Ask Tax Question

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
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
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 265 weeks ago

User Photo
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 265 weeks ago

Meet Leading Tax Advisors

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director


View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page



Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today