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My husband and I worked really, really hard, and we built a small house. When we could finally afford to upgrade the market wasn’t great, so we rented out the first one waiting for a more opportune time to sell. I discovered that the regular income from rent was better in the long term, so I invested the profit in a small apartment building. I borrowed money and built a few more units, and eventually it became my primary source of income. This is money that pays my bills, and will put my children through college, but earlier this year the government decided that I no longer had the right to take my own properties back from people who refused to pay rent, though I was still legally obligated to pay insurance, taxes, utilities, and maintenance on the homes they were living in for free.Yes, my rights were taken away, but let’s face it, most of you don’t give a shit. You’ve had a bad experience with a landlord, so now you think we’re all assholes and you delight in the thought of our hardship. Except I’m not even a typical landlord, because I own a lot of units that are all paid off, and my husband and I have other sources of income. The typical landlord only owns one or two units, and they are not young like us. They are retired, or approaching retirement, and it took them decades to save up for their investment property. They have a mortgage on it, and often one on their own home as well, and they only have enough cash reserves to last roughly as long as it would normally take to evict and replace a tenant. Add 90 or 120 days to that, and you’ll force them into bankruptcy. Because the government wanted to temporarily protect renters and couldn’t be bothered to cover this cost themselves, they passed it onto landlords who will now be homeless themselves. They’re not just losing the right to live in a home they’re renting, they’re losing everything they’ve worked for their entire lives.We can evict now, but it’s too late for many landlords. Even in my state, where I had the assholes who took advantage of the moratorium to screw me out of my rent evicted two months ago, I know three people who had to sell or abandon their property, and one who was forced into bankruptcy. That’s obviously deeply unfair to them, but it also backfired on those tenants everyone wanted to protect. We’re in a new phase of the pandemic here, with more new cases than during the shutdown, but our government has finally realized that residential rentals is a billion dollar industry, and that all sectors will hurt from the ripples if you just take our income away, so there are no more protections coming to renters. That’s not great, because not only are we now evicting everyone who didn’t pay without first obtaining our consent and signing payment plans, but what exactly do you think happens to tenants when the landlord loses the home?You think we got investors lining up around the block to take over, when they know that the governor might suddenly decide that they can’t charge rent anymore? Yeah, that’s not happening, because you’d have to be insane to get into this business right now. If we can’t find buyers we’ll just have to neglect the property until you get sick of it and leave, or we find a way to evict you so you won’t sue us for failing to provide a habitable home. Some people still want to buy our properties, but the one I’d decided to sell to if the moratorium had been extended was going to tear down the buildings and redevelop the land – not for residential rentals, that’s for sure! And if we lose the buildings to the bank, they sure as shit aren’t going to continue renting them out, because they just aren’t set up to manage properties. They can automatically evict when they take over, so everyone will be out on their asses.We could have limited the eviction protections to people who could prove that they’d no way to pay as a direct result of the pandemic, and the government could have sent their stimulus checks and augmented unemployment directly to landlords, but they didn’t, because they didn’t care that they were hurting us. Anyone with half a brain could have told them that hurting landlords would ultimately hurt tenants, but I guess this solution was just too easy. If you look at my area now, the preexisting housing shortage has gotten worse, because enough landlords were forced out of business or quit because of this bullshit to make a noticeable difference in the supply. That means that the rest of us have more people competing for our units, so we are now raising rents and tightening our restrictions on those we won’t rent to. From now on, all applicants will need to prepay three months rent, and I won’t accept anyone unless they can prove that they paid rent in full and on time during the moratorium.We’ve had people crying in our office more than once lately, either because their brand new eviction meant we wouldn’t even consider their application, or because their previous landlord told us they screwed her over during the shutdown. One woman actually screamed about how unfair it was, and that all she’d done was take advantage of the protections the government gave her. My employee asked her why she hadn’t sought her landlord’s consent, and her answer was “because I didn’t have to, because he couldn’t kick me out”. Too many people thought as she did, and now some landlords and all tenants are going to be hurting for a long time.

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Residential rental properties depreciate over a 27 1/2 year period. Subtract the value of the land at the time of acquisition from the purchase price.Commercial buildings depreciate over 39 years. Same rule as above for the land value.These are both straight-line depreciation items. In other words, divide purchase price, less land, by 27 1/2 and that is your annual depreciation amount.Applicable recovery period for real propertyThe new law keeps the general recovery periods of 39 years for nonresidential real property and 27.5 years for residential rental property. But, the new law changes the alternative depreciation system recovery period for residential rental property from 40 years to 30 years. (I do not use this. -ed.) Qualified leasehold improvement property, qualified restaurant property and qualified retail improvement property are no longer separately defined and no longer have a 15-year recovery period under the new law.These changes affect property placed in service after Dec. 31, 2017.Under the new law, a real property trade or business electing out of the interest deduction limit must use the alternative depreciation system to depreciate any of its nonresidential real property, residential rental property, and qualified improvement property. This change applies to taxable years beginning after Dec. 31, 2017.New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act