loan,banking and credit
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If I am renting my condo- do I have to give the renters any "proof of rent" for their income taxes????


I rented my condo in February (almost 1 year). I am not sure if I have to supply the renters with any type of "paper" so they can use it on their income tax. I am also not sure how I should claim their rent on my income tax- additional income???

i dont believe you can cause you write off the interest when it comes to tax time and the people you rent from have to claim it but it shouldnt matter to you
You are asking a bunch of internet geeks a real legal question. your crazy either talk to one of those tax people at hrblock jackson hewitt or something or hire a property lawyer or tax lawyer to help you and get a real answer from a professional that can be held accountable for his legal tax advice
If they paid by check, you better claim that income.
You can use their cancelled checks or a lease and maybe bank statements.
If they pay you by CHECK, then their canceled check is their receipt. If they pay you in CASH, then you should supply them with a monthly receipt for your protection as well as theirs.

ALSO: If they have given you a SECURITY DEPOSIT, this security should be deposited into an INTEREST-BEARING account in their name with you as the FIDUCIARY.

At the end of the year, they should get an accounting of the interest it has accrued. This goes to their INCOME.

YOU MUST REPORT RENT AS INCOME. ANY REPAIRS OR FEES OR EXPENDITURES YOU MAKE ON THAT CONDO BECOME "EXPENSES" AND CAN BE DEDUCTED (mortgage payments, taxes, condo fees, paint, wallpaper, new water heater, new toilet etc...)

When the time comes that your tenants move out, you should return the security AND INTEREST to them within 30 days less any DOCUMENTED EXPENDITURES for repairs made as a result of damage to the dwelling (normal "wear and tear" is not considered damage).

One more thing: Prior to making any repairs after they have moved out, you should take good clear photos documenting the condition of the premises.

++++++++++++++++++++
For Copterfixer2006: We ar not ALL a bunch of GEEKS in here as you might think.

Good Luck
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