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Investors & landlords
This happens fairly frequently. Please see an answer from Phillip1 below that addresses this problem.
Rent is taxable in the year that the money is received (assuming that you are a cash basis taxpayer). Since the payment was not received until 2018, the money is not taxable until 2018.
- Include the full 1099-MISC in your rental income, and in the list of miscellaneous deductions add a deduction that is labeled "Rental income received in 2018".
- Keep detailed records for the receipt of your rental income that substantiates the fact that the payment was received after the 12/31/17
‎January 30, 2021
7:27 AM