Rent Relief Deduction
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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

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Rent Relief Deduction (by VMB [VA]) Posted on: Jan 20, 2023 10:55 AM

State Specific Question About: VIRGINIA (VA)

For a few of my tenants rent relief was approved but Iíve not received any money. Is that a tax deduction for me?

Rent Relief Deduction (by WMH [NC]) Posted on: Jan 20, 2023 11:04 AM

No. NOT receiving rent just means you claim less income, it's not a tax-deductible event.

Rent Relief Deduction (by MC [PA]) Posted on: Jan 20, 2023 11:12 AM

Is it even guaranteed you will get it?

Rent Relief Deduction (by Steve [MA]) Posted on: Jan 20, 2023 11:40 AM

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.

Rent Relief Deduction (by MMIT [VA]) Posted on: Jan 20, 2023 12:45 PM

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

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

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

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Subject: RE: Rent Relief Deduction
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Rent Relief Deduction
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