Help with Lease Clause

General Real Estate Investing
1

I own rental property and do my leases through an LLC (Partnership). I would like to add a clause to my lease indicating that unpaid rent and late fees will be written off as business loss and that a 1099 will be filed with IRS for that amount. Basically, Im looking for this to apply in case a tenant skips out on the last month, or fails to pay any fees before leaving. Does anyone have a good example of a clause like this that I can borrow??

Mods - I didnt know whether this belonged in the Legal or the Landlording forum, so please feel free to move it…

2

good thought, but you can’t

Canceled debts are required to be reported on Form 1099-C, Cancellation of Debt, by financial institutions, credit unions, federal government agencies, certain agencies connected with the Federal Government, and an organization where the lending of money (such as finance and credit card companies) is a significant trade or business.

3

nice idea, but too bad its not allowed. Landlords everywhere woudl dance in the streets.