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thesperts
New Member

When a renter leaves and you pay them the security deposit back, can you deduct this amount back on taxes?

 
1 Best answer

Accepted Solutions
MichaelL1
Level 15

When a renter leaves and you pay them the security deposit back, can you deduct this amount back on taxes?

Only if it was reported as income when you received the deposit.

If audited, this is something IRS would ask about and want to see that it was originally reported as income.

If not ever reported, as income no deduction.  

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2 Replies
Lisa995
Level 12

When a renter leaves and you pay them the security deposit back, can you deduct this amount back on taxes?

did you include the deposit as income when they paid it to you?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
MichaelL1
Level 15

When a renter leaves and you pay them the security deposit back, can you deduct this amount back on taxes?

Only if it was reported as income when you received the deposit.

If audited, this is something IRS would ask about and want to see that it was originally reported as income.

If not ever reported, as income no deduction.  

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