Security Deposit For Rental Property
Description
How to fill out Addendum To Apartment Lease Regarding Security Deposit?
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FAQ
This letter is to notify you of damages to the property at (address) ________________________ that occurred during the time you occupied it, from (move-in date)_____________ to (move-out date)______________. To repair the below damages, $ _____________ will be withheld from your $____________ security deposit.
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.
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.
Deposits. Many landlords will require that 1 or 2 months of rent be paid as a security deposit. Don't worry, you'll get this back once you move out, assuming you keep your room or apartment in the same condition as you got it in, barring general wear and tear.
When do I get my deposit back? The landlord has thirty days, unless your lease allows more time (not more than 60 days) to return the deposit or give you an exact and specific list of deductions. You must receive your deposit or an itemized list within that time.
