- This topic has 4 replies, 3 voices, and was last updated 7 years, 3 months ago by .
-
Topic
-
Kant, a cash-basis individual, owns and operates an office building. Kant received the following payments during the current year:
Current rents $30,000
Advance rents for the next year $10,000
Non-refundable security deposits held in a segregated account $5,000
Lease cancellation payments $15,000What amount is included in gross income?
The answer is $55,000. I know normally security deposit will be refund to the tenant, but the NON-refundable security deposit is not included in the gross income??
Can someone please kindly help!!
thank you!!
Viewing 4 replies - 1 through 4 (of 4 total)
Viewing 4 replies - 1 through 4 (of 4 total)
- You must be logged in to reply to this topic.