How do you track Section 8 rents in your accounting?

[Troy F.]

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

[Brandon Rush]

Hey Troy,

I currently use TenantCloud and when I receive my section 8 tenants' payment from section 8, I mark it as a partial payment. In the notes on that payment, I usually just put "HAP Payment #xxxxx". Once the tenant pays their portion, I mark the full balance as paid. In the end it's all just rental income, I do not believe there is any difference between income from the section 8 program and your section 8 tenant's rent payment. I am not sure why Stessa has that option, it may just be for tracking and reporting purposes.

Good Luck!