1099-INT question on tenant security deposit?
1099-INT question on tenant security deposit?
I'm a first time landlord and receive a 1099 from the bank for the tenant security deposit. Do I keep it for my tax return or do I give it to the tenant for his tax returns?
Answers:
Chosen Answer
bostonianinmo: You're the one receiving the interest from the bank so it's taxable to you. If you are required to pay interest to your tenants on their security deposits then you take an expense on Schedule E for interest paid.
2008-01-23 15:36:07
bostonianinmo: You're the one receiving the interest from the bank so it's taxable to you. If you are required to pay interest to your tenants on their security deposits then you take an expense on Schedule E for interest paid.
2008-01-23 15:36:07
iman1363s: Hi
you give it to the tenant for his tax returns
2008-01-23 23:55:42
2008-01-23 23:55:42