US Legal Forms
Closing Statements
New York Landlord Tenant Closing Statement to Reconcile Security...

Statement Security Deposit For Rent

Category:

Landlord Tenant - Residential Leases - Closing Statements

State:

New York

Control #:

NY-9000LT

Format:

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Description

This is a Landlord Tenant Closing Statement - Reconcile Security Deposit, where the landlord records the deposits and credits, less deductions from the credits or security deposit for delivery to the tenant. It is used to document for the benefit of both parties the monies held by the landlord and due to the landlord.

A security deposit is a payment required by a landlord from a tenant to cover the expenses of any repairs of damages to the premises greater than normal "wear and tear." Everyday usage is normal wear and tear, but excess damage is a debated definition. A security deposit is not the same as rent. It is money that actually belongs to the tenant but is held by the landlord for tenant-caused damages and sometimes past-due rent. Without the agreement of the landlord, a security deposit may not legally be used as the last month's rent.

Laws vary by state, but some states place a limit on the amount of a security deposit that a landlord may charge. Some states also regulate where residential security deposits must be kept and when interest payments on the security deposits must be made to the tenant. State laws also define the time period after the tenant vacates within which the deposit must be returned to the tenant.

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FAQ

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.

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.

Many landlords do accept rent and security deposit payments via personal check.

The person paying the security deposit would credit the asset account Cash and would debit the asset account Security Deposits. The person receiving the security deposit would debit the asset account Cash and would credit the liability account Security Deposits Returnable.

A Security Deposit Receipt provides proof that payment of a security deposit was made and received by the landlord, and it documents the amount that was paid, when it was paid, who made the payment, and the method of payment.