I have rental Income. Tenants payed the January 2020 rent on Dec 31, 2019. Do I report that income for 2019 or 2020? I am relatively new in this business.
If you are receiving the prepayment as rental income, then you would report the income in the year that they paid for. So if your tenants paid for January 2020, you don’t need to report that income until your 2020 return.
If you are receiving the prepayment as business income then, you would have to report it in the year you received it.
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