Our property manager skipped town with about 6 mos of rent and the security deposit. The State has a fund to help make folks who are ripped off by crooked realtors whole. We got a payout from this fund and are trying to figure out how to treat it. Assume it needs to be considered income. But, it would be great if not. If so, only the part of it that was for rent and not the part for the security deposit would be considered income, correct? Also have a question about the timing of the income -- the check from the State was cut in 2012 but wasn't received until 2013 -- can we choose when to recognize the income?
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDA