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Security Deposits

Distinguish advance rentals, which are income, from security deposits, which are not. Security deposits are amounts deposited with you solely as security for the tenant's performance of the terms of the lease, and as such are usually not taxed, particularly where local law treats security deposits as trust funds. If the tenant breaches the lease, you are entitled to apply the sum as rent, at which time you report it as income. If both you and your tenant agree that a security deposit is to be used as a final rent payment, it is advance rent. Include it in your income when you receive it.

• 7/11/2007 - Security Deposits

• 7/10/2007 - New Exceptions to Early Distribution Penalty

• 7/9/2007 - Penalty Exception for Qualified Hurricane Distributions

• 7/8/2007 - Favorable Recovery Rules

• 7/7/2007 - Simplified Method Mandatory

• 7/6/2007 - Deducting Repaid Pension Overpayment

• 7/5/2007 - Form 5329

• 7/4/2007 - Life Expectancy Tables

• 7/3/2007 - Surrender of Contract

• 7/2/2007 - Unforeseen Emergency Distributions

• 7/1/2007 - Transfers May Be Blocked

• 6/30/2007 - Hardship Distribution Not Subject to Withholding

• 6/29/2007 - Reduced Deferral Limit for Highly Compensated Employees

• 6/28/2007 - Automatic 401(k) Plan Coverage

• 6/27/2007 - Unpaid Loan Taxable If You Leave Job Unless Rolled Over

• 6/26/2007 - Reporting the Early Distribution Penalty

• 6/25/2007 - Penalty Exception for Substantially Equal Payments

• 6/24/2007 - Drafting a QDRO

• 6/23/2007 - Spouse Must Consent in Writing to Your Waiver

• 6/22/2007 - Deferring Tax on NUA

• 6/21/2007 - Stock Purchased With Cash Withdrawal Cannot Be Rolled Over

• 6/20/2007 - Nonspouse Beneficiary Can Roll Over to Inherited IRA After 2006

• 6/19/2007 - IRA Rollover Election Is Irrevocable

• 6/18/2007 - Pre-Age-591/2 Distributions

• 6/17/2007 - IRA Conduit Between Employer Plans

• 6/16/2007 - Direct Rollover to Roth IRA Not Allowed Before 2008

• 6/15/2007 - Lump Sums to Multiple Beneficiaries

• 6/14/2007 - Pre-1974 Capital Gain Portion of Distribution

• 6/13/2007 - Averaging Not Allowed for Those Born After January 1, 1936

• 6/12/2007 - Once in a Lifetime Election

• 6/11/2007 - Prior Rollover Bars Averaging

• 6/10/2007 - Lump-Sum Distribution

• 6/9/2007 - Conversion of Traditional IRA to Roth IRA

• 6/8/2007 - More Favorable Loan Rules for Hurricane Victims

• 6/7/2007 - Tax-Favored Withdrawals for Qualified Hurricane Distributions

• 6/6/2007 - Financially Troubled Insurer

• 6/5/2007 - Consider Taxable Transfer

• 6/4/2007 - Transfers to Third Parties

• 6/3/2007 - Interest on Marital Property Settlements

• 6/2/2007 - Recipient Spouse Bears Tax Consequences of Transferred Property

• 6/1/2007 - Filing Form 8824

• 5/31/2007 - Parking Transactions

• 5/30/2007 - Proposed Regulations Would Tax Escrow Earnings to Exchanging Taxpayer

• 5/29/2007 - Strict Time Limits

• 5/28/2007 - Deducting a Loss

• 5/27/2007 - The Like-Class Test

• 5/26/2007 - Exchanging Depreciable Realty Subject to Depreciation Recapture

• 5/25/2007 - Depreciation of Property Received in Exchange

• 5/24/2007 - Favorable Rates Extended Through 2010

• 5/23/2007 - Extension of Pledge Rule