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
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