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January 26, 2020
Question

HOW DO I CLAME LOSSES DUE DAMEAGE TO MY RENTAL?HOW DO I CLAM LOSSED RENT DUE TO MAKING A LIVEABLE DO TO DAMAGES LIKE RAIN, AND OR RENTERS DAMAGING THE HOME?

  • January 26, 2020
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1 reply

Carl11_2
Employee
January 26, 2020

How you claim it and do so "correctly" depends on the details. But I can tell you right now that "lost rent" is not deductible. You can't deduct from taxable income, that which you never received and paid taxes on in the first place.  Additionally, if you have insurance and it's the "correct" insurance, that policy undoubtedly includes a clause that includes a payout for up to 85% of lost rent for up to 1 year. So that portion of the payout that is for lost rent, is actually rental income, and it gets reported as such.

So give us the details of your loss. Dates, events, results, insurance payouts, when rebuilding/restoration was complete, etc. Then we can go from there without wasting your time with 90% or more of information that does not apply to your specific and explicit situation.