Receipt for Rent- Income Tax Question

[Andrew B.]

Hi All,

I just have a fairly simple question. First off, landlording has been great for me so far in the year and a half that I have been doing it (knock on wood). The problem is I have not done my taxes for 2011 ( due to an illness and move across country).

My question is when claiming rental income I assume I need to submit monthly rent receipts which I have never made or given my tenant. (he just gives me post dated checks).

I do understand I am probably doing this wrong and I should type receipts monthly for the past year hes been renting. What exactly should these receipts consist of? Can I make them pretty simple?

If it came down to it I could show my monthly deposits in my bank account but what do you guys think?

Thank you
Andrew

[Ned Carey]

As long as you are claiming the income the IRS wont give a damn whether you have receipts. The receipt is for the tenant to prove they paid you. As long as the amount you claim as income matches your lease and bank receipts you should be fine.

The above is not legal or accounting advice but it is how I would proceed. I don't have receipts that I have given tenants.

Good luck - Ned
PS if you get audited and thrown in jail, may account was hacked and I never wrote this.