My property manager holds a pet fee in an escrow account. Do I report the income the year it was paid by the tenant (and held in the escrow account) or the year it is sent to the owner?If the pet fee is a deposit that may be returned to the tenant, than it is not income. If any amount is sent to the owner with no liability to the tenant then it becomes income at that point.
Annette Hall, CPA
515 Keisler Drive
Cary, NC 27518
919-468-0505
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