04-01-2005, 07:27 AM
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 Re: reporting rental income dyu9999[at]gmail.com wrote: - quote - > I had a rental property and tried to rent for months but
It gets reported with your rental expenses on Form 1040> could not, later on I did rent for a week to some > vacationers and got a one time cash payment ( around $2000 > ). I am wondering : > 1) Do I have to report this part of income and use it > against my expenses ? Someone told me I am legally allowed > not to report this, any clarification on this ? (?) > 2) What document do I need in case of audit to proof this > part of income in case it is received in cash? Schedule E. Whoever told you that you didn't have to report it was either wrong or confused by the rules relating to the short term rental of your main home. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-30-2005, 12:46 AM
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| reporting rental income Hi, I had a rental property and tried to rent for months but could not, later on I did rent for a week to some vacationers and got a one time cash payment ( around $2000 ). I am wondering : 1) Do I have to report this part of income and use it against my expenses ? Someone told me I am legally allowed not to report this, any clarification on this ? (?) 2) What document do I need in case of audit to proof this part of income in case it is received in cash? Thanks much << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| income, rental, reporting |
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