How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask LawTalk Your Own Question
LawTalk
LawTalk, Attorney
Category: Personal Injury Law
Satisfied Customers: 36351
Experience:  I have 30 years of legal and litigation experience.
15277592
Type Your Personal Injury Law Question Here...
LawTalk is online now
A new question is answered every 9 seconds

Thank you for letting me know that I can take the loss of rent

This answer was rated:

Thank you for letting me know that I can take the loss of rent as a deduction on my taxes. I have a couple other questions. One is can I take a deduction for having to use storage facilities while I'm waiting for my tenant to leave because I want to move into my house? Can I also take a loss for having to pay rent and stay somewhere while I'm waiting for the tenant to leave so I can move into my house?

Good morning Marvin,

Thanks for asking for me.

When it comes to business deductions, only actual losses directly relating to the business itself are deductible, I'm afraid.

If a tenant moved out and left a bunch of furniture, and you had to pay to store the tenant’s furnishings, and you did not recover that cost from the former tenant, you could write that off.

But your desire/need to move into the property is not a part of the business of the rental. Rather, it is a loss to you personally, and while it may occur because of a problem with your business, is not a problem ofyour business. I'm sorry, but neither the storage of your belongings, or the rental of temporary accommodations for yourself would be a deductible expense under the tax code.

I hope that you soon are able to reclaim your property, and get settled back in quickly.

Doug

LawTalk and 3 other Personal Injury Law Specialists are ready to help you
Thank you once again for your positive rating of my service, Marvin. It is always my pleasure to assist you.

Have a great afternoon.

Doug
Customer: replied 3 years ago.
You are most welcome, Doug.

Related Personal Injury Law Questions