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.

advertisement
Tax Glossary

Capital loss carryover

A capital loss that is not deductible because it exceeds the annual $3,000 capital loss ceiling. A carryover loss may be deducted from capital gains of later years plus up to $3,000 of ordinary income.

More terms