Rent Relief Deduction (by VMB [VA]) Jan 20, 2023 10:55 AM
Rent Relief Deduction (by WMH [NC]) Jan 20, 2023 11:04 AM
Rent Relief Deduction (by MC [PA]) Jan 20, 2023 11:12 AM
Rent Relief Deduction (by Steve [MA]) Jan 20, 2023 11:40 AM
Rent Relief Deduction (by MMIT [VA]) Jan 20, 2023 12:45 PM
Rent Relief Deduction (by Ken [NY]) Jan 20, 2023 2:04 PM
Rent Relief Deduction (by Ray-N-Pa [PA]) Jan 21, 2023 8:16 PM
Rent Relief Deduction (by VMB [VA]) Posted on: Jan 20, 2023 10:55 AM Message:
State Specific Question About: VIRGINIA (VA)
For a few of my tenants rent relief was approved but I’ve not received any money. Is that a tax deduction for me? --67.166.xxx.xx |
Rent Relief Deduction (by WMH [NC]) Posted on: Jan 20, 2023 11:04 AM Message:
No. NOT receiving rent just means you claim less income, it's not a tax-deductible event. --50.82.xxx.xxx |
Rent Relief Deduction (by MC [PA]) Posted on: Jan 20, 2023 11:12 AM Message:
Is it even guaranteed you will get it? --73.230.xxx.xx |
Rent Relief Deduction (by Steve [MA]) Posted on: Jan 20, 2023 11:40 AM Message:
The only way you could use it as a deduction would be if you did your accounting on an accrual basis instead of a cash basis. --72.93.xxx.xx |
Rent Relief Deduction (by MMIT [VA]) Posted on: Jan 20, 2023 12:45 PM Message:
The rent relief program for Virginia is closed and they have paid out all that is going to be paid.
So, you are not going to be paid.
I agree with WMH that you just claim less income.
For what it is worth, I met another landlord this morning at Home Depot and he was also shorted thousands of dollars by the rent relief program.
Get involved with a local REI group and stay on top of issues like this in the future.
Learn from your mistakes and move on!
Where are you in Virginia?
Good luck! --174.206.xx.xx |
Rent Relief Deduction (by Ken [NY]) Posted on: Jan 20, 2023 2:04 PM Message:
Start the evictions,i dont understand why landlords waited for rent just because the govt said you would get paid? --74.77.xx.xx |
Rent Relief Deduction (by Ray-N-Pa [PA]) Posted on: Jan 21, 2023 8:16 PM Message:
The loins share of landlords use a cash basis for tax accounting. You claim money only when you receive it. Since you never got it - it doesn't exist so there isn't a deduction.
Rarely you may get someone who pays rent well in advance and in these cases, you could use accrual method of accounting - but you can't use these two methods at the same time - so Landlords typically just use cash since it matches how most of the world pays rent --24.101.xxx.xxx |
Reply:
|
|