Solved: How much rental income must income tax return, Accounting Basics

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How much rental income must income tax return

Problem:

John Smith, as the owner of an apartment building, receives and makes the following payments during 2008.

Received in Jan 2008 rent that was due in Dec 2007.... $5,000

Received in Dec 2008 rent not due until Jan 2009.... $4,000

Security deposit which is to be refunded when tenant vacates the apartment... $500

How much rental income must John Smith include on his 2008 income tax return?

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Accounting Basics: How much rental income must income tax return

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