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2020 rental income question. What do I need to document for covid related non-payment of rents due?

 
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Level 15

2020 rental income question. What do I need to document for covid related non-payment of rents due?

 
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Level 15

2020 rental income question. What do I need to document for covid related non-payment of rents due?

just keep good banking records.   your situation is going to be quite common in 2020.    One law firm I read about was being sued for millions in unpaid rent.  

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Level 15

2020 rental income question. What do I need to document for covid related non-payment of rents due?

Nothing. You don't get any special treatment or consideration on your taxes for unpaid rent. You don't get to deduct unpaid rent, since you can't deduct income you never received. You can't deduct from your taxable income, that which you never received or paid taxes on in the first place.

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New Member

2020 rental income question. What do I need to document for covid related non-payment of rents due?

Ok, then, am I to assume that all expenses and depreciation will be accepted as legitimate losses for the entire period of no rental income?  I can lose money for awhile (lucky me) but when does the loss of rent become a presumed income and thus taxable?  I’m guessing that any forbearance of rent will require a 1099 for barter at the $600 dollar level and become taxable income.