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Is the interest paid to a renter for the security deposit taxable?
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Is the interest paid to a renter for the security deposit taxable?
Yes, technically this interest is taxable income and you can include in under section for 1099-INT
To enter this interest income, log into your return, Then go to Federal Taxes>Wages and Income>I'll choose what I work on>Interest and Dividends>Interest on 1099-INT selection. Just manually enter the Landlord's name or manage company and the amount (as being in Box 1).
According to the IRS, most interest that you either receive or is credited to your account and that you can withdraw without penalty is taxable income in the year it becomes available to you
Click this IRS link for more information: https://www.irs.gov/taxtopics/tc403.html
- Mark as New
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Is the interest paid to a renter for the security deposit taxable?
Yes, technically this interest is taxable income and you can include in under section for 1099-INT
To enter this interest income, log into your return, Then go to Federal Taxes>Wages and Income>I'll choose what I work on>Interest and Dividends>Interest on 1099-INT selection. Just manually enter the Landlord's name or manage company and the amount (as being in Box 1).
According to the IRS, most interest that you either receive or is credited to your account and that you can withdraw without penalty is taxable income in the year it becomes available to you
Click this IRS link for more information: https://www.irs.gov/taxtopics/tc403.html
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