How Do I Calculate Taxable Income on Rental Properties?
by Robert C. Young
Proper accounting is the key to real estate success.
Add all rent received throughout the year to determine gross income. Include any money received for other property-related sources, such as coin-operated washers and dryers, and any expenses paid by a tenant into your total. Include the fair market value of any services or merchandise received in lieu of money. Do not include a security deposit if you plan to return it at the end of the lease.
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