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January 24, 2023
Question

Date Rental Income is Counted

  • January 24, 2023
  • 1 reply
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I had rental income for January transferred to my account on 12/31/2022. The funds in my account was listed as pending but available.  This transaction plus all other transaction in my bank was not posted until 01/03/2023 because of the New Year holidays. 

 

I am assuming because I technically received the rental income in 2022 that is the year the rental income is needs to be applied to?

    1 reply

    CatinaT1
    January 24, 2023

    Yes. The IRS goes by when you had constructive receipt of the money. Since it was available, you had constructive receipt in 2022.

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