Billy Dent, as the owner of an apartment building, receives and makes the following payments during 2018:

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How much rental income must Billy Dent include on his 2018 income tax return?

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CCH Federal Taxation 2019 Comprehensive Topics

ISBN: 9780808049081

2019 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 27, 2024 04:02 AM

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Billy Dent, as the owner of an apartment building, receives and makes the following payments during 2018:

Question:

Received in January 2018 rent that was due in December 2017 Received in December 2018 rent not due until January 2019 Security deposit which is to be refunded when tenant vacates the apartment $5,000 4,000 500

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For tax purposes rental income should generally be reported in the year it is received However there ...View the full answer

CCH Federal Taxation 2019 Comprehensive Topics

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