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What is the best method to use when reporting rental income? Should I use cash basis or an accrual method?

Rental Income Rental Income Reporting- Cash Basis Rental Income Reporting- Accrual Method
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Tax Professional Answers

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Dan Selner
Cash basis is generally the better method, depending upon your entire tax situation, of course. Cash basis means you only declare the income when received. That way you are not paying tax on rents owed but not received.
Leave a Comment 188 weeks ago

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Lisa Nason CPA, MST
In general, individuals are cash basis taxpayers by default, so if this rental is reported in your individual return, you should report it on a cash basis.
Leave a Comment 188 weeks ago

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