Security Deposits: Your Landlord May Owe You More Than You Think

Herrick Partner and Chair of the Tax Department, Louis Tuchman, was quoted in the New York Times "Ask Real Estate" column discussing a landlord's obligation to place a security deposit in an interest-bearing account and the attendant tax consequences for a tenant with respect to the interest earned.  “In this case, the fee is being funded by the interest income earned on the security deposit, but that doesn’t change whether the tenant is entitled to a deduction,” said Tuchman

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