Does a rent collector by law have to...?
Does a rent collector by law have to show their accountant for the year the amount of money they were given for rent so it can be taxed?
- curtisports2Lv 71 month ago
No. There's no law that says anyone has to have an accountant.
By law, rental income must be reported. Whether you file your tax return or you pay an accountant to do it, the filing must be accurate.
- R PLv 71 month ago
No. A landlord does not to show anything at all to an accountant.
- SlickterpLv 71 month ago
They don't have to show anything to an accountant.
- MaxiLv 71 month ago
"a rent collector" ? A person who just collects the rent could be an employee of the agency or the landlord, it is not their money they collect, they are either salaried or take a commission, the landlord/owner of the property gets the rent ( minus expenses) and has to file annually their inome, which rent is all or part of and yes it is taxable income
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- SlumlordLv 71 month ago
Do you mean a landlord or a property manager. The landlord has to report the rent he received. The property manager should know the amount of money he collected and passed onto the landlord but doesn't have to report that to the IRS, they only have to report their own earnings.
- Anonymous1 month ago
As an agent, No.
It is not the agent's money.
The agent passes the money to the landlord, only needing to report income taxes on his/her wages.
- TavyLv 71 month ago
Not unless they own the properties. The owners declare rents on their taxes.