WWYD?
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WWYD? (by WMH [NC]) Dec 20, 2018 1:51 PM
       WWYD? (by NE [PA]) Dec 20, 2018 1:56 PM
       WWYD? (by Laura [MD]) Dec 20, 2018 1:57 PM
       WWYD? (by plenty [MO]) Dec 20, 2018 1:59 PM
       WWYD? (by NE [PA]) Dec 20, 2018 2:00 PM
       WWYD? (by CGB [MI]) Dec 20, 2018 2:07 PM
       WWYD? (by WMH [NC]) Dec 20, 2018 2:12 PM
       WWYD? (by WMH [NC]) Dec 20, 2018 2:14 PM
       WWYD? (by Richard [MI]) Dec 20, 2018 2:20 PM
       WWYD? (by WMH [NC]) Dec 20, 2018 2:24 PM
       WWYD? (by Noname [AK]) Dec 20, 2018 2:29 PM
       WWYD? (by Laura [MD]) Dec 20, 2018 2:33 PM
       WWYD? (by plenty [MO]) Dec 20, 2018 2:38 PM
       WWYD? (by WMH [NC]) Dec 20, 2018 2:42 PM
       WWYD? (by WMH [NC]) Dec 20, 2018 2:42 PM
       WWYD? (by WMH [NC]) Dec 20, 2018 2:45 PM
       WWYD? (by LindaJ [NY]) Dec 20, 2018 2:53 PM
       WWYD? (by plenty [MO]) Dec 20, 2018 3:06 PM
       WWYD? (by Deanna [TX]) Dec 20, 2018 3:35 PM
       WWYD? (by AllyM [NJ]) Dec 20, 2018 5:15 PM
       WWYD? (by Busy [M]) Dec 20, 2018 5:30 PM
       WWYD? (by elliot [RI]) Dec 20, 2018 5:37 PM
       WWYD? (by myob [GA]) Dec 20, 2018 5:41 PM
       WWYD? (by 6x6 [TN]) Dec 20, 2018 6:06 PM
       WWYD? (by Rani3182 [TX]) Dec 20, 2018 6:26 PM
       WWYD? (by Great Action [NC]) Dec 20, 2018 7:01 PM
       WWYD? (by Ken [NY]) Dec 20, 2018 7:25 PM
       WWYD? (by MMIT [VA]) Dec 20, 2018 8:00 PM
       WWYD? (by RR78 [VA]) Dec 20, 2018 8:16 PM
       WWYD? (by WMH [NC]) Dec 20, 2018 8:40 PM
       WWYD? (by RR78 [VA]) Dec 20, 2018 9:37 PM
       WWYD? (by small potatoes [NY]) Dec 20, 2018 10:09 PM
       WWYD? (by gevans [SC]) Dec 21, 2018 3:39 AM
       WWYD? (by Dan [NY]) Dec 21, 2018 4:08 AM
       WWYD? (by 6x6 [TN]) Dec 21, 2018 1:26 PM
       WWYD? (by WMH [NC]) Dec 21, 2018 1:28 PM
       WWYD? (by Sandy [CO]) Dec 21, 2018 7:36 PM
       WWYD? (by BRAD 20,000 [IN]) Dec 21, 2018 11:35 PM
       WWYD? (by Cjoh [CT]) Dec 22, 2018 9:44 PM
       WWYD? (by Cjoh [CT]) Dec 22, 2018 9:57 PM
       WWYD? (by Ray-N-Pa [PA]) Dec 26, 2018 3:45 PM
       WWYD? (by Scott [NJ]) Dec 28, 2018 4:51 PM

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WWYD? (by WMH [NC]) Posted on: Dec 20, 2018 1:51 PM
Message:

Tenant moved in last summer. Nice guy, owns his own biz. Promptly gets a puppy without asking - he DID misunderstand the "Pet Friendly" thing. I blow up, he apologizes, offers to pay $250 more PER MONTH in rent for a year until she is grown. I accept.

It's been 8 or so months, he has paid us $2000 in EXTRA rent. Dog is wonderful and totally grown, no damage at all. Golden Retriever. Besides a Lab, are there better dogs? I don't think so.

In addition, he totally REFINISHED a peeling bathtub on his own! It's like new. He painted his front door which was nasty. He cleaned out other stuff, etc. In fact he is a MODEL tenant. OH and he found us a guy that may well work out as a sometime-handyman!

I want to refund his extra rent. #1) Selfishly, we need to reduce our taxable income for various reasons. #2) Bizwise, I don't want to pay him for things he did on his own, but refunding the pet rent when the pet did NO damage seems like a win-win to me. #3) Altruistically, it would be nice to refund him at Christmas.

What says the Board? --50.82.xxx.xx




WWYD? (by NE [PA]) Posted on: Dec 20, 2018 1:56 PM
Message:

I wouldn't refund the pet rent. He brought it in without asking PLUS he's working on the place without permission, good work or not.

Why charge it if you're going to refund it? I'm sure you have other "just ok" tenants who you charge a pet fee and their pets don't do any damage either. --50.32.xxx.xx




WWYD? (by Laura [MD]) Posted on: Dec 20, 2018 1:57 PM
Message:

Can I suggest a 4th option....do an upgrade to the property that benefits him and future occupants will find attractive. The capital upgrade could be a tax deduction and will create good will.

I would not refund pet fee, because sends message that fees are not really important or to be enforced. --108.51.xxx.xxx




WWYD? (by plenty [MO]) Posted on: Dec 20, 2018 1:59 PM
Message:

You want to refund $2000 or some other amount? A Christmas gift would be a nice way to do this, without connecting it to anything other than Christmas. --173.127.xxx.xxx




WWYD? (by NE [PA]) Posted on: Dec 20, 2018 2:00 PM
Message:

Send it to me and I'll give you my social for the 1099. --50.32.xxx.xx




WWYD? (by CGB [MI]) Posted on: Dec 20, 2018 2:07 PM
Message:

I think there is a difference between being altruistic and being in business. Altruistically, yes it would appropriate to give him the money back as the puppy did not do any damage. However, the agreement you made with him, when he breached your lease, was for additional rent, which is nonrefundable and not a deposit, which is refundable. You did provide a service for the money you recieved, you permitted a puppy into your premises which many landlords forbid. From a strictly business perspective, and if you want to be nice, I would waive or decrease the pet rent to normal going forward. I would not give him back the cash and truthfully he doesn't expect it. If you need to reduce your income for selfish reasons, take the extra money and improve the property in some way: update landscaping, update appliances, new carpet, paint, provide snow/yard care, etc. I think he would be ecstatic with less rent rent and some improvements as a win win as well. --50.77.xxx.xxx




WWYD? (by WMH [NC]) Posted on: Dec 20, 2018 2:12 PM
Message:

I forgot to mention: we ARE improving the property with new windows and insulation!! That's how he turned us on to the new guy.

We still need more deductions...or less income. --50.82.xxx.xx




WWYD? (by WMH [NC]) Posted on: Dec 20, 2018 2:14 PM
Message:

There is a Heathcare.gov cliff. Go ONE DOLLAR over and you have to pay back EVERY DOLLAR of the ocare subsidies. Which in our case is upwards of $25k. We are scrambling to spend money on our properties in every way!

I just thought refunding this guy was an easy reduction in income. --50.82.xxx.xx




WWYD? (by Richard [MI]) Posted on: Dec 20, 2018 2:20 PM
Message:

Can you donate it to charity?

Salvation Army? Red Cross? --23.121.xx.xxx




WWYD? (by WMH [NC]) Posted on: Dec 20, 2018 2:24 PM
Message:

NO Richard we can't, sad to say, because we do Standard Deduction. Well we can donate but it WON'T come off our taxes.

I used to slam dunk charities at this time of year. No more for some reason - CPA directed. --50.82.xxx.xx




WWYD? (by Noname [AK]) Posted on: Dec 20, 2018 2:29 PM
Message:

Buy something at Lowes and returm it next year

--99.203.xx.xx




WWYD? (by Laura [MD]) Posted on: Dec 20, 2018 2:33 PM
Message:

Can you prepay some 2019 expense/taxes? I would go on a buying spree for lots and lots of stuff. --108.51.xxx.xxx




WWYD? (by plenty [MO]) Posted on: Dec 20, 2018 2:38 PM
Message:

I had to watch those numbers very closely myself a few years. You have a few days I'm sure it will all work out. Yes give him back some $$. Benefits all. Should go a long way with this guy. How about a car? Waterheater? Furance anywhere? Ac? What are some possible big ticket items ? Think people! Think! --99.203.xx.xx




WWYD? (by WMH [NC]) Posted on: Dec 20, 2018 2:42 PM
Message:

Laura, believe me I have been spending like a wild person. It's the same money but spent for different purposes: if I spend it one way, properties get improved YAY! If I spend it another, the IRS wants their cut BOO!

BUT we added three units this year! That alone takes us over the cliff...I am spending the crap out of our budget. I am a rule-follower though so being careful, you know? Doing it by the books!! --50.82.xxx.xx




WWYD? (by WMH [NC]) Posted on: Dec 20, 2018 2:42 PM
Message:

Laura, believe me I have been spending like a wild person. It's the same money but spent for different purposes: if I spend it one way, properties get improved YAY! If I spend it another, the IRS wants their cut BOO!

BUT we added three units this year! That alone takes us over the cliff...I am spending the crap out of our budget. I am a rule-follower though so being careful, you know? Doing it by the books!! --50.82.xxx.xx




WWYD? (by WMH [NC]) Posted on: Dec 20, 2018 2:45 PM
Message:

Plenty, bought TWO cars, plenty of water heaters, some smaller through-wall HVACs (keeping it under $2500 invoice)

Now we are ordering windows and doors...

So here is the good thing about the tax laws: they encourage keeping properties up to shape! --50.82.xxx.xx




WWYD? (by LindaJ [NY]) Posted on: Dec 20, 2018 2:53 PM
Message:

Is there something that he would like for an upgrade? New fancy fridge, high end stove? Things that he would appreciate and upgrade your unit (as well as keeping the old stuff for a backup). Light fixtures, LED light upgrade. Tools, tools and more tools, storage for those tools. How about a shed for the property? Fence for the yard?

Give him the remainder back as a Christmas gift, or gift card. --108.4.xxx.xx




WWYD? (by plenty [MO]) Posted on: Dec 20, 2018 3:06 PM
Message:

Oh those LED light fixtures are awesome. Stock up! They are not cheap but they do save money and they last a longong time. No more tenant removing glass shades to change bulbs. Get a stock pile! Return some next year. --99.203.xx.xx




WWYD? (by Deanna [TX]) Posted on: Dec 20, 2018 3:35 PM
Message:

Does someone need a new shed out back?

How's the sidewalk-- any concrete work that needs doing? --166.137.xxx.xx




WWYD? (by AllyM [NJ]) Posted on: Dec 20, 2018 5:15 PM
Message:

I would refund some of it and hold some in case there is dog damage later. --73.248.xxx.xxx




WWYD? (by Busy [M]) Posted on: Dec 20, 2018 5:30 PM
Message:

Glad to read that pup has worked out so well. And the tenant too. I would not be inclined to refund anything, to me that would be....ummm...well...a little schizophrenic. I thought youd handled it (unexpected dog) very expertly in the first place; wouldnt want to cast doubts on your resolve in lease matters.

Are there really no other options for healthcare than the subsidized exchange options for the self-employed? (I realize I am fortunate that dear husband loves being an employee, and is well-compensated, so I havent ever had to look.)

The trouble with moving expenses a few months forward is, then there are fewer expenses for the next year. Perhaps a few more units would cover healthcare without that subsidy for the few remaining years until Medicaid kicks in for you.

My only suggestion for expense items might be to replace all mini-blinds with the cordless ones. But, if I recall, you might have gotten that done last year. --70.92.xxx.xxx




WWYD? (by elliot [RI]) Posted on: Dec 20, 2018 5:37 PM
Message:

$250 a month for a darn dog? I don't know what to say.... --71.232.xxx.xxx




WWYD? (by myob [GA]) Posted on: Dec 20, 2018 5:41 PM
Message:

I say I'm shocked... Give the payment to a charity. That's right-- wounded worriers or such.

Let your resident know you have donated not kept his $ due to breach of contract. --99.103.xxx.xxx




WWYD? (by 6x6 [TN]) Posted on: Dec 20, 2018 6:06 PM
Message:

That's what I'm saying,$250 a month for a dog!?! I am also with NE, about the 1099 thing! I do not know too much about the taxes,can you explain why you are doing this. Is there some kind of cap on rental income? --73.120.xx.xxx




WWYD? (by Rani3182 [TX]) Posted on: Dec 20, 2018 6:26 PM
Message:

I am still not over the 250 a month on dog rent!! Oh my...I charge $10 or 15 per month..... --2601:2c6:4680:5...




WWYD? (by Great Action [NC]) Posted on: Dec 20, 2018 7:01 PM
Message:

Expensive landscape work? Backyard brick oven and structure? Other backyard buildings? An ADU? --75.182.xxx.xxx




WWYD? (by Ken [NY]) Posted on: Dec 20, 2018 7:25 PM
Message:

You gotta split it 3 ways now,NE,6X6 and me,i will give you my info for the 1099 also.If you give him anything back you will simply confuse him and you may loose control,if you actually explain to him why he will just think you have so much money he doesn't need to pay the rent.No good deed goes unpunished.I love Goldens,i ahave one now which is my second one. --72.231.xxx.xxx




WWYD? (by MMIT [VA]) Posted on: Dec 20, 2018 8:00 PM
Message:

You are in this business to benefit you and your husband. The secondary beneficiaries are your kids. If there is nothing more you can do to benefit you and your husband, pay your kids on a 1099.

Even though they have left home and are "off your payroll", they would still benefit from the extra income even if it bumps them into a higher tax bracket.

Or, buy another new car and let your kids use it.

I do not like to return money to a tenant until they are no longer tenants. Remember that a good tenant today can be a bad tenant tomorrow. The money you return to the tenant today could be the money they short you when they move out next year.

Could you make a donation to a church, college, or veterans program?

Be thankful that you are faced with this challenge!

Good luck! --70.188.xx.xx




WWYD? (by RR78 [VA]) Posted on: Dec 20, 2018 8:16 PM
Message:

Nice of you to consider a refund to tenant.

But dont think you were fair to accept 250.00 a month to begin with. With a tenant trying to be nice and you said was a misunderstanding.

Think it could make it worse if you change the agreement now. --75.182.xx.xxx




WWYD? (by WMH [NC]) Posted on: Dec 20, 2018 8:40 PM
Message:

The spending on the kids is an issue. I have already issued legit 1099 income to one kid for a website.

But you are right this guy is not expecting it back - I did already tell him happy new year no more dog rent a few week ago.

He is paying $1450 a month for a 625 square foot cottage/shack. Rent was $1200 then he got the puppy and I went crazy as I had just sent another tenant packing for the same violation. This guy OFFERED $250 a month more as that's what a similar place would cost him, but he was all moved in.

But $2000 later I already told him he was good, he could go back to old rent as of Jan 1. --50.82.xxx.xx




WWYD? (by RR78 [VA]) Posted on: Dec 20, 2018 9:37 PM
Message:

Then sounds all good if was not way above market rent.

Maybe contact your HVAC guy. If you use any central heatpumps.Pre purchase some. Should run about 2K for just the outdoor and indoor unit package for 2 tons.

They should store just find and dont see prices going down anytime soon. --75.182.xx.xxx




WWYD? (by small potatoes [NY]) Posted on: Dec 20, 2018 10:09 PM
Message:

why not prepay some of your taxes? There is school tax, water n sewer, city tax, county tax, ...... --24.194.xx.xx




WWYD? (by gevans [SC]) Posted on: Dec 21, 2018 3:39 AM
Message:

I watch HD for their end of year Allure sale and buy a pallet.

Pave the driveways?

Add sidewalks?

Any roofs coming up? Buy the materials in advance.

Replacement windows? Buy in advance.

MrLL cruise? Pay this year.

Convention?

Seminars or courses?

Fly to Hawaii to check out that rental property you want to purchase... 55 cents a mile plus expenses.

Expensive tools...my kryptonite.

--173.233.xxx.xxx




WWYD? (by Dan [NY]) Posted on: Dec 21, 2018 4:08 AM
Message:

Giving money away to save taxes make no sense. Taxes are typically a percentage of income. --68.192.xxx.xxx




WWYD? (by 6x6 [TN]) Posted on: Dec 21, 2018 1:26 PM
Message:

Can I count off A new truck? I count millage now. Would I depreciate it over years and still count millage? What about a home I havn't done anything with yet except for repairs on other buildings and yard work? --73.120.xx.xxx




WWYD? (by WMH [NC]) Posted on: Dec 21, 2018 1:28 PM
Message:

Dan/NY. In this case that is not true. We are talking the HEALTHCARE subsidies and the Ocare Cliff.

Google it. --50.82.xxx.xx




WWYD? (by Sandy [CO]) Posted on: Dec 21, 2018 7:36 PM
Message:

WMH- I know exactly what youre talking about, we are in the same boat! Our subsidy is around $15,000. Ive soent $30K this year on the rentals and Im hoping its enough.

Im going to pre purchase some additional appliances for install later. --75.70.xx.xxx




WWYD? (by BRAD 20,000 [IN]) Posted on: Dec 21, 2018 11:35 PM
Message:

W,

Im with Ken. A refund would be a slap in the face Ive been cheating you this whole time. My Landlordy Sense is feeling a NoGoodDeedGoesUnpunished about to rise up. Hell want to be paid for those repairs and man would this look bad in court!

If I remember you set this as a PuppyFee. Its not longer a puppy so Id convert him to regular pet rent

I suggest Lowes/HD/Amazon gift cards which can deducted in this year and be spent later.

Gifting to family?

Im not a tax or Ocare expert but with your size business it seems odd you are not itemizing. Vehicles, repairs, equipment, tools, seminars...Id get a second opinion on that. Ive had lazy accountants in the past.

$25k is less than we spend in a year on healthcare. Were the same age. Another reason I dont want the govt supervising my healthcare.

One by one Im hearing from Dem friends who were enamored by Ocare but are now being burned by it. My brother sold a rental to pay bills and had to pay $7000 back to Ocare, wiping out most of his profit.

BRAD --73.102.xxx.xxx




WWYD? (by Cjoh [CT]) Posted on: Dec 22, 2018 9:44 PM
Message:

WMH, we had three Samoyeds in our own house wonderful dogs.You do have to train the older dog,which in turn ,train the other dogs ,which is probably the same,with any breed. My daughter has a Golden now,she also had three Samoyeds originally when they went off somewhere ,I ended up with six white wolves, never was a problem , Very obedient.if one sat,they all sat.did scare the hell out of the Moonies at 11 or12 oclock at night up at the perimeter of the Local Park.......... Charlie.......................were the joy of the neighbourhood kids who looked on them as their own................. --32.214.xxx.xx




WWYD? (by Cjoh [CT]) Posted on: Dec 22, 2018 9:57 PM
Message:

W MH, buy a good truck,with maybe a snow plough things they are a changeing ,in a few years you guys will be coming up here in January and February to get away from the cold , no matter what the moron on Fifth Avenue says...........Charlie............................... --32.214.xxx.xx




WWYD? (by Ray-N-Pa [PA]) Posted on: Dec 26, 2018 3:45 PM
Message:

Consider placing the entire property into a CRT and name a cause that is near and dear to you.

You can write off the property over a series of years so you can create a long term plan to avoid the health care cliff. --72.23.xxx.xx




WWYD? (by Scott [NJ]) Posted on: Dec 28, 2018 4:51 PM
Message:

What is your usual pet rent/fee? I charge a $250 initial fee and $25/month.

You could change his payment to your usual amount, and refund 50% of what he paid. --68.82.xxx.xx



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