Code of Virginia § 64.2-1052. Rental property.
128 words·~1 min read·
/va/title-64-2/chapter-10-1/64-2-1052·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To the extent a fiduciary does not account for the management of rental property as a business under § 64.2-1050 , the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods:
1. Shall be added to principal and held subject to the terms of the lease, except as otherwise provided by law other than this chapter; and
2. Is not allocated to income or available for distribution to a beneficiary until the fiduciary's contractual obligations have been satisfied with respect to that amount.
2022, c. 354 .