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Can you write off relocation costs as a landlord?
I made a deal with a tenant to move out voluntarily, of a rent control apartment for $3k.
Can I write off the $3k and if so, how do I declare it to the IRS? Under what line in the schedule E?
Fair enough, this is in the City of Los Angeles, CA.
This is the first time it's come up for me, even being at it for decades.
3 Answers
- R PLv 75 years agoFavorite Answer
Yes, because that is money that you are paying out in regard to your investment property.
Be sure to write a check to your tenant, write out a "cash for keys" offer and *be sure* your tenant signs it. Then, when the tenant moves out, either have him sign & date your copy of the check OR send it USPS certified mail, return receipt requested. All of this paperwork will be your receipts proof of what the money was used for & you should give copies to your CPA at tax time.
- RobLv 75 years ago
Seriously impossible to guess.
Ask local adults certified public accountant for actual info locally as it varies greatly depending on what country u live in.
Source(s): Builder landlord
