Larry rents his townhouse to Sue for $1,400 a month. At the beginning of the lease, he asked for a $2,000 security deposit. When Sue moved out at the end of the lease Larry used $1,400 of the security deposit for the last month's rent. What amount of the security deposit will Larry need to include in rental income on his tax return?

Answer rating: 100% (QA)

Larry will need to include the portion of the security deposit that wasnt ... View the full answer