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Updated about 3 years ago,
How Do You Bookkeep Utility Payment from Tenant (tax purposes)
Hello all,
First post here. I am currently coming to the end of my first year in a house hack and I am checking over my documents and bookkeeping before tax time. The setup is as follows: 2 family, separate, propane for cooking and heating oil; shared electric (one meter for building); septic and well.
With regard to the electric, I charge a flat 100 per/month.
I have been using Stessa for bookkeeping purposes. I have everything tracked through that and a spreadsheet as a redundancy.
My question is: do I label the Income for the 100 per/ month electric charge as rents? I don't see any other applicable place for it.
Any advice would be greatly appreciated,
Alex