Rental Home Fire Does $200,000 in Damage
You may be able to deduct the damage, destruction, or loss of your rental property from a storm, fire, earthquake, or similar disaster. You might also be able to deduct losses from the theft of items you own that are in the rental property, such as a television or furniture that you...
Believe it or not, a pet-friendly apartment for rent gives you a chance to earn more money. This usually comes in the form of higher rent or a pet deposit. Landlords can justify charging an extra fee because pets come with risks. They can damage the property, injure others, and make n...
Fire Wise Make sure your property is prepped for high heat and that any fire dangers are removed. Outside bushes and trees should be trimmed backed and dead plants removed. Additionally, make sure any grills owned by the property or your tenants are properly ventilated and positioned away from...
Decreases to the basis can be from insurance payments you receive due to damage or theft, casualty loss not covered by insurance for which you took a deduction, and money you receive to grant aneasement.1 How Much Can You Depreciate a Rental Property?
. When a rental unit becomes temporarily uninhabitable due to damage from a covered event, ALE coverage helps cover the additional living expenses incurred by the tenants, such as hotel bills, restaurant meals, and other necessary costs while they are unable to reside in the rental property....
Maintenance— The landlord or tenant may agree on a periodical upkeep for the property’s maintenance like yearly painting, gardening, or fire safety inspections. Month’s Rent— The rent amount paid monthly on the date agreed upon. This should be stated clearly both numerically and in words. ...
Consider landscaping all around the base of your property in order to create a natural barrier to protect the foundation from vandalism. Landscaping also keeps equipment from getting too close to the building and causing a lot of damage. Plant Hedges Hedges are a great way to protect your...
If you're renting out your home or other property, you need to make sure you’re protected from damage, liability, and more with short-term rental coverage.
Damage risks.Paper contracts are vulnerable to damage from water, fire, or other physical hazards, leading to potential loss of critical information. Compliance risks Ensuring that each contract adheres to relevant laws and regulations manually can be labor-intensive, involving: ...