the carpet and kitchen floor. Damages exceed the security deposit. What can the landlord do to recover the damages? The lease may provide that in case the tenant damaged the apartment, you have the right to restore it to the condition in which it was supposed to be returned. If you are allowed under the lease to replace the carpet and the flooring, you should be able to recover these costs when you sue your former tenants.
Protect Assets From Lawsuit On Rental Property
When you own rental or investment property you may be concerned about liability. You may want to transfer your property into a limited liability corporation (LLC), but that could cause your mortgage lender to call your loan in for full payments. There are other ways to protect yourself from lawsuits when you own rental property and aren't ready to pay off the mortgage.
Landlord’s Right To Keep Deposits
A landlord says they are entitled to keep the deposit of a potential renter who doesn't move into their rental home. He says the deposit is to hold the property, and a landlord could miss out on potential offers while expecting a renter with a deposit to move in. If a landlord intends to keep a deposit regardless of move in, it's a good idea to make sure the renter knows that up front.