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Submitted By: someone
Answered: July 15, 2020 11:23 pm
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
Accelerated depreciation
Depreciation methods that allow faster write-offs than straight-line rates in the earlier periods of the useful life of an asset. For example, in the first few years of recovery, MACRS allows a 200% double declining balance write-off, twice the straight-line rate.
