rental income: Rental Income Rules for Security Deposits
- 11/13/09 02:39 PM
Rental Income rules for security deposits General Rules Each state has slightly different rules regarding deposits collected when a new tenant moves in. Deposit can be collected for utilities, cleaning, damages, last month rent and some other purposes. Deposits can be refundable or nonrefundable in some cases. The rules will vary from state to state. A deposit is a liability. In other words this is money that you may have to return at some future date. Because of this many states have enacted rules regarding what can and cannot be done with these funds. In Washington State, … (11 comments)
rental income: Income tax considerations when renting real estate
- 11/11/09 02:50 PM
Income tax considerations when Renting Real Estate Rental Income For IRS purposes rental income is taxable income in the year received. There are some exceptions and special considerations for some income.
Example: Sam is a landlord that has rented out a single family residence for several years to one family for $1,000/mo. In Feb of the current year the family gives notice that they will be moving out at the end of the month. The tenant has paid timely each month and has the balance held as last month’s rent applied to February. The tenant was refunded $300 of … (12 comments)
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