Renters Insurance for your Ocean Isle Beach NC rental

Posted At : May 18, 2008 10:25 PM | Posted By : Sloane Realty team
Related Categories: Ocean Isle Beach NC rental,Ocean Isle Beach Rentals

The majority of Americans who rent do not have renters’ insurance. This has always been a wonder to us other than the fact that people may be mistaken that renters’ insurance is expensive. The owner of the Ocean Isle Beach rental property that you’re renting has insurance to recover damages to the property not your belongings. Renters’ insurance is cheap because it only covers your belongs and provide liability coverage. Renters insurance can be acquired for as low as $15 per month depending on the value of coverage and your location.

Renters’ insurance covers losses due to theft, fire, smoke, wind, vandalism, electricity, explosions, and water damages from plumbing. The insurance also provides liability if guests are injured in your Ocean Isle Beach NC rental and hold you responsible. Some policies will also cover extra cost associated with additional living cost if your rental property is damaged or being repaired.

However, renters’ insurance does not cover your automobile and damages resulting from floods and earthquakes. Separate policies can be purchased to cover these areas.

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Ocean Isle Beach Rentals & Sunset Beach Rentals Income and Expenses

Posted At : May 16, 2008 11:56 PM | Posted By : Sloane Realty team
Related Categories: Sunset Beach Rentals,Ocean Isle Beach Rentals

Include all of the income that your receive from the use of the property. This includes money received by tenants for utilities which may also be considered a rental deductable. Lease cancellation payments as well as fair market value of services or property received in place of money are considered rental income. Income does not include security deposit if returned.

Depending if you are a cash basis taxpayer or use an accrual method will define which year to record the income. If you’re a cash basis taxpayer record the income in the year of which you receive them. This also implies if you receive income in advance; record it to the year received not the year in which it applies. Expenses of the rental property can be deducted and are record in the year that you pay them not the year that they occurred. If you use an accrual method you’ll do just the opposite of a cash basis taxpayer. In this method you record the income in the year that it is earned. For example, if your tenant gives you money for January’s rent on December 2006 then the income would be recorded on your 2007 taxes. This applies for the expenses as well. If the water bill for December 2006 was paid in January 2007 they should be recorded in 2006.

Expenses include:

Depreciation
Utilities
Managing, Conserving, or Maintaining of the property while it is not being rented
Advertising
Rental Payments if your lease the property from someone
Rental of Equipment for property use
Utilities
Insurance
Taxes
Interest
Commissions
Tax return preparation fees
Travel expenses
Local transportation expenses

Expenses do not include Improvements but they may be recovered in depreciation expenses. Check out IRS.Gov for more information on Ocean Isle Beach Rentals & Sunset Beach Rentals tax information.