Hello,
I earned interest on a savings deposit of a tenant's Last Month Rent deposit. The interest is really my tenant's money and I am simply holding the funds until the last month of the contract comes about. At that time, I will pay the tenant his earned interest and keep the principal as rent.
How do I deal with this issue? is there any way to avoid reporting the 1099-INT I received as my income? If not, where or how can I report that this is the tenant's money?
