Although state and federal rental assistance helped, the Wisconsin REALTORS® Association believes that through legislative action there are ways to help make rental property owners whole for the losses they have incurred during the pandemic.
Rental property owners should not be required to assume the debts of tenants who are unable to pay their municipal utility bills. Currently, lawmakers are considering proposals that clarify landlords may deduct, for income tax purposes, the amount of any unpaid municipal utility bills that landlords pay on behalf of their tenants. This tax deduction would help alleviate the financial burden landlords have suffered over the course of the pandemic.
Tax deduction for pandemic-related losses combined with the lifting of eviction moratoria should lead to a better future for rental property owners and their tenants.