Tenant’s deposit; where to keep (NC) (lease, renter, house)

[MyCD999]

[SIZE=3]I am new in this, I have a tenant who paid the deposit, can I keep it in my checking account or there has to be a specific back account for it? Thanks for the reply.[/SIZE]

[pfish923]

Needs to be in a TRUST. See here, this will answer your questions

http://www.thebirchcompanies.com/for...DepositAct.pdf

[Ed_RDNC]

If you are renting out a house, there are so many legal and tax implications that you really need to find out the specifics and the details. I have several friends who own second houses they rent, and they all have real estate lawyers who they go to now and then with questions. Not to mention the lease needs to be really closely examined. The generic ones you can get off the net or from book stores lack tips and tricks that can help the landlord and renter keep out of trouble.

[carcrazy67]

As noted you need to set up a trust account.