As non-Real Estate Professional, I returned a portion of prepaid rent to my military tenant due to a mid-month move out. To confirm: Since prepaid (advanced) rent is included in rental income (1099-MISC) I should be able to deduct the returned rent as an expense as long as it occurs within the same year (Cash Accounting)? If So, is there common language used on Sched E, Line 19 to describe the expense? I currently have "Advanced Rent Refund" as a description. Thank you.
You'll need to sign in or create an account to connect with an expert.
You are correct.
Thank you.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
obeteta
New Member
osgood53
New Member
NeUnhappy
New Member
ccacioppo
Level 1
SelenaP
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.