rental property lower rent

We have a rental property for which the rent is about ~$1000 less than the market rate. With the pandemic, there are some financial pressures, and we decided to keep the rent low. Is there a tax credit that we could claim for this loss of income?

posted

In order to claim a loss of income, you must first have that income and pay taxes on it. You can't lose that which you never received and paid taxes on in the first place. All you do is report the income you "did" receive, and the fact that it's less than before doesn't matter.