Billy Dent, as the owner of an apartment building, receives and makes the following payments during 2018:
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Billy Dent, as the owner of an apartment building, receives and makes the following payments during 2018:
How much rental income must Billy Dent include on his 2018 income tax return?
Transcribed Image Text:
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
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Related Book For
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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