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Rental Basics in 80201 : Real Estate Advice

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  • Home Buying0
  • Home Selling0
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Activity 10
Jodysutter, Home Buyer in Denver, CO
Thu Apr 14, 2016
Jodysutter asked:
The church that my tenants go to want to pay one month's rent on the tenant's behalf. The church also wants me to fill out a W-9 form. Is this necessary?
0 votes 0 Answers Share Flag
Elizabeth He…, Real Estate Pro in Agawam, MA
Tue Dec 1, 2015
Elizabeth Herbert answered:
Do you mean a W-9? Here is the link for that; https://www.irs.gov/pub/irs-pdf/fw9.pdf

There is a form for HUD for section 8 and it goes by city and state. Here is the link; http://portal.hud.gov/hudportal/HUD?src=/program_offices/public_indian_housing/pha/contacts ... more
0 votes 1 answer Share Flag
Michael Glist, Real Estate Pro in Colorado Springs, CO
Sat Aug 15, 2015
Michael Glist answered:
My guess is because #1 they rented it to you based on your income not on you getting financial assistance even if just for one month #2 because of how crazy the Colorado rental market is they may be ok with having to put you out so they can rent it out to someone else for more than what you currently pay. he tidha ... more
0 votes 1 answer Share Flag
Marina Gorbo…, Real Estate Pro in Englewood, CO
Wed Oct 29, 2014
Marina Gorbounov answered:
If you will receive more than $600 in rents from them, they will have to issue a 1099 at the end of the year and you have to claim this income on your tax return. You would need to do a separate schedule for your rental property: start depriciating it, track expenses to offset this income. But yes they are correct in asking you to fill that out. They want to report their rent payment as an expense on their income tax, un turn you have to claim it as income. ... more
0 votes 2 answers Share Flag
phatty42, Home Owner in Des Moines, IA
Wed Jan 22, 2014
phatty42 answered:
I am a CPA and concur with the answer several people wrote - if you are paying the rent in the course of your business, then you report it in Box 3 of the 1099-MISC. If you are just renting an apartment or similar place to live, you don't have to report it. If the landlord won't give you the info, you have to withhold and submit backup withholding.
(hopefully 3 years later you're not still dealing with this....I just ran across it while looking for something else)
... more
0 votes 16 answers Share Flag
Robert McGui…, Real Estate Pro in Denver, CO
Thu May 9, 2013
Robert McGuire answered:
Rhadika,

This is a good question for your accountant or tax professional. you should also check with your company to see if they will intervene since they are the ones who need the information. They may have a representative or attorney who handles these situations for the company. All the best.

Robert McGuire
Broker/Consultant
Your Castle Realestate
http://about.me/robertmcguire33
... more
0 votes 4 answers Share Flag
Bill Pearson, Real Estate Pro in Denver, CO
Tue Apr 16, 2013
Bill Pearson answered:
Dskai,

I agree with the other answers and you need to reach out to a CPA. If you need a suggestion I would be happy to suggest a couple. Best of luck with the situation!

Bill Pearson GRI, SRES |"Your Denver Realtor For Life"
ERA Herman Group Real Estate| 201 Columbine Street| Suite 301| Denver CO 80206
720-329-1470 |Bill@DenverRealtorForLife.com
5280 Magazine FIVE STAR Real Estate Professional – 2010, 2011, 2012
... more
0 votes 4 answers Share Flag
Bob Gordon, Real Estate Pro in Boulder, CO
Thu Feb 21, 2013
Bob Gordon answered:
I can recommend a good CPA; YOU may want to explore a K-1 as part of your ownership strategy. This would relate to taxes. - Bob Gordon www.BoulderRealEstateNews.com
0 votes 5 answers Share Flag
Debbie O'Bri…, Real Estate Pro in Port Washington, NY
Thu Jan 17, 2013
Debbie O'Brien answered:
It is not illegal but is uncommon to collect additional security. Ask your landlord if your security deposit is currently being held in an interest bearing account. Ask why the landlord feels they are entitled to hold additional security. ... more
0 votes 6 answers Share Flag
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