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Updated over 10 years ago, 04/13/2014
Tax Question
First timer question:
In 2013, we went back and forth between trying to sell and thinking of renting out a property. In December 2013 we decided to officially rent it out. A deposit was paid on the property mid December, but first month's rent wasn't paid until occupants moved in on January 1, 2014. Question is, can we/should we claim this as rental property in 2013? I technically received the deposit then, but they weren't living there yet. Do I just add this to our 2014 tax info for next year?