Renting a home 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 renting a home.
When you inherit a home from a family member, should you keep it or sell it? What can you do with a home inheritance if selling isn't an option? Does a deed in lieu of foreclosure or a foreclosure make sense? To keep the home, you'd need to keep paying the mortgage, taxes and insurance.
What tax deductions can you take on a primary residence and on a rental property? The IRS does not let you treat a property rental as a primary residence for tax purposes. And what risks do you face if you rent out a property in a homeowners association that prohibits rentals?
When you own a rental property but don't live in the area you need to plan for the property's upkeep including landscaping and possibly a property manager. To successfully hire a property manager you need to have a detailed agreement that outlines responsibilities and payment. Learn how to plan for landscaping needs of an investment property too.
Homes used as rental property are considered investment property by the IRS. As an investment property, you can either pay the taxes owed upon sale of the property, or defer the payment of real estate taxes due upon the sale. If you choose to defer the taxes you owe, you'd utilize Section 1031 of the Internal Revenue Code.
Is it legal for a rental property owner to rent a property that may be subject to foreclosure? A tenant should be given notice that the rental property is the potential subject of a foreclosure lawsuit. The landlord should also be using the income from the rental property to pay his mortgage lender and keep the property from becoming subject to a foreclosure lawsuit.
A landlord asks what to do when his renter plans to skip out early. The landlord asks about putting a lien on the renter's new home. The landlord might be better off suing his renter in small claims court.
The owner of a condominium wants to lease his property to two 21-year-old women. The homeowners association says the building is restricted to "single-family homes" and he cannot lease his condominium as a rental property. Ilyce says the homeowners association president is mistaking the meaning of, or incorrectly defining a single-family home and they may be violating the Fair Housing Law from HUD.