Property Management News

If you own rental real estate, you should be aware of your federal tax responsibilities. All rental income must be reported on your tax return, and in general the associated expenses can be deducted from your rental income. If you are a cash basis taxpayer, you report rental income on your return for the year you receive it, regardless of when it was earned. As a cash basis taxpayer you generally deduct your rental expenses in the year you pay them. If you use an accrual method, you generally report income when you earn it, rather than when you receive it and you deduct your expenses when you incur them, rather than when you pay them. Most individuals use the cash method of... Read more

The California Apartment Association urged the court to hear a major property-rights challenge to tenant protections in NYC The Supreme Court on Tuesday declined to hear a challenge to New York’s rent control and eviction laws, putting an end to a case that might have had dramatic implications for California cities’ own tenant protection measures. A group of New York landlords had sought to overturn the state’s Rent Stabilization Law, arguing that its price and eviction controls violated the Constitution’s “takings clause,” which protects against the government taking private property without just compensation. The California Apartment Association and the San Francisco Apartment... Read more