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Investors & landlords
This is not a security deposit. MA law requires a security deposit be kept in a local bank under a special account which does not generate a 1099-INT. However, the same law does not pose any requirement for a last month rent deposit as far as where it’s held. Interest earned is always the tenant’s. If landlord keeps it below the mattress then they have to pay tenant 5%APR
March 8, 2023
10:57 PM