Filing for last month rent for taxes

Forum|Forum|3 years ago
April 6, 2023
1 reply
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I have a question about filing taxes for a landlord. I live in my original condo unit in the first half of 2022 and then the unit is rented out to a tenant for the second half of 2022. He paid the last month rent last year. When I file my taxes, should the amount of last month rent be included as the rental income for 2022, or would you suggest to include as the rental income for 2023?

Bluesky33

You can report the gross rental income you earned in the calendar year from January 1 to December 31 using two different methods:

Accrual method: report the income in the fiscal period you earn it not when you received it. You deduct the expenses in the year you incurred them not when you paid them.
Cash method: if by the end of the year you have received all the income you earned and have no outstanding expenses, you can use the cash method. Report the income in the fiscal period you received them and deduct the expenses in the fiscal period you paid them. If you use the cash method and receive a postdated cheque as security for a debt, include the amount as income when the cheque is payable.

For more information, please visit the TurboTax article - Claiming Rental Income

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