Loss of Rent due to Casualty

In 2020, Hurricane Sally destroyed 3 mobile homes, tenant owned, in our Mobile Home Park. Two homes, unlivable, still reside in my park, however tenants are unable to pay rent on those lots. Can I take these "Lost Rent" payments as a Casualty loss on my tax return? I don't have any insurance to cover loss of income.

posted

Connect with an expert

1 Best answer

Accepted Solutions

Loss of Rent due to Casualty

Page 4 of the following publication says that you don't deduct uncollected rent.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies

Loss of Rent due to Casualty

You haven't "lost" anything. You just never received the income.

So you just don't report the income that you never received. Therefore, it won't be taxable.

Loss of Rent due to Casualty

Page 4 of the following publication says that you don't deduct uncollected rent.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Still have questions?