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.
- Bend wades into vacation rental home issues - Washington TimesWashington TimesBend wades into vacation rental home issuesWashington TimesHe used to lease his 520-square-foot house to long-term renters but decided several years ago to try renting it out as a vacation home. Kelly's neighbors had the same idea, and there are now nine vacation-home rentals on the short street, according to ...
- Long Beach issues fine to property owner for illegal rentals - NewsdayLong Beach issues fine to property owner for illegal rentalsNewsdayLong Beach city officials have issued a record fine to a property owner for illegal rentals. The city fined Long Beach landlord Ian Franklyn $10,000 for a pair of illegal basement apartments at 120 E. Hudson St., in the city's North Park neighborhood ...
- Signature Vacation Rentals Announces New Openings for Sedona Property ... - Virtual-Strategy Magazine (press release)Signature Vacation Rentals Announces New Openings for Sedona Property ...Virtual-Strategy Magazine (press release)Signature Vacation Rentals, a trusted and respected vacation rental property management-company announces new openings for Sedona property owners requiring quality property management. This is an important announcement because it means that a ...
- Bend wades into vacation rental home issues - Washington Times
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