I recieved a 1099-misc on my property which was a deposit in Dec 2016. Tenants did not occupy property yet until January 1 which was the start of the contract. .

carlydc76 · ‎June 3, 2019

How do I file this as rental income? or do I? The turbo tax wizard is telling me they have to occupy more than 15 days to be considered rental income.

PatriciaR · ‎June 3, 2019

They would be considered rent in the year you collected it, if you intend to keep the deposit.

If you are holding the deposit until they move out (and intend to return less damages), it is not included in income for the year. Instead, any amounts you kept for repairs or damages would be included in the year that you refunded the difference.

https://www.irs.gov/publications/p527/ch01.html

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PatriciaR · ‎June 3, 2019

They would be considered rent in the year you collected it, if you intend to keep the deposit.

If you are holding the deposit until they move out (and intend to return less damages), it is not included in income for the year. Instead, any amounts you kept for repairs or damages would be included in the year that you refunded the difference.

https://www.irs.gov/publications/p527/ch01.html

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I recieved a 1099-misc on my property which was a deposit in Dec 2016. Tenants did not occupy property yet until January 1 which was the start of the contract. .