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Updated over 5 years ago,

Account Closed
  • Rental Property Investor
  • San Francisco, CA
18
Votes |
33
Posts

Bartering parking space for free rent - tax implications

Account Closed
  • Rental Property Investor
  • San Francisco, CA
Posted

I current rent an apartment in San Francisco for $2130 and have a garage parking space for which I pay $0, as stated in my lease. My landlord wants to turn the garage into ADUs.  First he offered us (each tenant) $10,000.00 to give up our space.  Then he offered 9 months of free rent.  Are both of these scenarios considered taxable income?  I've read the IRS publications on Taxable Income and Bartering and am still unclear.  Thank you in advance. 

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