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Re: NC: Can landlords charge for their own labor?
by Jake
on April 27, 2012 @11:21
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I think if you charge for your own labor you will have to report it to the IRS and pay taxes on it.
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Re: NC: Can landlords charge for their own labor?
by Anonymous
on April 27, 2012 @12:12
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I looked and did not find anything that stated you could. I would suggest you research this.
Jake is correct if you use the damage deposit to repair damage and pay a company to fix it you can write of the expense. If you do the work yourself the money you withheld from the deposit then becomes income and you have to pay taxes on it. At least we did.
If you think the damage will exceed the deposit at that point it may be smart to do some of it yourself. What you must factor in is your time versus paying for someone elses labor. If it exceeds the deposit then you would not pay taxes as it would be a loss, unless you take them to court and collect on the amount above and beyond. If you collected then the extra amount collect would be income. If you did not pay someone to do the work that income could not be expensed.
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