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If a landlord returns security deposit, does it count as income for the tenant?

 
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TomD8
Level 15

If a landlord returns security deposit, does it count as income for the tenant?

A returned security deposit is not income.  It was your money to begin with.  However, if the money was returned to you with interest, the interest would be taxable.  (Some states require landlords to pay interest on security deposits.)

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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1 Reply
TomD8
Level 15

If a landlord returns security deposit, does it count as income for the tenant?

A returned security deposit is not income.  It was your money to begin with.  However, if the money was returned to you with interest, the interest would be taxable.  (Some states require landlords to pay interest on security deposits.)

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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