Do I have to claim the last month rent received in advance this year (1 year lease) as part of this year’s income?

[TurboTaxGinette]

The answer will depend on the method you use to claim your income as per our TurboTax article Claiming Rental Income      

Declaring Gross Income

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.

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