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Posts Tagged ‘taxes on rental income’

Rental Income and Taxes

If you receive rental income, you are required to report it to the IRS. Any income received from the use or occupation of your property is considered rental income. There are two methods of accounting: the cash method and the accrual method. If you use the cash method, you report your gross rental income on your return for the year in which you receive it (not when it was earned). If you use the accrual ...