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Thread: Prepaid Property Taxes-Timing of Income

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    Join Date
    Mar 2006
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    Default Prepaid Property Taxes-Timing of Income

    My client (cash basis taxpayer) collects property taxes from tenants and then remits said taxes to county. I believe he is assessed one lump sum which he divides up between his tenants. He issued invoices to his tenants in Dec 2017, and received payment for these invoices in Dec 2017. He paid the property taxes in Jan 2018.

    The payments by the tenants for the property taxes wouldn't be considered income in 2017 would they? Can I report them as a liability?
    Last edited by equinecpa; 04-13-2018 at 05:05 PM.

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