What will be the homeowner position in this situation with the Bank or IRS? Do they has to know the intentions of the homeowner to rent this house?
Many question huh? Can anyone answer a least one?
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#1 by TS at April 4th, 2009
As the owner of a property you can rent it out to anyone you please as long as you and the tenants comply with the properties zoning bylaws of your area. For example if the home is a single family residence you may not rent it multiple families. As for the IRS, the income produced buy the rent collected is most likely taxable. You should consult with an accountant and or tax lawyer for more details.
#2 by Big Deal Maker at April 7th, 2009
As a home owner you do have the right to rent the home out. The bank is concerned about your payments. The IRS will now know it is a rental as you will be using it as a rental and declaring that as income and using it also as write offs. I would advise to see your Tax man.