If you owned residential income property in the state of Minnesota in 2011, consider this a friendly reminder that your CRP (Certificate of Rent Paid) must be issued no later than January 31, 2012.
A CRP is a form that helps tenants get a tax refund because they essentially helped pay your property tax for the year.
A CRP must be completed even if you sold a duplex, or purchased one during 2011. Each owner must issue a separate CRP to tenants for the time they owned the property.
Roommate CRPs are to be divided according to the the amount each individual paid.
Remember, if you forget to issue a CRP, you may be assessed a $100 penalty for each instance. In other words, if you have four tenants in your duplex, all of whom are unmarried, you could face $400 in fines.
I’ve made it easy for you. To get the forms, just click here.