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bjmurp2
New Member

Do I declare rental income in the year it's paid or by when it's due? Example, tenant pays Jan 2022 rent in Dec 2021. Is that income for 2021 or 2022?

 
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2 Replies
ColeenD3
Expert Alumni

Do I declare rental income in the year it's paid or by when it's due? Example, tenant pays Jan 2022 rent in Dec 2021. Is that income for 2021 or 2022?

As an individual you are a cash basis taxpayer - income is recognized when received and expenses when actually paid.

bjmurp2
New Member

Do I declare rental income in the year it's paid or by when it's due? Example, tenant pays Jan 2022 rent in Dec 2021. Is that income for 2021 or 2022?

Thank you! I don't know why TurboTax didn't/couldn't answer this question.

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