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Search instead for. Did you mean:. When you rent out your extra space, one of the most important things to consider is weighing the risks of having what is often a stranger in your home, versus the benefits of the extra income. You're probably savvy enough to know that you should collect a security deposit from your tenant before they move in; a security deposit is intended to cover any potential damage to your property that exceeds normal wear and tear.
While you might expect and be understanding of accidental damage, it's important to collect a sufficient deposit to cover foreseeable events. However, sometimes tenants cause massive damage to the properties they rent. It could be thoughtless or accidental—they leave a door unlocked and your home gets burglarized, for example, or a frayed electrical cord starts a fire.
In these instances, just because the damage wasn't intentional, doesn't mean it won't have a major negative impact on you. Your homeowners' insurance will probably cover the financial losses, but it won't compensate you for the time and stress of making your home more secure or having it rebuilt.
It also cannot replace any personal or sentimental objects. Your tenant could also introduce bedbugs or roaches to your property; these pests can be costly and difficult to get rid of. What's more, sometimes tenants will intentionally vandalize your property and steal from you. In some nightmare situations, landlords have discovered that a tenant was running an illegal operation out of their property.
In these worst-case scenarios, it may be necessary to file criminal charges or sue in court. In an attempt to protect tenants against unscrupulous landlords, landlord-tenant law contains many pitfalls that even the most conscientious landlord can fall into if they are not aware of the rules.
Here are some areas where you might slip up:. At best, these mistakes could simply cause you to lose your tenant. At worst, you could be sued and lose. Landlord-tenant laws are state-specific; make sure to research your state laws.
You probably won't want to rent out part of your home forever. If your family situation changes—for example, you decide to have children or you want an elderly parent to move in—you might need your renter to move out.
Another likely possibility is that at some point, you'll be able to pay the full mortgage comfortably. At this time, you may want your privacy back. Sometimes a particular renter hasn't technically done anything wrong, but they're just not a good fit personality-wise. Sometimes a tenant will stop paying rent but keep occupying your property. Mortgage lending discrimination is illegal. If you think you've been discriminated against based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps you can take.
Most renters are decent people who will move out when they can't pay, or when their lease expires. But sometimes a renter won't leave when they should. In these cases, you'll have to go through eviction proceedings. Eviction laws are strict, and landlords must follow them exactly for an eviction case to stand up in court.
Proceedings can be time-consuming and costly—you may have to hire a lawyer. The IRS has strict criteria on who qualifies as a dependent. They must not file a joint tax return as married unless the return is filed solely to claim a tax refund of income tax withheld or estimated tax payments made.
Unrelated adults must reside in your home to qualify as a dependent. They must receive more than half their support from you. Familial dependents must be related to you in one of the ways the IRS lists.
You can claim your relative as a dependent if they meet the criteria for dependents set out above. For example, if you provide more than half the financial support to your widowed mother-in-law, you can claim her as a dependent on your taxes, even if she is in an assisted living facility. And your mother-in-law does not lose potential dependent status if your spouse dies, or you and your spouse divorce.
Qualifying relatives include: siblings, half-siblings, and stepsiblings. They also include parents, stepparents, grandparents, and great-grandparents. Nieces, nephews, aunts, and uncles can all be your dependents, as can in-laws. These are criteria the IRS uses to determine if your dependent claim is legitimate.
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