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.
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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;
Nursing home qualifies as residential real property
If an election is made to treat rental income as effectively connected, the tax is computed pursuant to Sec.
Nonresident alien's deductions on return filed after "terminal date."
He was able to handle the borrowing cost by using the rental income and strong cash flow.
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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.
What It Takes To Be A Landlord
Some 4% said they had increased rental income by up to 6%.
Rise in rental increases
THE Government has been told it must make sure a pounds 12m-a-year rental income remains in the region.
Region must retain a pounds 12m annual rental income
5 million deal for 75-77 Colmore Row, saw rental income drop by five per cent over the period, to pounds 1.
Property firm slips into red after interest hedge
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.
Tax warning for buy-to-let landlords
BUY-to-let investors have been warned to keep accurate records over rental income or face the wrath of the taxman.
Tax bill threat for landlords; BUY TO LET: Accurate records a must for investors
Although interest paid on a mortgage for a second residence is deductible, the portion allocable to the property's rental offsets rental income.
Tax planning for vacation home owners
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.
Sunset Park is fast becoming New York's next hot neighborhood
The IRS reclassified the rental income as nonpassive and denied the credit.
Self-rent and passive losses

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