Personal Finance

3832 readers

28 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 2 years ago

MODERATORS

[email protected]

710

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 [email protected] to c/[email protected]

372 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.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] -2 points 1 year ago (2 children)

For doing dick all

Yeah because they just plucked the property off of a tree... people often work years and years to get enough for a property investment and it can take 30 years to pay it off. Throughout all that time they are responsible for maintenance, insurance and a litany of other things to keep it from falling into disrepair.

[–] [email protected] 4 points 1 year ago* (last edited 1 year ago) (1 children)

it can take 30 years to pay it off.

It can take 30 years for the tenants to pay it off. Landlords aren't paying for that out of the goodness of their hearts. It's instead ultimately the tenants.

Throughout all that time they are responsible for maintenance, insurance and a litany of other things to keep it from falling into disrepair.

They hire people to do that, they don't do it themselves.

[–] [email protected] 0 points 1 year ago* (last edited 1 year ago) (1 children)

They hire people to do that

This is why you don't get it. I spent my childhood cutting grass and repairing shit at a property owned by an elderly family member on a fixed income. We didn't have money to hire someone to do it and tons of people are in the same boat. We did it for free because it was the best thing for everyone involved including tenants who often stayed for years because it was a nice place to live. No one got rich off of that property believe me.

[–] [email protected] 2 points 1 year ago (1 children)

You getting exploited for free labor by your landlord grandparents only further proves my point that landlords don't actually do any work.

[–] [email protected] 1 points 1 year ago (1 children)

They managed it as long as they could. Have you ever had a family before? You're supposed to help each other. It's what people have done for all of time.

[–] [email protected] 1 points 1 year ago

You've missed my point.

[–] [email protected] 2 points 1 year ago

What do you think "passive" means in the term "passive income"? I don't care if it becomes harder to earn "passive income", especially if it's coming from people just doing what is necessary to survive.