Submitted By: someone
Answered: July 15, 2020 11:23 pm

My tenant is unable to pay cash to cover his monthly rent, so he’s doing some work on the premises. Do I have to report rental income over what I receive in cash?

Yes. Whether you’re paid in cash, property, or services, you must report it all as rent. If you’re accepting the services as equal to the rent owed to you, then that means the fair market value of those services is the same as if you’d been paid in cash; all is rental income.

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Tax Glossary

Deficiency

The excess of the tax assessed by the IRS over the amount reported on your return.

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