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Suppose I make your acquaintance and end up renting my second home to you starting next month. How would the IRS know anything about that? Even if they know I
by PopAlongKid 4y ago
Suppose I make your acquaintance and end up renting my second home to you starting next month. How would the IRS know anything about that?
Even if they know I was a landlord in a prior year, they still have no way to know how much rent I received during the year, or what my expenses were.
- orf 4y agoBecause you have a contract, and that contract would be registered? And if you don’t have a contract, that’s a recipe for abuse of rights and tax evasion.
- PopAlongKid 4y agoThere is no requirement to have a written contract with a tenant, or to register it with anyone, to be a landlord. The IRS in fact never asks and does not know the identity of your tenants.
- orf 4y ago> There is no requirement to have a written contract with a tenant Sounds horrific > The IRS in fact never asks and does not know the identity of your tenants. Why is that a requirement to registering a contract? You’re just registering the rent, address and length.