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    #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
    #2
    No. You cannot deduct money you never get.

    Comment

      #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

        #4
        Originally posted by taxmom34 View Post
        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.

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          #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

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            #6
            Originally posted by Burke View Post
            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.

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