3161789
Because of the job requirement, I may need to move to the other country. I still have 4 months lease. I had a chat with my agent. They dont allow me to sublease the flat or release it by myself. What they allow me to do is to pay one month's rent as re-lease fee to the agency. The agency tries to market the flat and finds another one to lease the flat for 12 months with a price higher than my current price (they call it market price). if they find the tenant to replace me, I can stop the rent payment and may get some deposit refund. If they cannot, I have to pay the rent till the end of my contract.
For my case, I just make the payment and dont receive any payment from the next tenant or anyeone (except for the potential deposit refund from the agency). I assume I do not need to pay any tax for the whole process. If I am wrong, please correct me. Can I claim some loss for the early termination and what part can be claimed? If I leave now, I will be NRA for this year. Can I still claim any loss?
Thanks
J
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No. This is a personal expense. There is nothing to enter on a tax return about an early termination of a lease.
This is not a taxable event. You don't own the property. A casualty loss is for property destroyed due to a Federally Declared Disaster.
Ok, so no tax to pay and no loss to claim. Basically, I cannot input anything to the tax return, right? @CatinaT1 @xmasbaby0
That is correct. There is nothing to enter into your tax return about terminating your lease.
thanks
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