Do I have to report the transfer of rent to me on the HUD at the purchase of rental property as income or not?

A-tax-payer · ‎June 3, 2019

Bought property in December, tenants had prepaid $7000 in rent for 2019. This amount, and also $1900 in security deposits. The amount I had to bring to the closing was lowered by those amounts. Do I have to claim the $8900 as income or not?

MinhT · ‎June 3, 2019

Yes, you have to claim these amounts as rent income on your 2018 tax return as they are deemed paid to you.

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MinhT · ‎June 3, 2019

Yes, you have to claim these amounts as rent income on your 2018 tax return as they are deemed paid to you.

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Do I have to report the transfer of rent to me on the HUD at the purchase of rental property as income or not?