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Can I deduct a loss of income for rental property due to hurricane Irma? Do I need to file a separate form?

I am filing Form 1065 for an LLC Partnership

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2 Replies
MinhT
Expert Alumni

Can I deduct a loss of income for rental property due to hurricane Irma? Do I need to file a separate form?

The loss of potential income is not deductible.

The "deduction" is implicit as you report a reduced rental income while you can still deduct all rental expenses while the property remains on the rental market.

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Can I deduct a loss of income for rental property due to hurricane Irma? Do I need to file a separate form?

That’s funny.  Because when u enter $0 rental income, TurboTax sends u packing.  So, how is it that I can deduct “all” the expenses associated with renting despite Irma?  (The mortgage is easy) what about all the REST of the expenses?   Where do u enter them?
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