Question

Mark for low LP Question 38 of 75. Glenn has a rental house that was rented beginning January 1 in the current tax year. On January 1, the tenant paid Glenn a $1,200 security deposit plus $950 rent for January and timely paid the $950 monthly rent each of the remaining eleven months. How much rental income will Glenn report for the current year? $11.400 512 350 512.600 513,550 Mark for follow up ho od rent for 5600 per month. As Eldridge's Tax Professional, how should you treat Question 39 of 75. Eldridge owns a rental house, which he rents at $200 per month. Similar houses in the The income is reported and all expenses deducted, on Schedule E The income is not reported because Eldridge is operating the property as a charity The income is reported on the Other Income section on Form 1040 andre A charitable contribution of $400 is reported on Schedule A for every month Eldrid out of income are deducted on Schedule A w Mark for follow up Question 40 of 75. Leon sold residential rental property he had owned for three years. As part of th Kaspersky Internet Security e gain on the sale of the rental Application detected that you rarely use 51231 lenovo

Answer 1

Question No.38

The amount of security deposit received from the tenant is not treated and not taxable as the same is refundable to the tenant.

Total Annual Rental Income of Glenn = $950*12 = $11,400.

So, the answer is $11,400.

Note: Security deposit is included in the income of the year where the same is considered as final payment.