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prunella

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Posts: 1
Reply with quote  #1 
Apparently I'm a masochist volunteering to do my SO's taxes which include a rental property. He offered the tenants a substantial payout to leave, but I'm a bit lost as to how to claim it as a deduction.

Thanks very much, in advance!
p
LLinVA

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Posts: 386
Reply with quote  #2 
I've never done that, so I don't know where it would go on the actual tax forms. 

Honestly, just pay someone to do your taxes. There are so many exceptions and nuances that you are almost guaranteed to come out better by paying someone who is a true professional and does this for a living. Spending all the time and effort to hopefully come out where you would have with a pro isn't worth the hassle. Don't go to H&R Block or the biggest accounting firm in town, just find a few accountants and ask them what they would charge.
AccidentalRental

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Posts: 105
Reply with quote  #3 
What about "Other" Expense on Schedule E?  Call it "Early Lease Termination Expense" or something like that.
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