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Landlords should have to pay income tax on their rental properties regardless of whether they're rented out or not. (gothamist.com)

submitted 1 year ago by Blaze@discuss.tchncs.de to c/personalfinance@lemmy.ml

375 comments fedilink hide all child comments

cross-posted from: https://lemmy.crimedad.work/post/12162

Why? Because apparently they need some more incentive to keep units occupied. Also, even though a property might be vacant, there's still imputed rental income there. Its owner is just receiving it in the form of enjoying the unit for himself instead of receiving an actual rent check from a tenant. That imputed rent ought to be taxed like any other income.

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[–] bluGill@kbin.social 4 points 1 year ago (2 children)

Landlord should always have a few not rented places so that when someone is ready to move there is a place they can go. They also should be doing major remodels and upgrades approximately every 30 years which means a long stretch of not occupied.

[–] Shalakushka@kbin.social 4 points 1 year ago* (last edited 1 year ago) (1 children)

By major remodels and upgrades I assume you mean slapping a coat of white paint to cover the cracks and mold, right?

[–] bluGill@kbin.social 5 points 1 year ago

The coat of paint should be done every 5 years, or when a tenant moves out.

Major I mean things like replace the HVAC system, rewire to add GFCIs, replace windows with something better. If it doesn't cost $20,000 it isn't major. Most landlords do not do this, but it really should be part of the cost of doing business.

[–] bouh@lemmy.world 1 points 1 year ago (1 children)

That's called hostels or inns etc. Right now if places are empty it only means someone can't come because it's not for rent.

Keeping the place for repair is legitimate, but it's not what's done either. It's be easy to make an exception for repair.

[–] bluGill@kbin.social 1 points 1 year ago

hostels and inns serve a different niche - temporary housing is important, but they don't give nearly as much space. If you want to live someplace for a year or more then you want more space for your stuff (how much is personal)