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Nov 12, 2020Rental & Real Estate Income
Most individuals operate on a cash basis, which means they count their rental income as income when they actually or constructively receive it, and deduct their expenses when they pay them. Rental income is any you receive for the use or occupation of property. This is reported on a form Schedule E. You must report […]
adminNov 11, 2020Taxable vs Non-Taxable Income
You can receive income in the form of money, property, or services. Whether it’s taxable or not, is dependent on the type of income. All income must be reported on your tax return even if it is non-taxable. Additionally, your income is subject to tax unless it is exempted by law. The following is non-taxable […]
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