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Most individuals operate on a cash basis, which means they count their rental income as income when it is actually or constructively received, and deduct their expenses as they are paid. Some specific types of income are:
Some examples of expenses that may be deducted from your total rental income are:
AGREE WITH MR VENKITARAMAN
whatever you pay for new location will be considered as expenses and will appear in profit and loss statement.
Place the old tenant enters into account Accrued expenses and unpaid
Pay rent for the new place prepayments