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Re: Which Docs are necessary for new Tenants? by mike (NY) on January 1, 2018 @10:06

                              
I was thinking the Tax return would show if an individual [not business] would be owing any taxes and that would be the main purpose of it?

Also my info shows that Credit report would show any evictions?
[ Reply ] [ Return to forum ]

Re: Which Docs are necessary for new Tenants? by Garry (Iowa) on January 1, 2018 @13:33 [ Reply ]
You are right, a tax return would show if ANYONE would owe taxes. Or, if they overpaid their taxes during the year, how much they would be getting back. But that document is a once-a-year event. Why should any LL care if someone had to pay extra taxes, or got a refund. You are more interested in monthly(yearly) INCOME, as that is what they will be paying your rent from. And some people that are in business for themselves, with that as their only income, can do all kinds of fudging/lying, to get you to accept them as tenants. As for a CR showing evictions, it may or may not, depending on how each state sends out their legal docs. In Ia., the evictions show up on the criminal backgrounds.
    Re: Which Docs are necessary for new Tenants? by mike (ny) on January 1, 2018 @16:12 [ Reply ]
    If they are OWING taxes then shouldn't that be a clear indication of a bad risk?
      Re: Which Docs are necessary for new Tenants? by Garry (Iowa) on January 1, 2018 @16:35 [ Reply ]
      ABSOLUTELY NOT ! There are millions of people in this country that once they figure their taxes, they may owe the government more money, simply because they did not have enough deducted from their paychecks during the year. Or maybe they had a "good" year, and unexpectedly owe more in taxes than they thought they would, at the start of the year. Or maybe, because of the stock market going great guns this year, they cashed in some stock the past 30 days, which created a large tax bill for them.
      At any rate, banks and credit unions who LOAN money to someone, usually want to see 1-2 years tax returns. But LLs usually have no need to see them----(unless of course, like I said, they are a small business, and you need to see if they are profitable or not, which is where your rent is coming from.)
      Re: Which Docs are necessary for new Tenants? by Garry (Iowa) on January 1, 2018 @16:36 [ Reply ]
      ABSOLUTELY NOT ! There are millions of people in this country that once they figure their taxes, they may owe the government more money, simply because they did not have enough deducted from their paychecks during the year. Or maybe they had a "good" year, and unexpectedly owe more in taxes than they thought they would, at the start of the year. Or maybe, because of the stock market going great guns this year, they cashed in some stock the past 30 days, which created a large tax bill for them.
      At any rate, banks and credit unions who LOAN money to someone, usually want to see 1-2 years tax returns. But LLs usually have no need to see them----(unless of course, like I said, they are a small business, and you need to see if they are profitable or not, which is where your rent is coming from.)
      Re: Which Docs are necessary for new Tenants? by Garry (Iowa) on January 1, 2018 @16:40 [ Reply ]
      Sorry about the double posting. My computer was messing with me. My apologies.
      Re: Which Docs are necessary for new Tenants? by Anonymous on January 1, 2018 @16:57 [ Reply ]
      G's shouting (as usual) can be distilled down to something more simple:

      Owing taxes and being delinquent on taxes or in trouble with the IRS are not the same thing.

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