Is rent from family member taxable?

Generally rental of your property to family members for less than the fair-rental-value may be considered personal use of a property. If they did not pay the “fair market rental price”, then the use of the dwelling unit is considered to be personal use by the owner” and you would not report this as income.

How long should you let a relative stay with you?

Limiting it to 3 days for someone who is high maintenance is certainly reasonable. We have some family that are never invited more than 3 days at a time and some family/friends that could spend a few weeks if they wanted to.

Is it better to live in the basement or upstairs?

Living in the basement is a lot more pleasant when you choose the right tenants. Since the basement tends to be the noisiest part of the house, you want to choose respectful tenants who aren’t going to make a racket upstairs. You can be as selective as you want when choosing who lives a few feet from you, so take your time.

Is it bad to live in a two family house?

There’s nothing wrong with it. Living in a two-family house and renting the downstairs was a fairly standard path to the middle class and home ownership in the 20th century. Basically, if market conditions are good, you’ll have someone else paying your mortgage.

Can a family live in a basement apartment?

A basement apartment is cramped enough for one or two people, let alone a family. You’re probably better off living upstairs and renting out the basement. Basement living can take some getting used to.

Can a single family home be in a multi family area?

Your choices of potential neighborhoods may be significantly limited because multifamily housing—which is any housing other than a single-family home—may not be allowed due to zoning in all neighborhoods. Urban areas often have more multifamily housing units, while suburban areas tend to have single-family homes or townhouses.

What should I do if my upstairs tenant is making noise?

I mentioned the excessive noise to the upstairs tenant and he said that he would talk to his wife to try to have the kids keep the noise down. I then told the guy downstairs that I spoke to the people upstairs.

Can you rent an upstairs duplex to a child?

Up/down duplexes landlord rule #1 you never rent the upstairs to anyone with children. Never ever or you end up with this situation every time. I would want to resolve the kid issue otherwise you will never be able to keep a tenant in the lower unit, get use to constant turn over.

Do you have to let the down stairs tenant out?

If neither are willing to accommodate let the down stairs tenant out of his lease, find a new tennat and non renew the upstairs tenant at the end of their lease. Another good example of why M2M leases are the best way to go. “It sounds like you really aren’t happy here.