If you are a cash basis taxpayer, rent that you do not collect is not an expense, but it is also not income.
If you are an accrual basis taxpayer and have already booked the accrued rent as revenue, then you use an expense acccount (perhaps called Rental Loss) to offset the revenue you already booked with the unpaid rent.
If you are a cash basis taxpayer, rent that you do not collect is not an expense, but it is also not income.
If you are an accrual basis taxpayer and have already booked the accrued rent as revenue, then you use an expense acccount (perhaps called Rental Loss) to offset the revenue you already booked with the unpaid rent.
OK thanks for the info. I think most businesses can write-off uncollected debt, so it seems like there should be a way for landlords to do it also...