Solved: Report the rental income on the tax return, Accounting Basics

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Report the rental income on the tax return

Problem:

Mary owns several rental properties and would like to shift some of the income to her daughter. Mary tells her tenants to send their rent checks to her daughter and the daughter will report the rental income on her tax return.

Will this shift the income from Mary to her daughter? Why or why not?

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Accounting Basics: Report the rental income on the tax return

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: Report the rental income on the tax return

Reference No:- TGS01922813

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