Basic Information On Staten Island NY Rental Provisions

When purchasing rental real estate or renting a home yourself, it is helpful to be aware of the typical provisions. As either a landlord or a tenant, you have certain obligations. The information below includes basic information on Staten Island NY rental provisions. Categories of Tenancy Tenancy can be at-will or by lease. There are advantages and disadvantages to each, but the major difference related to the time frames. Leases note definite time frames while tenancy-at-will is more indefinite. Before offering a particular type of tenancy, property owners normally assess the impact of the time of year (i.e. colder weather), the cost of replacing tenants, and other similar situations. Obligations of Each Party Both landlords and tenants maintain particular obligations to fulfill. For example, landlords must maintain a safe and clean (as defined by law) living environment. Tenants must submit rentals payments and not damage the home beyond normal wear and tear. Additional provisions can be outlined in the rental terms, although some conditions may either be required by law or prohibited. Ultimately, it is critical for both landlords and tenants to understand their rights and to understand all terms in an agreement before accepting it. It is possible for particular items to be adjusted to reflect the needs of both parties. Handling of Deposits One of the key terms in any rental agreement involves deposits. A security deposit can be required to cover expenses related to damages. Rent for the last month is also sometimes required to stop tenants from using security deposits for the last month or to facilitate 30 days advance notification for vacating the home. Receipts should be written for every deposit for accurate record keeping. Staten Island NY laws can specify maximum amounts, where money is deposited (i.e. into an interest bearing escrow account), and when deposits must be given back to tenants. Basic Information On Staten Island NY Rental Provisions This article includes only some elements of Staten Island NY rental provisions. It is provided merely as a basic overview and must not be interpreted as legal guidance. Connect with a local Staten Island NY lawyer for actual legal guidance. Comprehensive resources regarding Staten Island NY rental provisions may also be found on the official state website. Subscribe to our website for further information on this and similar topics.

Details On Staten Island NY Home Casualty Loss Tax Deductions

The federal government offers a tax deduction for property casualty losses. This is an itemized deduction, so applicability depends on the personal finances of a taxpayer. Deductions decrease taxable income and the amount of tax due, and can therefore be useful to a home owner. This blog provides details on Staten Island NY home casualty loss tax deductions. Definition of a Casualty Loss The IRS considers a casualty loss as the "damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual." It may relate to natural disasters such as floods or man-made ones such as fire. There are other restrictions offered in IRS Publication 547: Casualties, Disasters and Thefts. Deduction Tips Applicable Tax Year If the loss occured during an presidentially declared disaster, then you can resubmit your tax return from previous years to deduct the damage. This will likely lead to a tax refund. Otherwise, property owners must delay until the next tax filing. Deduction Amounts First and foremost, the deduction is only applicable to costs not reimbursed by insurance and other resources. The sum of a deduction is calculated by the decrease in market value of real estate caused by the damage or destruction, the income of the home owner, and a few other factors. Federal and state tax laws can differ. About Details On Staten Island NY Home Casualty Loss Tax Deductions Always touch base with accountant on deduction qualifications, determining amounts, and adapting to federal and state returns. This blog includes details on Staten Island NY home casualty loss tax deductions and is intended to make you knowledgeable on potential deductions. It does not at all guarantee that you will be able to use deductions on your specific tax return.

Energy Tax Credit Overview For Staten Island NY Real Estate Owners

Homeowners who make energy efficient improvements may be able to take advantage of tax credits. Credits directly reduce the tax owed and will, as a result, save money. This article offers energy tax credit overview for Staten Island NY real estate owners. Types of Tax Credits The Wind, Solar, Geothermal and Fuel Cell Tax Credit This tax credit can be applied to existing properties and new construction, as long as it is used as principal residences. The credit is not valid for investment properties. Homeowners may apply a credit for 30% of the actual cost of repairs completed during the calendar year. The items below qualify for the tax credit •Geothermal Heat Pumps •Solar Panels •Solar Water Heaters •Small Wind Energy Systems •Fuel Cells (up to $500 for each 0.5 kilowatt capacity; other restrictions apply) Energy Efficiency Repairs This credit covers building components, insulation, windows, skylights, doors, roofs, air circulating fans, furnaces, and hot water boilers. There are specific requirements for each item, so check the tax laws before applying the credit. There are maximum deductions on certain items such as windows. Only upgrades on principle residences may be used and all products must have at least a 5 year lifespan. In general, the credit is for ten percent of the purchase price up to a maximum of five hundred dollars. Once a tax payer reaches the five hundred dollars mark, no additional amount may be taken in any tax year. This is an overall limit and not a recurring one. Energy Tax Credit Overview For Staten Island NY Real Estate Owners With all tax credits, keep receipts to confirm amounts. Also keep the manufacturer and model number of all products as some have specific criteria under the tax laws. If you are uncertain of how to figure out this credit or have a lot of credits in your tax return, look into consulting with a tax preparer. Advanced energy tax credit overview for Staten Island NY real estate owners is offered at the Energy Star website. The information in this blog was prepared by Gregory Diaz and Gina Guerriero at S.I. Premiere Properties as is meant only as an introduction.