Thursday, June 25, 2009
More tales of my Rent
When I signed my original lease for my apartment, I was also asked for my Social Security info on a form stating that the landlord would report my interest income for tax purposes. Basically, I'd be earning interest on my deposit. I had NEVER heard of such a thing and I've lived in about 9 rental properties since I was 19 years old. Well, today I got a check in the mail for my first year's worth of interest. It only amounted to $22.19, but I'll take it! Have you ever received an interest payment on a rental security deposit? Do my real estate attorney friends want to weigh-in? Do I need to go back and sue my previous landlords for my interest payments?
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4 comments:
Found this online for NYC Rent Guidelines -
"Should I be getting interest on my security deposit?
If the building has six or more units the landlord must pay interest, if any, on your security deposit. The owner may keep one percent of the deposit amount each year as an administrative fee. If the building has fewer than six units and the owner deposits the security in a bank, the interest also belongs to the tenant, less one percent for administration."
For Texas, however -
"Because of the lack of any regulatory laws in Texas, landlords treat security deposits as their own the moment they receive them. Few if any landlords keep security deposits in separate accounts for return at the end of the leases. If if they go bankrupt or are foreclosed on by a lender, tenants' security deposits are almost always gone.
The Texas Apartment Association (TAA) has successfully fought legislation proposed in the Texas Legislature over the years that would require landlords to keep security deposits in separate interest bearing accounts and give the interest earned on the funds to tenants (since it is the tenants' money). So far, the Texas Legislature has sided with landlords on this issue. However, many other states require landlords to properly care for security deposits and pay interest."
So if you gave a deposit at your previous NY place, then yes, it seems that you should have gotten interest. But in Texas? Yeah, your landlords all made the interest, if they kept it in an account.
I love the internet!
Thanks, cousin! I can always rely on you to find the facts on the WWW! So, I've been wondering all evening about Wacko Jacko and if we're ever going to know all the truths about him. Like, did he really molest that boy? What was really going on with his skin? Etc... I would ask you to take on the challenge of finding these facts, but I'm pretty sure that's outside your realm of interest, not to mention impossible to find.
Dang Texas :( I wouldn't mind an interest check right about now.
I don't want to open a can of worms here so remind me to tell you my theory on MJ and his bizarre behavior.
and then forward jessica's theory to me because now i'm curious and no worries - i don't have a can of worms. Your right, Susan, though - I could care less. I rolled my eyes several times this morning when jason flipped through the major channels AND THAT'S ALL THERE WAS. It actually made me a little sad, not about it happening, but more because our culture is so obsessed with it.
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