You'll need to sign in or create an account to connect with an expert.
You are a cash basis taxpayer, so you report income when you receive it and deduct expenses when paid.
The first rent received in Jan 2016 is 2016 income.
Insurance paid in 2016 (that covers insurance for some of 2016 and 2017) is deducted in 2016.
You are a cash basis taxpayer, so you report income when you receive it and deduct expenses when paid.
The first rent received in Jan 2016 is 2016 income.
Insurance paid in 2016 (that covers insurance for some of 2016 and 2017) is deducted in 2016.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jl_brooks
Level 1
roboreaper1
New Member
sparksj337
New Member
jaydriggz1437
New Member
shalitheaweaver-
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.