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Landlord Newsletter December 2009

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

Dr Dani Babb 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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SAVE MONEY with our 2009 Holiday SPECIAL!
FREE LPA Membership Year

Join for 5 years and we'll give you the 6th year for FREE!
Includes the LPA Forms disk and immediate download access.
(For only 9¢ a day - you get the edge on tenants for 6 years!)




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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 AgencyThe 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.

    Read more from John Reno, Eviction Attorney



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    FREE LPA Gift with Book Purchase!
    Click here to order Dani Babb's Book,  The Accidental Landlord 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:
    1. Be logged in with your LPA username & password
    2. On the "Main Menu" (top right), click on "Your Orders" (right below your name)
    3. 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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