Rental

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • TAX
    Senior Member
    • Dec 2005
    • 330
    #1

    Rental

    Client has rental property. His tenant did not pay rent for 8 months. It is now $60,000.

    Can he deduct it?

    Also tenant no longer there.

    Thank you!
    Tags: None
    • Burke
      Senior Member
      • Jan 2008
      • 7068
      #2
      No. You cannot deduct money you never get.

        Comment

        • taxmom34
          Senior Member
          • Nov 2008
          • 732
          #3
          is he taking that tenant to court to recover some of that money? that is pretty high rent (7500 a month) for any area don't you think?

            Comment

            • TAX
              Senior Member
              • Dec 2005
              • 330
              #4
              Originally posted by taxmom34
              is he taking that tenant to court to recover some of that money? that is pretty high rent (7500 a month) for any area don't you think?
              Yes he is taking him to court. This is a shopping mall. One of the tenant is not paying.

                Comment

                • Jiggers
                  Senior Member
                  • Sep 2005
                  • 1973
                  #5
                  Still no deduction

                  There is still no deduction for the uncollected rent unless he reported the rent income on the accrual method.
                  Jiggers, EA

                    Comment

                    • TAX
                      Senior Member
                      • Dec 2005
                      • 330
                      #6
                      Originally posted by Burke
                      No. You cannot deduct money you never get.
                      Client is on a accrual basis.

                      Can I take it now or need to wait for court judjement?
                      Last edited by TAX; 02-19-2009, 07:49 PM.

                        Comment

                        Previous template Next

                        Disclaimer

                        Collapse

                        This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

                        Working...