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.
- Meet the new guidelines for single-family rentals - Housing WireHousing WireMeet the new guidelines for single-family rentalsHousing WireThe National Rental Home Council, the trade group for single-family rental homes created by the largest owner-operators in the space, has released operational guidelines for the entire single-family rental industry. Colony American Homes, Invitation ...
- Register Before Renting? No Thank You - East Hampton StarRegister Before Renting? No Thank YouEast Hampton StarA handful at most supported the idea, which would require landlords to pay a fee and obtain a registration number after providing the town with information including the number of tenants, length of rental period, and number of bedrooms at a property ...
- Ginsburg Development launches luxury rentals brand - Westfair OnlineGinsburg Development launches luxury rentals brandWestfair Online“The theme here is going to be, come home and vacation,” he said. “I think we're building a masterpiece for Yonkers and for Westchester.” The developer said River Tides will be a flagship property of the Valhalla company's new GDC Rentals brand. The ...and more »
- Meet the new guidelines for single-family rentals - Housing Wire
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