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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15203
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have a focus Group facility (I rent out the space to let

Customer Question

I have a focus Group facility (I rent out the space to let people conduct research) and I would like to know if I have to pay taxes on. What is made since I already paid my rent and taxes on that. Also clients send me incentives (money to pay out) how do I register them if that money shows in my bank account but for me is not a revenue but a favor I do to the client to hold on to the money and give it to them the day of the group since most of the time they come from abroad and they can't go around with thousands of dollars.
Also what is deductible for me for the type of business I have. I know food, transportation until a certain amount, and what else?
Please tell me all I need to know about my field because I have the feeling I have been paying more taxes then I should have
Submitted: 11 months ago.
Category: Tax
Expert:  Robin D. replied 11 months ago.


You would report the rental on Schedule E. You can deduct expenses that you have on the property.

Listed below are the most common rental expenses.

If you are only renting a portion of the property then the expenses are also dictated by the percentage.

The money you hold for someone is not taxable nor reported. As long as you are not holding it for them to bypass any customs violations then there is no problem.

If you have been reporting the income but not the expenses you can amend you past returns (at least the last 3 years).

Please remember that you are required to rate in a positive way (look for the STARS or SMILEY FACES) so I am credited with responding.

Expert:  Robin D. replied 11 months ago.

Checking to see how you responded