Investor · Charlotte, NC · Member since 2008 · 217 posts · 12 votes
Assuming they aren't behind on their rent ;)
I'm wondering what gifts I could give them that also help keep the property maintained... vacuum, fire extinguisher, plunger, haha.
Or maybe a gift card or gift basket, something to show that I appreciate them. I've found that there is less drama and arguments when you have a friendly relationship with your tenants, and a $50 gift is worth avoiding a lawsuit down the road.
Specialist · San Dimas, CA · Member since 2011 · 350 posts · 122 votes
14y
Hey Dan!
I think $50 is a bit high for my taste, but I do think there is something to be said for general good will.
Last year, I bought each family a bag of coffee with two mugs - $10.
My wife wrapped the gifts up in clear wrapping and tied a nice bow. We only have 6 properties so it is still pretty manageable.
I am not saying that is the reason they've paid each month, but it sure doesn't hurt. :mrgreen:
Investor · Charlotte, NC · Member since 2008 · 217 posts · 12 votes
14y
Normally Id think $50 is high too, but I came into some money and would like to share it with the people that help me make my living. I know times are tough for them, they are lower income folks, and I'd like to do something that helps that out.
Residential Landlord · Indianapolis, IN · Member since 2010 · 592 posts · 138 votes
14y
I am considering getting $10 or $25 gift cards to Target or Walmart for my tenants. Also, I discovered today that there is a $25 limit on gifts to tenants for tax deduction purposes based on the Every Landlord's Tax Deduction Guide book.
Homeowner · Greenwich, CT · Member since 2011 · 4 posts · 1 vote
14y
My tenants get bottles of wine. It is something easy that they can either use or re-gift, and it's not too expensive to get a decent bottle these days.
My theory with gifts is the less personal the better...
Investor/Landlord · Farmington Hills, MI · Member since 2011 · 1k+ posts · 1k+ votes
14y
I know you were joking in your opening but you actually have to be careful about giving gifts like fire extinguishers. I used to give these to new tenants upon lease signing until a lawyer told me that I could be sued if a tenant used the extinguisher I provided and they were injured if it didn't operate correctly. What a country.
Accountant, Enrolled Agent · Grayslake, IL · Member since 2011 · 5k+ posts · 2k+ votes
14y
And yes that is correct there is a limit on $25 for it to be deductible.
Just because it is deductible doesn't mean it is ideal to spend it. I recommend going with the upgrade of their choice(pick out of three options) method. Gives them some input which may help keep them there. Not to mention you can write off the full thing.