What are the requirements to rent out a home in Euclid? Tax problems in doing so?

Asked by Caphgh, Euclid, OH Sat Oct 30, 2010

We currently have our house listed for sale in Euclid, but already realize that selling is probably not going to happen at the price we need it to. We are concerned about the tax issues that might hit us if we do rent out our home, and not live in Euclid. Do we need to notify the city if we rent our house out, and how will this effect our personal income tax, and property taxes?

I see so many houses for sale, but how is the rental market in Euclid? Could we easily rent an updated 3 bed 1.5 bath CA house for $800/mo or possibly more? We are down the street from Upson Elementary.

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Anna M Brocco, Agent, Williston Park, NY
Sun Oct 31, 2010
For any tax issues of concern as they apply to your specific situation, do consult with your tax professional and or tax attorney--then go from there. As for renting the property, do consider a consultation with your agent, he/she can best advise.
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