Sean B wrote:

- quote -

Not a tax question.
Ask the entity who is requesting the data. Every entity
follows there own set of rules when it comes to defining
income.

--
Alan
http://taxtopics.net

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I was hoping that someone could help me out with a question.
I am purchasing/investing in some real estate with a
business partner. We own a few buildings which are cash
flow positive every month. We are forming an LLP so the
income collected from the renters will be reported on our
individual tax returns. We are splitting everything 50%. I
have a few different questions related to this scenario.

-Let's say I was going to purchase a car, qualify for a
house, or some other item that required me to report my
income. In terms of the gross rent collected, how do I
report that or how is that counted in conjunction with my
regular job salary? Would I report the total amount of
money collected as part of my income? Would I subtract just
the debt service for the mortgage and be left with what I
could include as my income? Would I need to subtract 50%
because I am splitting this with a partner?

Thank you!

-Sean

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