Palmer College of Chiropractic Main Campus: When may a retained security deposit become rental income?

DIRECT ANSWER

Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.

The IRS says to include an amount retained because a tenant did not fulfill lease terms in income for the year retained.