Solved: Loss of Rent due to Casualty
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Level 2

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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Accepted Solutions
Employee Tax Expert

Loss of Rent due to Casualty

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

 

IRS Pub 527

View solution in original post

2 Replies
Level 11

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.

Employee Tax Expert

Loss of Rent due to Casualty

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

 

IRS Pub 527

View solution in original post

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