Personal Injury Law
Personal Injury Law Question? Ask Personal Injury Lawyers.
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