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Includes instructions to identify property type (single family, multi-family, vacation/short-term, commercial, land, self-rental, or other) and whether there is personal use. Provides income categories such as advance rent, lease cancellation payments, tenant-paid expenses, and property or services received. Covers security deposits treatment, qualifying deductions for ordinary and necessary expenses, and key rules for depreciation, vacant property, prepaid insurance, transportation, commuting, and travel.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":36,"@type":70,"position":76},"https://docshare.wps.com/template/forms/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/rental-income-and-expenses-tax-year-2020/302124/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/rental-income-and-expenses-tax-year-2020/302124.png","ImageObject",442,249,{"name":88,"@type":89},"Marry","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-23","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":76},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"How do I determine what counts as rental income?","Question",{"text":108,"@type":109},"Rental income includes payments received for the use or occupancy of property. It can also include items like advance rent, lease cancellation payments, tenant-paid expenses, and the fair market value of property or services received in lieu of rent.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"Are security deposits included in rental income when received?",{"text":113,"@type":109},"A security deposit is generally not included in rental income when received if the owner plans to return it at the end of the lease. Amounts kept due to lease terms are included as rental income, and amounts used as a final payment of rent are treated as advance rent.",{"name":115,"@type":106,"acceptedAnswer":116},"What rental expenses are deductible?",{"text":117,"@type":109},"A deductible expense must be both ordinary and necessary. The document provides guidance on common categories and rules, including how ordinary and necessary are determined based on facts and circumstances.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},302124,1790126795,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":35,"category_name":36,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":76,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":76,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":9},5909892079670,"https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c","Rental Property Tax Organizer  \nRental Income and Expenses  \nIndicate type of property as 1-Single Family Residence, 2-Multi-Family Residence, 3-Vacation/Short-Term Rental, 4-Commercial, 5-Land, 6-Self-Rental, or 7-Other (describe) .  \n|  | Property A |  | Property B |  | Property C |  |\n| --- | --- | --- | --- | --- | --- | --- |\n|  | Location of property: |  | Location of property: |  | Location of property: |  |\n|  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |\n|  | Type |  | Type |  | Type |  |\n|  | Any personal use? Yes No |  | Any personal use? Yes No |  | Any personal use? Yes No |  |\n|  | Fair Rental\u003Cbr>Days | Personal Use\u003Cbr>Days | Fair Rental\u003Cbr>Days | Personal Use\u003Cbr>Days | Fair Rental\u003Cbr>Days | Personal Use\u003Cbr>Days |\n|  |  |  |  |  |  |  |\n| Date placed in service |  |  |  |  |  |  |\n| Rents received | $ |  | $ |  | $ |  |\n| Expenses |  |  |  |  |  |  |\n| Advertising | $ |  | $ |  | $ |  |\n| Cleaning and maintenance | $ |  | $ |  | $ |  |\n| Commissions | $ |  | $ |  | $ |  |\n| Insurance | $ |  | $ |  | $ |  |\n| Legal and professional fees | $ |  | $ |  | $ |  |\n| Management fees | $ |  | $ |  | $ |  |\n| Mortgage interest paid to banks | $ |  | $ |  | $ |  |\n| Other interest | $ |  | $ |  | $ |  |\n| Repairs | $ |  | $ |  | $ |  |\n| Supplies | $ |  | $ |  | $ |  |\n| Taxes | $ |  | $ |  | $ |  |\n| Utilities | $ |  | $ |  | $ |  |\n| Other (list) | $ |  | $ |  | $ |  |\n|  | $ |  | $ |  | $ |  |\n|  | $ |  | $ |  | $ |  |\n|  | $ |  | $ |  | $ |  |\n|  | $ |  | $ |  | $ |  |\n|  | $ |  | $ |  | $ |  |\n\nProperty Information  \n If this is your first year with our firm, please provide a depreciation schedule for all property placed in service before 2018.   \n\n|  |  |  | Date placed in service |\n| --- | --- | --- | --- |\n|  |  | $ |  |\n|  |  | $ |  |\n|  |  | $ |  |\n|  |  | $ |  |\n|  |  | $ |  |\n\nProperty Purchased. Treat the cost of improvements made to real property as the purchase of a new asset.  \nAsset Date purchased Cost  \nProperty Sold or Taken Out of Service  \n\n| Asset | Date sold or taken out of service | Selling price | Trade in? |\n| --- | --- | --- | --- |\n|  |  | $ |  |\n|  |  | $ |  |\n|  |  | $ |  |\n|  |  | $ |  |\n|  |  | $ |  |\n\n\n| | Rental Income and Expenses | TAX YEAR\u003Cbr>2020 |\n| --- | --- | --- |\n\nTax Happens LLC  \n10018 Park Place Ave Riverview FL 33578 [taxhappens.com](taxhappens.com)[ ](taxhappens.com)Phone: 813-603-2073  \n[TaxHappens.com](TaxHappens.com)  \nYou can schedule an appointment via our website or by calling the office.  \nRental Income  \nRental income includes any payment received forthe use or occupancy of property. In addition to normal rent payments, the following items are reported as rental income.  \n\n| Types of Rental Income | Description |\n| --- | --- |\n| Advance rent | Any amount received prior to the period that the payment covers. |\n| Payment for cancelling alease | Any amount paid by a tenant to cancel a lease. |\n| Expenses paid by tenant* | Any amount paid by a tenant on behalf of the property owner to cover maintenance or improvement expenses. |\n| Property or services** | The fair market value (FMV) of property or services received in lieu of rent. |\n| All of these types of rent are reported as income in the year received. |  |\n| * Example: If a furnace in a rental property stops working, and the tenant pays the repair costs and subsequently deducts the amount from rent, the cost of the repair is treated by the property owner as rental income. The property owner would report the amount as income and also report the amount as a rental expense for repairsand maintenance.\u003Cbr>** Example: If the tenant provides services for the property owner in lieu of rent, the FMV of the services is reported by the property owner as rental income. If the services are provided at an agreedupon price, that price is considered FMV unless there is evidence to the contrary. |  |\n\nSecurity Deposits  \nA security deposit is not included in rental income when received if the property owner plans to return it to the ten","cbCaimzrNu4trhFF","https://ap.wps.com/l/cbCaimzrNu4trhFF","pdf",384947,"English","# Rental Property Tax Organizer\n## Indicate Property Type and Personal Use\n## Property Information\n## Property Purchased and Property Sold or Taken Out of Service\n## Rental Income\n## Security Deposits\n## Rental Expenses\n## Depreciation and Special Expense Rules\n## Transportation and Travel Expenses","[{\"question\":\"How do I determine what counts as rental income?\",\"answer\":\"Rental income includes payments received for the use or occupancy of property. It can also include items like advance rent, lease cancellation payments, tenant-paid expenses, and the fair market value of property or services received in lieu of rent.\"},{\"question\":\"Are security deposits included in rental income when received?\",\"answer\":\"A security deposit is generally not included in rental income when received if the owner plans to return it at the end of the lease. Amounts kept due to lease terms are included as rental income, and amounts used as a final payment of rent are treated as advance rent.\"},{\"question\":\"What rental expenses are deductible?\",\"answer\":\"A deductible expense must be both ordinary and necessary. The document provides guidance on common categories and rules, including how ordinary and necessary are determined based on facts and circumstances.\"}]","Rental Income and Expenses - Tax Year 2020 | PDF",1789789281]