Seven tips about rental income and expenses

Do you rent property to others? If so, you'll want to read the following seven tips from the IRS about rental income and expenses.You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use of or occupation of property. Expenses of renting property can be deducted from your gross rental income. You generally deduct your rental expenses in the year you pay them. Publication 527, Residential Rental Property, includes

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