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Re: Accounting for the tenant's deposit
by Garry
on September 19, 2016 @19:35
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I agree with everything Steph said. But there is 1 exception. If your state allows for owed, but unpaid RENT to be deducted from the deposit, and you do so, then the amount witheld from the deposit that went towards rent, is income to you, just as any rent is. A LL should always deduct any repairs for damages first, before deducting any of the deposit for rent owed.
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Re: Accounting for the tenant's deposit
by Steph (TX)
on September 21, 2016 @16:21
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This is correct also. Still, it isn't income until the property manager releases the funds, which won't happen until the security deposit settlement after move-out. As long as the property manager is holding the security deposit in escrow, it is not income to the owner.
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