Statement Security Deposit With Interest
Description
How to fill out New York Landlord Tenant Closing Statement To Reconcile Security Deposit?
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FAQ
Security deposit interest as a property expense To record the expense and update the lease ledgers: Create an expense account called security deposit interest expense.
Return of the Deposit to Tenant; Interest Simple interest of the greater of the US Treasury yield curve rate or 1.5% per year must be paid on security deposits of $50 or more and must accrue each month from the day the security deposit was given, after the security deposit has been held for 6 months.
Because the security deposit is not considered rental income it does not appear on the income statement or net cash flow reports. Instead, the deposit is shown on the rental property balance sheet in the security deposit category.
In rental property accounting, returning a security deposit is not considered an expense, and should not be included in a Schedule E. Instead, you simply reduce the liability on your balance sheet by the amount you return.
Because security deposits are generally not considered rental income, they should not appear on your income statement or cash flow statement. Instead, include it as a liability on your balance sheet on the date you received it, since it's an amount you're planning to eventually return.
