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

Head of household

Generally, an unmarried person who maintains a household for dependents and is allowed to compute his or her tax based on head of household rates, which are more favorable than single person rates.

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