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    dygger's Avatar
    dygger Posts: 1, Reputation: 1
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    #1

    Feb 16, 2013, 11:58 AM
    Rental income accounting question
    I own a rental house used by students. They pay rent plus utilities. I pay the utilities and collect from them. On my taxes, I've been accounting for everything they pay me as income and then I expense what I paid for the utilities. Is this okay or should I just be counting the rent only as income and not deducting the utilities? Or, is this a "six of one, half a dozen of the other" situation?
    Thanks.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 16, 2013, 06:09 PM
    Consider the rent plus utilities ALL as income (rent collected), then deduct the utilities you pad.

    That is the correct way to account for everything.
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