General advice for new landlord (taxes, leases, etc)

[Joseph Hazen]

Hello,

I am a new landlord and have been leasing out a condo in the DMV area for the past 8 months so apologies in advance for any misconceptions that I have about being a landlord. I initially bought my condo in 2020 as a primary residence using my VA loan and have been renting it out since 2021 because I relocated due to my work. The tenant I have been renting to has been wonderful and has not given me any problems and I would like to keep them in the unit to save myself the headache of screening new tenants from long-distance, as well as the carryover costs of not having a tenant during that time. I had initially listed the unit as a short-term, fully furnished rental however, but the current tenant wanted to sign a one-year lease so I agreed. The furnishings for the unit were still on the lease and I was wondering if the tenants want to stay as long-term renters, should I propose that I move the furniture out of the condo into a storage unit? Would the cost of that unit be tax deductible since the furniture was legally part of the rental and I made income from it? Also, when I drafted up the lease I just used some template I found online for the state I am renting in, should I go through a lawyer and have a new one drafted up once this lease is up? I am not planning on raising the rent even though I make just a little bit over my expenses from the unit, but I would just like to move the furnishings out to make the situation more comfortable for my tenants because they have been so good to me and I would like them stay as long as possible. Sorry again if these are stupid questions but I could not find a lot of advice regarding these topics on the internet or the forums.

[Drew Sygit]

@Joseph Hazen like what @Scott Trench had to say.

If you sell a property you lived in for 3 out of the last 5 years, you avoid capital gains on the 1st $250k if filing indvidually, $500k if filing jointly. There's a bit more to it than that, so check with a qualified tax preparer.

Not understanding why you want to move your furniture? Are the tenants using it? Are they "living" around it?

Also, quantify what you are giving up to your fear of having to find a new tenant! 

It's one thing if it's "only" $50/month, but quite another if it's significantly more.