It is calculated of the tax return with an average of 2011-2012 unless 2012 is less then they take the lower. If the down payment is part of the assets then the income would be reduced by the percentage of assets... more
RE: MY FIRST ANSWER BELOW TO YOUR QUESTION. We finally got the tracking number from the landlord on a text msg and yesterday, I went to the PO & got the certified mail with a nasty letter and some computer copies of damages ( they claim) but no receipts AND NO BANKBOOK as required by law. That's because they never opened an account as they should have according to law. They said their time wasn't worth arguing about $900. But they only added on &90 interest which was short about $80. She workes in a bank & could have gotten the exact amt from a bank program but since we got $990, we're happy and it shows they did not follow the law so they knew it & if we went to court in NJ, they would have had to pay double the deposit and double the interest. I wish you luck but you have to pursue it.
Mr. Shalfrey who commented after me has the best advice for landlords ( I used to be one) go to the bank immediately and open an account in two names yours & the renter but the landlord keeps the book & let the bank do the interest calculations when the tenant gives notice. BUT, because of circumstances, we did not do a final walk through with them and left them a fairly new stove, refrigerator ( there wasn't any when my daughter moved in) and some other great items. They said they never asked for them so they do not enter into the story. Bad people who tried to get away with it. Don't let anyone get away with anything.
Again, fight it for the principal. We would have rather paid a lawyer with the money than let them have it.... more
No, it is written into the Law. Here is the section to link to. We, too, are fighting to get back my deceased daughter's deposit back with 10 yrs interest. We will go to Small Claims Court with our demands (Law is on our side) & if we win, we get back double the deposit and double the interest. download a copy of the Secion on Security Deposits, highlighting the part on interest. Not only that, but the interest cannot be used for any repairs that are more than usual wear and tear and before the Landlord can deduct for repairs, they must show receipts. Double check it. Joan... more
California state law does not require landlords to pay interest on security deposits, but some local rent control laws do - Campbell, CA nor anywhere in Santa Clara County is subject to landlords having to pay interest on deposits. You go to http://www.ci.campbell.ca.us/Building/Housing.htm and down in the Housing Services section lists Project Sentinel which does rent mediation (408) 243-8565 www.housing.org knows all about landlord/tenant laws in Campbell & the entire county. As far as I can tell, only Berkeley, Santa Monica, and San Francisco have a law that says the landlord must pay interest.... more
To figure out compound interest earned Use Microsoft Excel. in cell A1 type 1425. underneath 1425 in cell A2 type '=A1*1.0025' then hit enter the number 1428.5626 should appear in cell A2. The take your cursor and place it on the botton right hand corner of cell A2 and a plus sign '+' should appear left click and hold the mouse and drag it down to row 73. this will give you the compounded interest of 3% for 6 years the answer in cell A73 should be $1705.651566... more