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mmyjak70
New Member

I have lost income from a rental property. Do I receive any tax credit? If so, where and how do I record this information to receive any possible tax benefit?

 
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2 Replies
ColeenD3
Expert Alumni

I have lost income from a rental property. Do I receive any tax credit? If so, where and how do I record this information to receive any possible tax benefit?

No. There is no credit for lost rental income. You simply have less income to pay tax on.

Carl
Level 15

I have lost income from a rental property. Do I receive any tax credit? If so, where and how do I record this information to receive any possible tax benefit?

Lots of people lost money on rental income; especially with the pandemic. But the fact is, you can not lose that which you never received and paid taxes on in the first place. So you have no "loss" to claim on any tax return. All you have is less rental income to report. That's it.

 

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