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BLDCA | Can I charge late rent payment fee - 20% of rent - as well as bad check fee? |
Tenant gave me two checks - both on time - then about a month later, I was advised that both checks were returned. Tenant cleared up bad checks with cash. I then asked him to move (also almost burned down the kitchen) Can I now deduct from his deposit both the bad check fee of $50 as well as the late payment charge? Both are in lease agreement in California |
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loanmasterone
|
You may charge what ever fees are allowed by your state in which the property is located. Some state place a limit on fees a person can charge for returned checks as well as late rent payments.
Some if not all this might be tax deductible on your federal or state income tax. You should check with your tax consultant about any tax matters.
You might want to consider joining the local Apartment Housing Association. This association will have many of these answers as well as an attorney for limited legal advice. They also have a few necessary forms you might need in being a landlord.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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goz1111
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Highly doubt a 20% late fee would hold up in a CA court |
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patrick
 |
You may deduct check fees and late payment fees, if they are in the lease, and the renter signed the lease. You will need to provide a copy of the bank fee with the net deposit check, and an invoice for the20% late fee. Including a copy of the lease with both sections highlighted should also be included, and will help avoid any confrontation with the renter. |
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Gypsydayne
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You must have specified the late fee amount and bad check fee in your lease that you had them sign. You can deduct it & see if they take you to court. It depends on your state laws as to whether or not anything other than damage can be withheld from the deposit. |
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Loving Wife
 |
That late payment fee seems high? Normal legal amount is 5% of the rent. I would check on that 20% it doesn't sound legal.
Yes at move out or even before you can charge late fee and returned check fee.
Good luck to you. |
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Classy Granny
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I would say yes to both questions. Your in CA and from what I read here, your laws are different than they are in other states. 20% late charge may be a little high, I am a PA landlord and I charge $5 a day late fees. I don't know how that comes out % wise |
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estielmo
 |
Such charges are (or should be) shown in your lease. You should be able to get the reimbursement of your charges as well as the late fees, because the rent was actually not paid. It is also a crime to write a check that you know won't clear. |
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Micki
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Did you inform him of the bad check fee and late payment charge? It would only be fair to ask him for that first instead of automatically deducting it from the deposit. When the tenant gave you cash, you should have technically asked for the additional monies then. |
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Alterfemego
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If you are running your rental property as a business and taking all the other depreciation, etc deduction, then yes, any fee's associated with the returned checks would be considered a business expense. And any rent not collected would also be a write off.
You probably should read the tax codes or hire a financial advisor. |
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