Hi All,
I just have a fairly simple question. First off, landlording has been great so far! Knock on wood!. The issue is I have not done my taxes for 2011 (due to an illness and move across the country).
My question is when claiming rental income I assume I need to submit monthly rent receipts which I have never made or given my tenant. (he just gives me post dated checks and I deposit them).
I do understand I am probably doing this wrong and I should type out monthly rent receipts for the past year hes been renting. What exactly should these receipts consist of? Can I make them pretty simple?
If it came down to it I could show my monthly deposit history with my bank, but what do you guys think?
Thanks,
Andrew
I just have a fairly simple question. First off, landlording has been great so far! Knock on wood!. The issue is I have not done my taxes for 2011 (due to an illness and move across the country).
My question is when claiming rental income I assume I need to submit monthly rent receipts which I have never made or given my tenant. (he just gives me post dated checks and I deposit them).
I do understand I am probably doing this wrong and I should type out monthly rent receipts for the past year hes been renting. What exactly should these receipts consist of? Can I make them pretty simple?
If it came down to it I could show my monthly deposit history with my bank, but what do you guys think?
Thanks,
Andrew