anything harmfull they can do to me concerning my home that i own..???
2007-03-12 09:04:41 · 6 answers · asked by Happy Summer 6 in Business & Finance ➔ Renting & Real Estate
I can't see any problems. The only thing is if you want to claim that income, you have nothing to prove it. But that would only come into play if you wanted to refinance or buy something larger and needed the extra income.
If you don't want to claim it and want to make sure it isn't taxed, then you have a perfect setup.
I see no way they can actually harm you.
2007-03-12 09:10:28 · answer #1 · answered by Laurin Jeffrey 2 · 0⤊ 0⤋
To protect yourself, please make sure that you have a lease which list all the details of your expectations. In addition, you should list what rights they have since they are actually living in your house with you (I assume). If you do not have a detailed lease/contract, you are giving the renter total access to your home without limits, which could be very harmful.
2007-03-12 16:11:28 · answer #2 · answered by creolebutta 1 · 0⤊ 0⤋
as long as you know who the renter is (i.e., a friend or relative), there is very low risk.
However, if the renter is performing illegal activity (i.e., selling or manufacturing drugs) and you are aware of it, as owner of the house you could be held civilly and criminally liable.
2007-03-12 16:26:30 · answer #3 · answered by Jack Chedeville 6 · 0⤊ 0⤋
Well, you have to claim it and you should have a written agreement and an application with social security number, credit info, etc. with your tenant so if you have to evict, you have some paper trail.
2007-03-12 16:08:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Make sure you write him a receipt and keep track of it for tax purposes.
2007-03-12 16:12:48 · answer #5 · answered by Mark M 2 · 0⤊ 0⤋
They can destroy it or make a claim on your homeowner's policy.
2007-03-12 16:12:06 · answer #6 · answered by grantwiscour 4 · 1⤊ 0⤋