1. sue nguyen says:

    What if the tenant paid for January 2024 rent early on 12/20/2023?

    1. If a tenant pays rent for January 2024 early on 12/20/2023, the payment should be reported in the tax year in which it was received by the landlord. For tax purposes, income is generally recognized in the year it is received. Therefore, the early payment for January 2024 rent would be considered as income for the landlord in the 2023 tax year, not 2024. This means the landlord should include this rent payment in their income reporting to the IRS for the year 2023. If you are issuing a 1099 form to your landlord due to paying more than $600 in rent in the calendar year, this early payment for January would be included in the total amount reported for 2023.

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