Advance Rent. Advance rent is any amount you receive before the period it covers. Include it in your rental income in the year you receive it regardless of the period covered or your method of accounting.
Payment for Canceling a Lease. If your tenant pays you to cancel a lease, include the payment in your income in the year you receive it regardless of the method of accounting you use.
Expenses Paid by Tenant. If your tenant pays any of your expenses, include these payments in your income. You can deduct the expenses if they are deductible rental expenses.
Property or Services. If you receive property or services, instead of money, as rent, include the fair market value of the property or services in your rental income. If the services are provided at an agreed upon or specified price, that price is the fair market value unless there is evidence to the contrary.
Security Deposits. If you plan to return a security deposit to your tenant at the end of the lease, do not include it in your income.
- OC hearing on weekly rentals draws horror stories - Delmarva Daily TimesCBS LocalOC hearing on weekly rentals draws horror storiesDelmarva Daily TimesThe home at 1501 Teal Drive is listed on the website for Central Reservations, a property rental business in Ocean City, as having six bedrooms (including eight beds) and four bathrooms, and available to rent at $1,800 to $5,500 a week. Teal Drive's ...Ocean City Considers Hou
- Warren County board delays action on tourist rentals - Northern Virginia DailyWarren County board delays action on tourist rentalsNorthern Virginia DailyDuring a public hearing on the request on Tuesday, Keith Hartke explained the reasons he and his wife bought the property in 2013, refurbished the home and wanted to rent it to tourists. Hartke told the board that two attorneys told him and his wife ...and more »
- How to Stay Protected When Renting, Swapping Your Home - Fox BusinessHow to Stay Protected When Renting, Swapping Your HomeFox BusinessThe sharing economy makes it easier for you to rent out or swap a home to raise or save some cash, but it can also lead to a host of nightmares if you don't take the necessary precautions. “The whole sharing economy is pretty new territory,” says ...
- OC hearing on weekly rentals draws horror stories - Delmarva Daily Times
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