Minnesota Duplex Owners Face January Deadline

It’s January in Minnesota. If you’re a duplex landlord, you know what that means.

Time to fill out your Certificates of Rent Paid(CRPs).

The state of Minnesota requires anyone who was a landlord in 2010 to fill out a CRP for the amount of time he or she owned the rental property.

And no, these aren’t formal certificates. Rather, they’re a form the state of Minnesota requires investment property owners to fill out.

It can be found here.

Owners should give one CRP to any married couple, and invididual forms to any adult, unmarried tenant.

If two or more unmarried adults shared a unit, take the total amount of rent they paid for the year, and divide it by the number of adults living there; regardless of how much each of them paid.

Caretakers who received rent credit are entitled to a credit equal to the amount they would have paid in rent had they not exchanged labor and services for all or a portion of it.

Section 8 tenants are given credit only for the amount of the rent they personally paid; not the amount subsidized by the government.

It’s important to remember you should also in your calculations any rent a tenant paid for a storage space, garage or parking space. However, you should not include damage deposits, late fees or delinquent rent.

CRPs must be mailed by January 31, 2011, so we procrastinators still have a little bit of time.

Of course, the rest of you probably already have yours done!