IRS Publication 538 explains some of the rules for accounting periods and standard accounting methods. It provides a basic overview and, in some cases, you may have to refer to other sources for a more in-depth explanation of the topic. The IRS also issues several other informative publication...
The IRS considers "rental income" as any of the following: normal and advance rent payments, payments for canceling a lease, and expenses paid by the tenant. IRS Publication 527 gives instructions on how to account for property depreciation, what types of deductions can be made on rental incom...