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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 cost recovery system (ACRS)
A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.
