 Eviction Costs and Taxes (by Tom [IL]) Sep 17, 2010 9:31 AM
 Eviction Costs and Taxes (by Jason PA [PA]) Sep 17, 2010 9:54 AM
Eviction Costs and Taxes (by Steve [MA]) Sep 17, 2010 10:38 AM
Eviction Costs and Taxes (by Reid [KS]) Sep 17, 2010 11:47 AM
Eviction Costs and Taxes (by Reid [KS]) Sep 17, 2010 12:14 PM
Eviction Costs and Taxes (by Mike45 [NV]) Sep 17, 2010 12:24 PM
Eviction Costs and Taxes (by Virden [OH]) Sep 17, 2010 6:48 PM
Eviction Costs and Taxes (by Tom [IL]) Posted on: Sep 17, 2010 9:31 AM
Message:
State Specific Question About: ILLINOIS (IL)
Can eviction costs be written off in your income taxes? We are going through a rough eviction. I am looking at $800 in legal fees, $350 in filing, $2,000 in lost rent and $1,000 in repairs. Can we claim lost rent? --68.77.xxx.xx |
Eviction Costs and Taxes (by Jason PA [PA]) Posted on: Sep 17, 2010 9:54 AM
Message:
I am no cpa, however I think so. The rent you never received, this is already written off as you didn't receive it. --98.111.xxx.xxx |
Eviction Costs and Taxes (by Steve [MA]) Posted on: Sep 17, 2010 10:38 AM
Message:
If you do your record keeping on an accrual basis you may deduct unpaid rent. However if you do your books on a cash basis (like most small LLs) you may not claim unpaid rent as a tax write off. --72.85.xxx.xxx |
Eviction Costs and Taxes (by Reid [KS]) Posted on: Sep 17, 2010 11:47 AM
Message:
I have deducted that under legal expenses on Schedule E --99.151.xx.xxx |
Eviction Costs and Taxes (by Reid [KS]) Posted on: Sep 17, 2010 12:14 PM
Message:
By deducting I mean that I deducted legal expenses and costs incurred in collecting. I didn't deduct the unpaid rent. --99.151.xx.xxx |
Eviction Costs and Taxes (by Mike45 [NV]) Posted on: Sep 17, 2010 12:24 PM
Message:
Yes, unpaid rent is NOT a deduction (unless, as Steve noted, you are on the accrual basis. But you are not. If you were, you would be too tax-sophisticated to be asking!!)
The other expenses are all tax-deductions. Maybe some of the "repairs" cost needs to be capitalized, but if they are truly repairs, they are deductable.
--216.240.xx.xxx |
Eviction Costs and Taxes (by Virden [OH]) Posted on: Sep 17, 2010 6:48 PM
Message:
Anything you recover in court should be used to do the unpaid rent then legal fees and repairs, this way you can hopefully cover the lost rent and the crazy lawyer/court fees. Find a flat-fee eviction service, here we pay 350-400 for both court actions prepaid - I have to rest up to help the movers and change the locks, photo the damages to prepare for second action - money to restore unit. --65.43.xxx.x |
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