Unrealised rent: conditions when unpaid rent is treated as irrecoverable and deductible after bona fide tenancy and reasonable legal steps. Unrealised rent is the rent payable but not paid by a tenant that the owner cannot realise and is treated as lost and irrecoverable when the tenancy is bona fide, the defaulting tenant has vacated or steps have been taken to compel vacation, the tenant is not in occupation of any other property of the owner, and the owner has taken all reasonable steps to institute legal proceedings or can satisfy the Assessing Officer that proceedings would be useless.