rental income

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rental income

Money collected from tenants for the use of space. On financial statements, money collected as late fees, from the use of laundry machines, or as forfeited deposits (unless credited to rent) should not be included in rental income but should be listed separately or under “miscellaneous income.”

Rental Income

Income received by the taxpayer for allowing another person's use of the taxpayer's property. Rental income includes advance rental payments, late payments, and current payments. Payments received for lease cancellation and forfeited security deposits are rental income the year received or forfeited. Rental income is considered passive income for purposes of the passive loss rules, except for that of qualified real estate professionals.
References in periodicals archive ?
Excluding amounts attributable to the rental of any personal property located in the individual units from gross rental income and rental income from dwelling units;
If an election is made to treat rental income as effectively connected, the tax is computed pursuant to Sec.
He was able to handle the borrowing cost by using the rental income and strong cash flow.
Then, if your property is destroyed by a fire and you can't rent it, the insurer will pay you a percentage of your rental income for the number of months the house can't be occupied.
Some 4% said they had increased rental income by up to 6%.
THE Government has been told it must make sure a pounds 12m-a-year rental income remains in the region.
5 million deal for 75-77 Colmore Row, saw rental income drop by five per cent over the period, to pounds 1.
If HMRC suspect a landlord has untaxed rental income and gains, with effect from next April 1, officers will have the power to turn up and inspect business records at the business premises.
BUY-to-let investors have been warned to keep accurate records over rental income or face the wrath of the taxman.
Although interest paid on a mortgage for a second residence is deductible, the portion allocable to the property's rental offsets rental income.
In 2005, many investors saw fit to pay at least ten times a property's gross rental income and, in rare cases, some properties even traded as high as 11 and 12 times the gross rental income.
The IRS reclassified the rental income as nonpassive and denied the credit.

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