Announcement

Collapse
No announcement yet.

Rental Property - Fair Rental Days

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Rental Property - Fair Rental Days

    New client referral who owns legal 2 family house(lives on 1st Floor) and 2nd floor is rented out CASH at a fair rental value($1400.00) on a month to month basis, no written lease. Client only provided 5 months receipts to substantiate rent collected. On schedule E, do I show the 365 Fair Rental Days or only the months rent were actually collected which is approximately 150 days.

    #2
    If it was available for rent the other 7 months of the year, but just unoccupied or vacant, then you show 365 days.

    Comment


      #3
      Client bought new rental property in December 21, so he only owned it 11 days. It is 100% rental property, share the fair rental days on his return be 11 or 365.

      Comment


        #4
        First are you saying he collects cash? Bad idea! Was it only rented for 5 months? Otherwise I agree with Burke.

        As for the other question, if the total rental period for the new buyer was 11 days...that is the correct input. The asset entry and purchase HUD 1 would answer any questions the IRS may have.
        Believe nothing you have not personally researched and verified.

        Comment

        Working...
        X