Legal Question in Civil Litigation in Massachusetts
Do you think the lanlord should return the interest from my security deposit every year to me?
2 Answers from Attorneys
It doesn't so much matter what I think, but I know that it is the law. Landlord must provide an accounting of the interest paid on your account and either give it to you or allow you to deduct the interest amount from your next month's rent payment. If you feel as though your security deposit is being mishandled (see General Laws Chapter 186 Section 15B) feel free to contact my office.
The landlord has a legal obligation to return all interest to a tenant. The money should be in an interest bearing account which contains your social security number. therefore you are obligated to pay taxes on it and therefore should be getting it. You may be entitled to triple damages if the landlord does not comply.