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Item 5Item 5 Jackson owns a condominium in Las Vegas, Nevada, and he rents it to Joanne for $1,500 per month, payable on the 1st of each month. While he was out of town in August, the condominium's air conditioning broke and Joanne had it replaced for $1,350. How much rental income does Jackson report for September if Joanne deducts the repair cost from her rent for September?

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Samawati

Answer:

$ 1,500

Explanation:

Expenses paid by tenants on behalf of the landlords ( taxpayer), are considered as part of the rental income. Many tenants will normally deduct the expense from their monthly rent.   Landlords should declare the full amount of rent as the rental income.

The income that Jackson should report will be.

Repairs paid by Joane = $ 1,350

Rent balance paid by Joane = $150

Jackson should report =$ 1350+ $ 150

                                      =$ 1,500

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