AZ tax ID? : ezLandlordForms

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Jon S

started a topic over 12 years ago

Do I have to get a tax ID to be a landlord in AZ? If so, how do I get one?

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Jessica B

said over 12 years ago

This is a really helpful article: http://ezinearticles.com/?Arizona-Residential-Landlord-Follies&id=1953556

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Jon S

said over 12 years ago

That is good help! Thanks! It says I have to have a "statutory agent'. What does that mean? Do his agent have to be registered? Could I get a local relative to be my agent?

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Bob R

said over 12 years ago

This link should help http://en.wikipedia.org/wiki/Registered_agent . -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance.

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William S

said over 12 years ago

Hey AZ! Loved the movie, especially the message. My wife and I just purchased our first property, 3 duplexes on one property. I would truly appreciate the opportunity to establish a dialog with you regarding property management, etc. If you could assists us with questions, by email or phone, as they arise we would be very grateful and rest assured that your "act of kindness" would be paid forward. With greatest respect, Regina and Bill Shuttleworth ([email protected])

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Bob R

said over 12 years ago

@Bill – I’m assuming that “Hey AZ” refers to me. Congrets to your purchase. Consider the following: 1. Get familiar with State and Local laws. *** 2. Treat your tenants the way you want to be treated but not as family/friends. This is a business. Mistakes are costly. Tenants lie with their “Poor Me”, etc. After tenant has moved-in, forget about sending them reminders about rent payment and violations as suggested here several times. Just send them the proper Notice to take care of the problem or move. It’s always good to talk with tenant about problems to understand but be careful when making a decision. A wrong move will cost you. The question to ask yourself is - “How many months w/o rent can I survive?” It can take 2-3 months before a tenant can get evicted. ***3. In the beginning, use generic Lease Agreements. As you learn the business, think about creating your own. Tenants are creative. Having your own contract makes it easier to adjust and add new terms. My contract is about 8 pages. A tenant only outsmarts me once. This website offers a lot of good forms and notices, if used properly. *** 3. Have you ever been audited by the IRS. Keep in mind that “The IRS” stands for “THEIRS”. And they truly believe that….LOL If you’re in this business long enough, you probably will get a letter from the IRS. Therefore, GOOD RECORDS is very important. I started on paper, than spreadsheets and than an accounting program named M.Y.O.B (Minding Your Own Business). Some years ago, the company gave up. I searched the net recently and noticed that there are a few programs that install on your computer while other are into this “Cloud” thing. I don’t like having my rental business information on someone else’s server. I have no control. I also don’t need a program that comes with forms, graphs, etc. Just wanted something simple to track income/expenses/tenants/create tax reports. I finally settled with a program created by Simp-List Software (Rental Property Organizer). It’s easy to use and I like the fact that I can get IRS Sch-E reports by line # by clicking on a button. I like easy. The trial version also has records preinstalled which made it easy to check out. -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance.

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Jon S

said over 12 years ago

That is good help! Thanks! It says I have to have a "statutory agent'. What does that mean? Do his agent have to be registered? Could I get a local relative to be my agent?