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Blog Archives
Is a guarantor liable for unpaid rent?
A guarantor for renting a residential lease is someone who acts as a guarantee by legally agreeing to assume the financial obligations of the lease if the tenant defaults. This often means that a guar ...
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What are the risks of being a guarantor for ...
The risk of being a guarantor initially seems to depend on how much you trust the tenant you guarantee. This is the case for some leases, but parents should be advised that most student leases or shar ...
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Can i get out of being a guarantor for rent?
If you are a guarantor and no longer want to do so, you must obtain the landlord’s consent or consent before you are released from your debts. If the rent is late, it will probably not be accept ...
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Is landlords rent insurance worth it?
If you’re a tenant, buying tenant insurance is almost always worthwhile, even if your landlord doesn’t require it. At an affordable price, tenant insurance protects you from catastrophic d ...
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What happens when you sell rental property a...
When a property is sold profitably, those gains are reported as capital gains and taxed. However, if a rental property is sold at a loss, these losses are deductible from normal income, subject to cer ...
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How much of a loss can i claim on rental pro...
Property owners who do business through a pass-through company can get a 20% deduction under the new law. Yes, you must claim income even if you report a loss of rental property. The payment is a rent ...
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Can you claim a capital loss on a rental pro...
Capital losses from an asset can be used to offset capital gains from the sale of another asset and can be used as a deduction from normal income, with unused capital losses being carried over to futu ...
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How do you calculate capital loss on sale of...
Calculating your capital loss is relatively easy. Subtract your cost base that you paid for the property plus the cost of capital improvements you made while you owned it from your sale price after yo ...
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Can rental income be a loss?
You have a loss of rent if your rental costs exceed your gross rental income. If you cover the cost of generating income, you can deduct your loss of rent from your other revenue streams. Similar to c ...
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How do you show a loss on rental property?
To calculate your rental losses, you must complete the T776 Statement of Real Estate Rentals form. This form contains sections where you can enter the amount of rent collected and the corresponding ex ...
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