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Yes, you can deduct the loss in the year that you will have to pay that deposit back to your tenant. The simplest way to report it is simply to reduce your rent received by that amount. For example, if you received $12K rent for the whole year, but had to pay back the deposit of $1000, you would enter your rent received as $11,000.
Yes, you can deduct the loss in the year that you will have to pay that deposit back to your tenant. The simplest way to report it is simply to reduce your rent received by that amount. For example, if you received $12K rent for the whole year, but had to pay back the deposit of $1000, you would enter your rent received as $11,000.
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