| Types of Rental Income | Description |
|---|---|
|
Advance rent |
An amount received prior to the
period the payment covers. |
|
Payment for cancelling a lease |
Any amount paid by a tenant
to cancel a lease. |
|
Expenses paid by tenant |
Any amount paid by a tenant on
behalf of the property owner to
cover maintenance or improvement expenses. |
|
Property or services |
The FMV of property or services
received in lieu of rent. |
Rental Income
| Date | Rents Received |
|---|---|
|
|
|
|
|
|
|
|
|
|
Total |
|
Depreciation
If this is your first year with our firm, please provide a depreciation schedule for all property placed in service in prior years.
Security Deposits
A security deposit is not included in rental income when received if you plan to return it to the tenant at the end of the lease. If any amount is kept during the year because the tenant did not live up to the terms of the lease, include that amount as rental income. If an amount called a security deposit is to be used as a final payment of rent, it is advance rent and is included as income in the year received.
Note: Individual states have laws requiring payment of interest by property owners who hold security deposits of tenants. Check state laws for more information.
