And one more thing…….
Hopefully all of you have finished your holiday shopping and are ready to finish up and get the new year started. I have been asked during this time of year, is, “what should I do for my tenant?” They have been good, paid rent on time, have taken care of your home and the do not appear to go anywhere. So, if you are feeling generous, get them a gift card or something they need. A toaster, a microwave. The reason you do not want to give any money off rent is that you cannot claim it. You will report the amount that you collected, but there is no deduction for not collecting something. Please of course check with your tax advisor. This is my advice to you this holiday season. Make it small. Does not have to be large or of great significance. It is the memory you are trying to create. You would be surprised how many do not do this. It really does go along way. Through the years I have gotten many more owner gifts than tenant gifts. But I could tell you exactly what they were. They were all under 10 dollars and mostly coffee cards. But it was a nice charge to the day.
Well to all of you, have a great holiday season. Ken