Level 3

Advance Rental Payment

Forum|Forum|2 years ago
April 14, 2024
2 replies
7 views

Hi Intuit Community,

A client decided to rent out a room in his home starting January 2024 (this is a long-term rental not AirBnB), and the tenant gave him the first-month rent in December 2023. I read everywhere that it needs to be reported in 2023. But how does he?

How does he declare that on his taxes? Does he need to create a Schedule E? What about depreciation? The room became available for use in January, not December.

Thank you for your support!

Jim-from-Ohio

Intuit Community Champion

rental income for 2023, no expenses

T

TaxSageAuthor

Level 3

How would you enter the rental of a ratio of a house on ProSeries? All I see is a 365 days from which I need to substract the days it got rented out. However, they have lived there while renting a portion. If clients rented 60% of the house for one month (31 days) while living there. Let's say the clients lived there for 365 days, renting for 31 days 60% of the house, how do I enter that on ProSeries? I truly appreciate your help.

BobKamman

Level 15

I would call it a deposit and 2024 income. If the tenant died January 1, he'd give it back to the family, right?

Is there a lease? But no security deposit? Or maybe he got that in 2023, also. Really not enough detail here. If you must report it, just call it "other income."

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