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Updated over 2 years ago,
How do you track Section 8 rents in your accounting?
I use Stessa to keep track of my rental income and expenses. We have one section 8 tenant. There is a category under income for Rent and another for Section 8. My section 8 tenant pays $320 while the Housing Assistance pay $355 for a total of $675. Do I list the whole $675 as Section 8 or just the $355 that comes from Housing Assistance? Why is this category even there? I imagine it makes a difference for tax filing purposes but don't actually know.
Thanks,
Troy