Pamela Smith - Landlord Forum thread 361007

Pamela Smith by Pamela on December 13, 2020 @15:04

In early 2020 I purchased a duplex. I wanted some passive retirement income. I paid cash .
So....now there is a eviction moratorium in place and it looks like it will be extended again.

My tenants are not paying and I think we all know we will be lucky if they ever pay their arrears.
My question is are we as landlords able to receive the pandemic unimployment insurance benefit?
My feeling is that we should be able to as it is considered income. Even if we had to forgo the arrears owed it would probably be the better deal.
I appreciate any thoughts or knowledge on this subject. Thank you. Pam

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Re: Pamela Smith by Robert on December 15, 2020 @17:50	[ Reply ]

Welcome to the world of Landlording. CV has certainly let freeloaders take advantage of things. Landlords are not able to recoup lost income from CV. In theory your tenants will be required to pay back rent, however winning in court is just the first step to collections. Your best future protection is to make sure you know where then work so way in the future you can garnish their wages. If you are involved in leasing and rent collecting then you are not passive. Being an active investor allows you to claim losses on your taxes. (note-loss of income isnt a business loss, you just didnt make any money)

Re: Pamela Smith by Brendan on December 22, 2020 @21:37	[ Reply ]

Who knows what is happening in this country....If you ever start collecting rents again, will you be able to deduct your rental losses--probably not unless you are an LLC or REIT.

Re: Pamela Smith by Daniel (CA) on January 6, 2021 @21:47	[ Reply ]

yes there are many apartment associations that explain that LL can participate in the EIDL and PPP programs. seek advice from a professional on how to fill out those forms.