I do not own my office space and sublease it for two days a week. In 2017, I collected sublease rent for Nov and Dec, as well as for Jan 2018 rent (which I believe is taxable in 2017 income).
Yes, you report all income actually received in 2017 on your tax return even if the rent paid in December is for January, 2018. For Schedule E, Part 1, line 2 this would be considered "Commercial" rental because it is not a residential space for family living, but an office space for business activity.
You can enter your office rental activity by using the steps below.
Yes, you report all income actually received in 2017 on your tax return even if the rent paid in December is for January, 2018. For Schedule E, Part 1, line 2 this would be considered "Commercial" rental because it is not a residential space for family living, but an office space for business activity.
You can enter your office rental activity by using the steps below.