in 2019, stan rented an apartment to dani and received a security deposit of $350 that he planned to return to her at the end of the lease. in 2021, dani moved out and stan used the $350 to repair the damage she had caused. which of the following statements is correct?

Question

23-11-2022
Mathematics

Answered

in 2019, stan rented an apartment to dani and received a security deposit of $350 that he planned to return to her at the end of the lease. in 2021, dani moved out and stan used the $350 to repair the damage she had caused. which of the following statements is correct?

Answer :

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fahiskt9087 fahiskt9087 · Answer 1 · 2022-11-29T08:32:26-05:00

The following statements are correct :

Property A(Stan):

Security Deposit is not part of Rental Income if it is returned at the end of lease period = $0

In cash basis, any amount received as rent will be taxable regardless if it is earned in that period or not = $1400

$15400

If your tenant pays any of your expenses, those payments are rental income. You may also deduct the expenses if they're considered deductible expenses = $0

Property B(Dani):

$18000

If security deposit is used for paying rent, then it is part of rental income = $1500

$1600

If your tenant pays any of your expenses, those payments are rental income. You may also deduct the expenses if they're considered deductible expenses = $0

To learn more about Rental Income click here:

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