Rent payment to landlord... do they report it?

[abc]

I pay rent. i write a check. i wonder if the landkeep reports rental income from me?


for one thing, I don't produce any IRS document to the IRS stating I paid X dollars to JoeBloe for 2003 rent.


so i started thinking... is this reporting of rental income thing the same as 'gambling' winnings... who reports that stuff, some, but not many?

Though if a landkeep is spending a few thousand dollars to renovate a rental space one year, I guess for 'that' year you might want to report rental income, and then use the funds spent on the renovation project as expenses against that collected rental income...?

 

[ViperMagic]

We own two rental properties, and yes, we report it. You pretty much have to

 

[abc]

i suppose one would for a pure rental property... (since you dont live in that same property and rent out 1 floor right? )

but how about a situation where a 2 family house with 1 floor rented out, the other floor is where the landlord and family actually lives.

 

[Vic]

Landlords report the rental income they receive on the 1040 Schedule E form (supplemental income and loss)

 

[abc]

yes, well i do know there's got to be a form to put rental income earned... just wondering if people generally DO put it. I can understand if you own a property that you do not inhabit, and have rented it out...that's a piece of property you clearly own to generate income from, and expect to incur expenses related to the upkeep of it and all I guess.

 

[rufruf44]

Originally posted by: abc
yes, well i do know there's got to be a form to put rental income earned... just wondering if people generally DO put it. I can understand if you own a property that you do not inhabit, and have rented it out...that's a piece of property you clearly own to generate income from, and expect to incur expenses related to the upkeep of it and all I guess.

Well, do you want to take your chances with the IRS Auditor or not?

 

[abc]

so if something in the return raises a red flag, and then for reasons that could be totally seperate from which the red flag is raised, they start looking at your bank records, and see consistent monthly deposits of cash, they'd start asking what these deposits are?