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What amount would scott report as gross income

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Question - Scott rented an office building to Collin for $6,000 per month. On December 29, 2019, Scott received a deposit of $7,000 in addition to the first and last months' rent. Occupancy began on January 2, 2020. On July 15, 2020, Collin closed his business and filed for bankruptcy. Scott had collected rent for February, March, and April on the first of each month.

Scott had received May rent on May 10, but collected no payments afterwards. Scott withheld $1,100 from the deposit because of damage to the property and $3,000 for unpaid rent. He refunded the balance of the deposit to Collin.

Required - What amount would Scott report as gross income for 2019? for 2020?

Reference no: EM133143311

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