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Go ahead and report the full amount your tenant is sending you. You'll need to deduct the utility bills so the added payment from your tenant doesn't falsely inflate your income. You can also deduct the utilities during those periods the property is not rented out.
Go ahead and report the full amount your tenant is sending you. You'll need to deduct the utility bills so the added payment from your tenant doesn't falsely inflate your income. You can also deduct the utilities during those periods the property is not rented out.
Does this still apply for 2021 Income tax? I also have rentals and the utilities are in my name and my renters reimburse me for the power usage, etc. I add the total for utilities to the actual rental income and declare it as "income" but then I expense the utilities out on my expense sheet. Would that be correct?
Yes, that would be the correct way to enter the utility reimbursements and your utility expenses.
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