crp amount
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crp amount (by mary [MN]) May 8, 2008 5:58 PM
       crp amount (by Jeff S [MI]) May 8, 2008 7:20 PM
       crp amount (by Jody [MN]) May 9, 2008 10:59 AM

crp amount (by mary [MN]) Posted on: May 8, 2008 5:58 PM

State Specific Question About: MINNESOTA (MN)

We rented our house from oct 2007-apr 2008. The renter paid us in October for rent through January. What amount do we put on the cerificate of rent paid? Do we use just the amount for oct-dec or do we use the whole amount given to us in 20007?

crp amount (by Jeff S [MI]) Posted on: May 8, 2008 7:20 PM

Unless you are a business who reports on the accrual basis, you are then a cash basis taxpayer. Rent received (paid in cash) then is the receipt amount. And technically that is the amount to be reported on your 2007 tax return ....

crp amount (by Jody [MN]) Posted on: May 9, 2008 10:59 AM

Hello Mary. We are to only put the amount we received in 2007 on the 2007 CRP. THis amount will include the rent paid for January. However, on your 2008 CRP, you again only list the actual amount RECEIVED in 2008 (which will not include the January 2008 amount).

Also, don't forget to put your property ID on the form. If you don't, it may hold up your tenant's property tax refund, which they won't like.

Subject: RE: crp amount
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