As the Michigan tax season approaches, landlords must gear up for one of the most critical aspects of property management: financial reporting and taxation. Proper preparation can not only help you comply with tax laws but also maximize potential deductions. Here’s a comprehensive guide to getting your rental properties tax-ready. Understanding Rental Property Taxes in… Read more »
Are you a landlord in Detroit? Soon, you may be required to provide annual tenant rosters to help the city identify potential income-tax dodgers. The proposed regulation would apply to apartments and lofts with monthly rents of $750 or more. Last year, the city of Detroit filed a lawsuit against the owners of two properties… Read more »
Businesses of all kinds frequently provide goods and services on credit or other forms of advance. Whether you are a skilled trade working on someone’s private residence or commercial property, a financial institution extending loans, or just a small business who sells products on an open account, each of these businesses eventually face the same… Read more »
If you’re a landlord, you’ve likely run into an occasional problem with one of your tenants. Whether they are missing rent payments or refuse to comply with an eviction notice, there are legal actions you can take. However, the law will work against you if you don’t follow the proper procedures for dealing with tenants…. Read more »
You just spent the last 4-6 weeks patiently working through Michigan’s landlord-tenant eviction procedures to get a judgment of possession against your tenant. A few days later you receive notice that your tenant has filed a motion to set aside the judgment or for a new trial. By itself, the filing of a motion… Read more »
A landlord has a legal right to enter his tenant’s rental unit in many circumstances. Practical access to the space is much more limited than it would be if the unit was vacant. But the home or commercial property still belongs to the landlord. The Covenant of Quiet use and Enjoyment Residential rental contracts imply… Read more »
LANDLORD’S LEGAL PITFALLS Most property owners who rent their property handle the legal actions associated with landlord and tenant relations on their own. The district court system is amicable to property owners handling their own legal affairs, but these landlords need to be especially wary of legal pitfalls. While most property owners who are also… Read more »
SO YOU BOUGHT A PROPERTY AT THE COUNTY TAX SALE? DO YOU REALLY OWN IT? CAN YOU SELL IT? Every fall Michigan Counties sell thousands of properties for delinquent taxes. The purchasers of these properties acquire deeds for reduced costs – sometimes pennies on the dollar – and receive a “Quit-Claim” deed in exchange. The… Read more »