Hi,
I have a potential tenant who said he'd be willing to pay the full rent for 6 months upfront. :D Blame that on a tight rental market. The rental's going to start in the second half of May. If I collect that full amount this tax year, do I have to declare the whole amount as income for this year, or can I prorata it?
Linda
6 months rent payment up front - in which tax year is it deemed as income?
I have a potential tenant who said he'd be willing to pay the full rent for 6 months upfront. :D Blame that on a tight rental market. The rental's going to start in the second half of May. If I collect that full amount this tax year, do I have to declare the whole amount as income for this year, or can I prorata it?
Linda
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