If I have a 3 family building and did not collect rent from 2 units, can I claim that as a loss
If you own a 3-family building and did not collect rent from 2 units, you generally cannot claim the uncollected rent as a loss on your tax return. The IRS considers rental income as taxable when it is due and collectible, regardless of whether you actually receive the payment. However, there may be certain circumstances where you could potentially claim a loss related to the uncollected rent. For example: 1. Abandonment or worthlessness: If you can demonstrate that the tenants have abandoned the units or that the rent is uncollectible and has become worthless, you may be able to claim a deductible loss. This typically requires taking specific steps to show that you have made reasonable efforts to collect the rent. 2. Bad debt deduction: If you have made a bona fide loan to the tenants and can prove that the debt is uncollectible, you may be able to claim a bad debt deduction. This would require showing that you had a genuine expectation of repayment and that you have taken reasonable steps to collect the debt. It's important to consult with a tax professional to determine if you meet the specific criteria for claiming a loss related to uncollected rent in your situation. They can provide guidance based on your individual circumstances and help ensure that you comply with all applicable tax laws and regulations.
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