It’s actually a common misconception amongst landlords that they are not required to report their rental income, says Tricor Taxand executive director Thang Mee Lee.“Even if they are aware, some of them are not so well versed with the procedures, ” she tells StarBizWeek.
IT’S income tax season again.
For individuals who derive rental income from real property, it can certainly be a time of confusion and needless stress.
We’ve all heard the horror stories of individuals who fail or forget to file their taxes, only to be slapped with back-taxes so high that their only recourse is to have a one-on-one appointment with their family psychiatrist; or to make a run for the border and disappear forever.