Sign Alaska Affidavit of Identity Fast

Document type sign affidavit of identity alaska fast

it's almost january 31st and if you're a landlord in minnesota that's a huge deadline for you that's when crp forms are due [Music] hey everybody john stiles here with bridge realty thanks so much for checking out this video every january in minnesota rental property owners and managers have to give their residents a certificate of rent paid for the previous year's rent it's a pretty straightforward form but there can be some confusion about it and if you're new to being a landlord it's important that you learn how to fill out this form so that you don't get penalties now if you already know how to fill this form there's still something for you in this video about halfway through i'm going to tell you about a cool online tool that'll help you fill out all of your crp forms quicker than you can say cash flow is king let's get into it [Music] before we begin it's important that you have the rental income for each apartment ready to go in a report and if you happen to use quickbooks there's a nice report that you can use i made a video on it you can see it up here and that will show you which report to produce so that you can be ready to go for the crp forms now what you want to do when you're ready to fill up the crp form is go ahead to your favorite search engine type in 2020 mncrp click search and you're going to pay attention to mostly the first two results if you already know what you're doing you can focus in on this link that says pdf and that's going to be the crp form itself if you need any help with the instructions go ahead and focus on this first one which will give you the further instructions and details about how to handle this form so i'm going to go there right now and as you can see it tells you about the deadlines it tells you about situations where you might have a health care facility adult foster care nursing home etc etc if you're just dealing with a basic straightforward rental apartment then you can focus in here on the instructions for a landlord so i'm going to open that up in a new tab so this will give you the detailed instructions about do i need to fill out a crp what constitutes rent and what if you have multiple renters live in one unit etc etc so there's lots of details that you can get your questions answered right here and then you can go back here to open up the form itself so i'll just show you briefly about this form it's pretty obvious and straightforward what you need to do with this you'll fill out the first name last name of the tenant you'll fill out the rental address you'll fill out the dates that they moved in and they moved out or if they lived there the whole year you just put january 1st and december 31st total up the number of months that they live there and list out the number of adults that were living in the unit you can check these box if any of these apply go ahead and put in your property id number and the number of units at this rental property you can skip down here to total rent uh one thing i want to point out if you have any caretaking rent you do need to make note of that here so for example you know say you charge the tenant thousand dollars but you discount it by a hundred dollars a month so that they can take care of the lawn or the cleaning anything like that you could go ahead and specify that here of course you're going to put in the annual numbers and this is where some people get maybe a little bit confused because you're going to be filling out one of these forms for each adult in the building not just each rental unit so if there's multiple adults in one unit you need to give each of those people a separate form and you're going to split up the rent evenly amongst them some people can give you some pushback on that say if it's maybe an adult child that's living in the apartment and maybe they're not paying any of the rent or maybe it's roommates and they've splitting up the rent not evenly in some other way regardless of how much they actually pay you each individually you need to take the total rent received for the apartment unit divide it by the number of adults in that unit and put that number here then go ahead and put in your name and sign it put your phone number and that is about it so like i said this form itself is pretty straightforward let's do january 31st now if you only have one or two rental units then this form is really easy to fill out it doesn't take a lot of time where it becomes cumbersome is if you have several rental units so let's say for example you've got 10 rental units and on average there's maybe two adults that lives in each unit but you also have maybe three turnovers this past year so you could easily have to fill out 26 of these forms for each of those adults that have lived there so how do you deal with this form in an efficient way thankfully the minnesota department of revenue has put together an online tool that can really help you out let me show you here so what you want to do is go back to the browser where you have the information about crp forms and go ahead and scroll down to the generate multiple crps you're going to see two different links here one of them shows you third party softwares that can fill out this form for you there's one called rent manager i actually used this software in the past when i manage rental properties for other people but this is an all-inclusive software where you're going to subscribe to it on an ongoing basis and do all your accounting for your property in it so if you're not already using rent manager then this is not going to be really a great option there's also crp gen i don't know much about this software let me just open it up you can see that there's pricing here you can look into it if you're interested but there's yet another free option here going back to the generate multiple crps if you have an e-services account you can go ahead and upload your information that way the benefits of using this online service directly from the minnesota department of revenue is that you can create and print crps with an uploaded file and i'll get into that in just a moment you can bulk upload the information you can search for and reprint your crps quickly and easily and you can change a completed crp so really nice features here but the caveat of all this is that you do have to have an e-services account now why would you have an e-services account well a lot of landlords actually don't have an e-services account if you bought your rental property in your personal name or in an llc then you probably don't because an e-services account comes into play when you have a state tax id you would have one of those if you have some other entity like an s-corporation or c-corporation so i personally have an s corporation for my real estate representation business where i help people buy and sell multi-family real estate so i was able to go ahead and log into my e-services account and file my crps there so let me show you a little bit more about that so these are the requirements for having a minnesota state id you need a state id if you make taxable sales or leases in minnesota a couple other things including estimated business tax payments corporation franchise partnership tax returns so that's the category that i fall into and there's a couple of other scenarios as well so if you do have an e-services account go ahead back to this crp page you're going to click on import crp information and you'll see a link here for crp file formats you can click that and it'll give you a blank template as an option you can also download an example file here which will be helpful so you can know what goes in each of the fields so i've got one of the example files right here and you'll see that the information in this form is basically identical to what you would have put into the crp itself so you've got the owner property information you've got whether or not it's adult foster care assisted living nursing home etc you've got the pid number you've also got the number of units in the property and then the renter's first name last name renter's rental address and you have the total number of months that they've lived there and you have the rent amount that they've paid so why is this quicker than just filling out each of the forms well the nice thing about filling it out in a spreadsheet format is that you can easily copy and paste this information so if you have a 10 unit building this owner name and owner address phone number and all these other details are going to be all the same up until the tenant name so you can go ahead and click all of this select all of that hit your copy button ctrl c and then highlight in column a the number of units that you need to add once you have that selected you can do control v to paste that in here and you've got all those rental units ready to be entered now of course you do need to enter separately the tenant's name each adult needs their own form so you got to enter the tenant name individually once you get over to the rental address if you got multiple adults in the same address you can go ahead and copy all these rows if they're in the same number of months as well you can copy all that and then also if you've already decided how much rent they each will have you can go all the way to the end here column a k highlight all that hit ctrl c and if you've got maybe two additional people highlight those two control v and you have pasted in all that of course you do have to enter in the individual names right here but this is a super fast way compared to filling out each form individually once the file is complete you go ahead and save it then what you'll do is go to revenue.state.mn.us you'll want to go to business login to e-services log in here then you'll click on i want to scroll down over here to the box about certificate of rent paid and import a crp file you can click on the year that you're filing for click next import your data and that's where you'll upload the file that you've created i'm not going to go through it now because i've already done it and it was really easy so i hope this information was helpful for you comment down below and let me know if you knew that this e-service option was available and if you're going to use it going forward now if you want to see more videos about business mindset and investing in multi-family real estate then be sure to subscribe to my channel real estate styles i'm planning to post videos weekly so hit that bell so you'll get notified about the next video thanks so much for watching and remember your reality is your decision so let's get out there and make it happen [Music]