Lost Rental Income From Hurricanes

Hello,

I had two properties that I had just started renting before hurricane season, 2004. Both were severely damaged in August, 2004 and we unlivable and undergoing repairs until December, 2005.

Can I write off lost rental income for the 11 months of 2005 that these were not rentable?

Also, can I include the mortgage payments for these properties in my expenses for a write off, since it is a property expense?

If it is okay to writeoff the lost rental income, would I use the amount I was charging for rent before the hurricane damage, or the amount it actually cost me to keep the properties empty?

Any help would really be appreciated. Thanks, Kim

Comments(0)

Add Comment

Login To Comment