The LPA Newsletter December 2009
Dear Fellow Landlord,
I hope you enjoy the December LPA Newsletter.
In this issue:
- Home Seller Tax Liability after a Short Sale
- Free Form Download Fill-able PDF!
- Landlord Do's & Don'ts
- Ask the Attorney Q&A with John Reno
- Success Quotes
Please e-mail us if you have any questions or would like to add or share any material / information.
John Nuzzolese
John@theLPA.com
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Home Seller Tax Liability after a short sale - and how California is different
By Dr. Danielle Babb
I've been asked a lot more lately about whether a seller has a cancellation of debt tax liability after a short sale if the property is the one you lived in - your primary residence.
A few pieces of demystification.
Sellers take the full loan balance and subtract the sales price. In a short sale, this is a positive number (or zero) and is treated as ordinary income.
But - the Mortgage Forgiveness Debt Relief Act of 2007 requires that the seller not be taxed on this income ...
Click here to read the full article.
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Landlord Do's & Don'ts The Rental Application
What The LPA says you should do and what you shouldn't do:
DO Give the potential tenant a copy of his signed rental application after he has applied for your rental. It contains a commitment to rent and landlord protection wording to allow you to keep the deposit if the tenant breaks his commitment.
DON'T rent to anyone without first obtaining a credit report and references.
Use the LPA Rental Application.
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Free Download! These Adobe PDF forms can be filled in!
Notice to Renew or Vacate
The Notice to Renew or Vacate is a combination form which can be used as a lease renewal form or a tenant's notice to vacate.
Free Newsletter download good till 12/31/09
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Ask the Attorney
The Landlord Protection Agency® is proud to introduce John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.
If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question.
Submit a landlord / tenant question for Mr. Reno Please try to keep your questions as short and to the point as possible.
Dear Mr. Reno:
I am a LL in NJ. I filed an eviction suit and won by default judgement. Today, I attended a hearing for a "Motion to Show Cause" and the judge ruled in my favor too. I am expecting the Warrant of Possession to be served soon. Is there still any way my tenant can have the court put a stay on the eviction process at this point in lieu of full rental payment? Thank you. - Alex, NJ
A: Yes, believe it or not, they sometimes can and do. All I can say is they will have a harder and harder time every time they try to stop it. The first Show Cause is easy to get. The 2nd one is hard.
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Read more from John Reno, Eviction Attorney
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FREE LPA Gift with Book Purchase!
Fellow LPA Member, Dr. Danielle Babb is a national real estate expert and author of the new Landlording Book, "The Accidental Landlord".
Get your copy now... with a FREE BONUS! from theLPA.com
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Wealth Secrets and Success Quotes
"It is better to have NO tenant than it is to have a bad tenant." - John Nuzzolese
"When you change the way you look at things, the things you look at change. - Wayne Dyer
"People with goals succeed because they know where they are going... It's as simple as that." - Earl Nightingale
"Too many of us are not living our dreams because we are living our fears." - Les Brown
"One of my biggest fears is having a tenant with more landlord - tenant knowledge and expertise than I have." - John Nuzzolese
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LPA Membership Expiring? Take Advantage of the Renewal Prices!
How to Check your LPA Membership Expiration Date:
- Be logged in with your LPA username & password
- On the "Main Menu" (top right), click on "Your Orders" (right below your name)
- The beginning date of your membership will be listed to the left of your membership order # in this format: YYYYMMDD
NEW! Save Money with our Promotional Membership Renewal Prices!
*Your Membership Expired? No Problem!
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SPECIAL
BONUS FORMS DISK
for New 2
-5 year LPA Members
This offer also applies to 2-5 year Membership Renewals! Check out our low renewal prices *Your Membership Expired? No Problem!
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NEW SITE FEATURE: PICTURES! Worth A Thousand Words!
The LPA's Rental Advertising division,"Landlord's Corner" allows you to include up to 6 pictures (thumbnails and full size pictures) in each rental ad. (UNLIMITED FREE ADS come with LPA membership!)
LPA members: FREE! Non-members: only $5. per ad.
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What people are saying about The Landlord Protection Agency...
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