Do I need to claim rental income when a family member moves into my house and pays me “rent”?

Question by mtn_frog: Do I need to claim rental income when a family member moves into my house and pays me “rent”?
My son and his family moved into my house with me when he lost his house in foreclosure. We refinished the basement and I moved in there. He has been paying $ 1400/month to me to help with household expenses, repairs, and property taxes. I am not really “renting” for profit. He and his family would not have anywhere to live and I would not be able to keep the house without his help. I am retired and have small income (about $ 20,000/yr) from a part time job. Thank you.

Best answer:

Answer by Heidi M
You’re probably supposed to, but I don’t think it’s a big deal not to. When it’s family moving in, there are no binding contracts, etc… you’re helping out a family member. I think doing it ‘under the table’ is fine. Like you said, your home is not an investment property used as a rental, you just have family living with you helping with your expenses. Good luck!

What do you think? Answer below!

what does it mean when a house is advertised as “break lease”?

Question by : what does it mean when a house is advertised as “break lease”?
i was looking at rentals on the internet and one was advertised as a break lease. does this mean there is no minimum to how long your lease can be. eg: we could live there for 2 months and just give notice when we are leaving ??

Best answer:

Answer by nojam75
I think the advertiser means that the current tenant is breaking the lease and needs someone to take over the lease. The liable tenant may be willing to offer concessions to whoever takes over the lease.

Know better? Leave your own answer in the comments!

Renting a “for sale” house?

Question by wild bill: Renting a “for sale” house?
I am looking to rent a house for a year. There are not too many houses for rent in my area but there are a lot of houses for sale. Does anyone know if realtors/private sellers are open to renting instead of selling?

Best answer:

Answer by Ryan M
That depends on the seller…ASK THEM. I am sure at least one person in the country is open to the idea.

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Q&A: How do you say “House for Rent” in french and greek?

Question by : How do you say “House for Rent” in french and greek?
I want to put up my house for rent in those languages. Thanks.

Best answer:

Answer by Zirg
Use www.freetranslation.com

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Q&A: What does a “rent-lease” mean? (house)?

Question by wassapb6: What does a “rent-lease” mean? (house)?
If there is a required 1 year rent lease does it mean that you can only stay in the rented house for one year or does it mean you have to pay rent by a year’s worth amount instead of monthly pays? If it’s not any of those terms, let me know thanks.

Best answer:

Answer by Kristen
it means you sign a contract forcing you to stay in the house for a year. you usually pay by the month. once your year is up, you will have to option to sign the lease again for another year..

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DC Design House for sale for $3.9M

DC Design House for sale for .9M
The displayed furniture is not included in the cost of the house, but the new owners will get to enjoy the home's freshly-painted walls — which range from bright orange to black — and upgraded installations in the kitchen and bathrooms.
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Four Henrys for sale at Sotheby's
THE RESULT OF the public vote, organised by RTÉ, to find Ireland's favourite painting will be announced by President Michael D Higgins on May 24th. A Connemara Village by Paul Henry – one of the 10 shortlisted pictures – is evidently a strong contender …
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Gorgeous Estate Homes Near Woodstock
Each week we feature great homes for sale in Woodstock-Towne Lake and Holly Springs-Hickory Flat. By Jan Katz-Kellogg This week House Hunt offers Open Houses and lovely estate homes. Featured homes include a four-bedroom renovated ranch for $ 119900 on …
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The Realities of Real Estate: Preparing your house for sale

The Realities of Real Estate: Preparing your house for sale
A fresh coat of paint is one of the cheapest yet most positive improvements you can make when getting a house ready for sale. When in doubt, off-white is the perfect color. Your 15-year-old son might think black walls are cool.
Read more on Annapolis Capital

Optimism warms spring real estate forecast
But there's one thing he can't look up, and it's what he calls "the intangible" that he believes is the harbinger of good things to come when it comes to real estate sales. "It's the positive attitude among the buyers we're working with," said Rice, …
Read more on Seacoastonline.com

Seenos face scrutiny over allegations of inflated home prices
Now, evidence is emerging that Seeno Homes repeatedly used such incentives to help keep home prices high in a down real estate market. An ongoing FBI investigation recently led to the arrest on fraud charges of a Seeno Homes sales executive who …
Read more on San Jose Mercury News

Can I “Rent” a house from my husband?

Question by Sarah: Can I “Rent” a house from my husband?
My husband and I have never owned a home, and he is really tired of renting; he wants to buy a house. I, on the other hand, get panic attacks at the thought of home-ownership—I have a gypsy sense of wanderlust and really get depressed, irritable, and furious when I feel “trapped” in one place for too long. I have quit jobs in the past that I ENJOYED, simply because I could not handle doing the same thing every day, being the same person ALL THE TIME. (I am seeing a therapist for this, and taking meds for the panic attacks, and we hope to get me to a point where I can cope with, accept, and finally even embrace permanence and consistency.)
In the meantime—is there any way my husband can buy a house, and have me sign a renter’s agreement or something to get the loan? I have better credit than he does, and make more money, so I don’t think he can get the house without me—but I really can’t handle having the house be in my name.

I have read about joint tenantship and things like that, but everything I have found seems to apply to non-married people. Would this be under real estate law or family law?

Best answer:

Answer by Caveat Emptor
No. If your husband wants to buy in his name alone, fine. But then he can’t use your income, credit or a sham “rental” to qualify for a loan.

What do you think? Answer below!

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