The amount reported from my property management company is including the full rent, and the deposit they kept which I never saw. They deducted fees so the amount paid and directly deposited is about $3,200 less than Rent Box-1
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If it is a non-refundable deposit, the deposit is properly reported as income. If the deposit was refundable, you are right, it should not be reported as income. As a work-around, you can report the full amount (including the deposit) and then enter the amount of the deposit as an "other" expense.
Your need to report the full rent, and then report any expenses for the rental (such as their fees).
If it is a non-refundable deposit, the deposit is properly reported as income. If the deposit was refundable, you are right, it should not be reported as income. As a work-around, you can report the full amount (including the deposit) and then enter the amount of the deposit as an "other" expense.
Your need to report the full rent, and then report any expenses for the rental (such as their fees).
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