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Returning Member
posted Mar 9, 2022 12:40:02 PM

Rental Income

My tenant paid additional rent last year that covers some rent for 2022.  Currently, I'm being paid the rent for 2022 this year that my realtor collected in 2021.  My realtor included the 2022 rent on my 1099-MISC.  Please advise if I should only claim the actual rent that I received in 2021 or the actual rent paid in 2021 and additional rent collected for 2022 on my 2021 taxes.  Thank you.

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6 Replies
Level 15
Mar 9, 2022 12:47:24 PM

You realtor (I presume your property manager) is your agent and you are the principal.

 

Receipt of funds by your agent is receipt of funds by you (the principal) - what is known as constructive receipt.

 

Therefore, you should report the rent collected by your agent in 2021 on your 2021 return (the fact that you did not actually receive the funds until 2022, notwithstanding).

Returning Member
Apr 20, 2022 3:08:41 PM

My granddaughter and family moved in with me so I would not be living alone.  They pay me money each month to help with expenses.  Do i have to report it?

Level 15
Apr 20, 2022 3:12:23 PM

That sounds like nothing more than an expense-sharing arrangement and not reportable.

Returning Member
Apr 20, 2022 3:21:29 PM

how do i report rent paid by family members living with me

Level 15
Apr 20, 2022 3:26:03 PM

Again, if they are simply helping out with expenses, it is not reportable as income.

Level 2
May 10, 2022 6:34:07 AM


@PS55 wrote:

My granddaughter and family moved in with me so I would not be living alone.  They pay me money each month to help with expenses.  Do i have to report it?


no, this is not like a taxable case