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I couldn't do it...& questions for rental owners

July 27th, 2010 at 06:44 pm

I just couldn't take Ginger to be put to sleep. I kept looking at her last night and thinking how sad it would be. I just couldn't do it. XH is now trying to see if he can come up with the money to take her to vet and then he will take her. She did much better at that house...I think she might be allergic to the type of grass as well as fleas. I am concerned because I know he doesn't have any more money than I do(probably less actually). He is renting my old house from me so I am concerned it will affect the rent payment, which I can't afford.

I have a question about having a rental home though...those of you with rentals, can you help me out? Do I need a seperate checking account for the rental properties? I am not making any income on it over the mortgage and homeowners insurance. What kind of records do I need to be keeping? I have never had a rental so I am not sure. It seems to me that my parents had a seperate checking account for their rentals. Also, how is this going to affect my taxes. Will I have to show the rent as income? What about the expenses? Will I be able to deduct them?

Posted in Misc Thoughts and Updates | 3 Comments »

3 Responses to “I couldn't do it...& questions for rental owners”

  1. baselle Says:
    July 27th, 2010 at 07:40 pm 1280259655
    1280259655

    Thank you for the update - I thought about your situation all yesterday and was going to propose this possibility before going to extremes.

    1. sometimes dogs and cats overgroom themselves due to stress (grooming can be relaxing and something to do), and you have been stressed these last few weeks so its not a surprise doggie is also.
    2. ask a good friend or a friend doggie likes to take doggie in for a few days. If nothing else, you'll be less stressed. Smile 3. provide for positive reinforcement (treat, pet or walk) when doggie does not scratch. You might want to put a cone on her to see if you can physically keep her from chewing and break the habit.

    It might not work of course but you have nothing to lose for trying.

    As a renter, I'd be happier knowing that my rent and deposit were held in escrow (separate account). Much cleaner bookkeeping, and will make filing your taxes easier.

  2. MomEsq Says:
    July 27th, 2010 at 08:23 pm 1280262186
    1280262186

    I don't know what state you live in, but there may be rules about how to handle rental moneys. In Massachusetts, landlords have to hold the security deposit in an interest bearing escrow account, and must pay that money back to the tenant (with interest) when they leave, minus any deductions. You're also supposed to provide a receipt when the escrow account is opened. Try googling "landlord and {your state's name}" to see if there are helpful links.

  3. momcents Says:
    July 27th, 2010 at 09:10 pm 1280265030
    1280265030


    We haven't had any issues comingling income/expenses, but we have just the one rental and keep all records to verify the rental property expenses. Is your XH going to be a long-term renter and is his rent being used as alimony or spousal support? That might complicate things.

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