tax consequences on nonpayment of rent: Tenant rent nonpayment- can I deduct the loss
- 09/23/16 04:51 AM
I will discuss the tax implications of tenant rent non-payment. You will learn what you can deduct and what you can’t. Depreciation, Maintenance and collection expensesDepreciation of the property is not affected by a tenant. You claim depreciation regardless whether the property is rented or not. Expenses incurred to maintain the property are also unaffected by the tenant payments. Deductions for taxes, insurance and interest are unchanged. Expenses incurred to collect rent are costs of doing business. Mailing late notices, trips to the property or bank are all normal expenses to collect the rent. Loss of Income is not deductibleYou may not deduce … (1 comments)
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