Home

Can landlord charge tenant $25 fee for rental damage?

By Robert Griswold, Thursday, January 19, 2006.

Question: I have wanted to invest in real estate for many years so I recently purchased a single-family home, which has been a rental property for years. The seller of the rental property gave me some advice, including a blank lease form that he buys at the local stationery store. In looking over this form, it states that the tenant shall pay the first $25 of any charge for repairs by a service person. A friend of mine who is also a landlord told me this is not legal.  more...

Vacation home not exempt from real estate taxes

By Robert Bruss, Thursday, January 19, 2006.

DEAR BOB: I own a beach condo, which I rented out last summer through a rental agency. This summer I want to use it as my second home, but periodically allow family and close friends to use it at a reduced rental rate to help with expenses. Am I required to pay tax on that rental income? --Alice H.

DEAR ALICE: If you rented your beach condo for more than 14 days in 2005, you are required to report that rental income and deduct applicable expenses on Schedule E of your 2005 income tax returns.  more...