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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.
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Loss of Rent due to Casualty
Page 4 of the following publication says that you don't deduct uncollected rent.
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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.
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Loss of Rent due to Casualty
Page 4 of the following publication says that you don't deduct uncollected rent.