Skip to main content

Federal Income Tax Basis vs. Generally Accepted Accounting Principals: Rental Income

The Federal Income Tax Basis of Accounting, often referred to simply as tax basis, is a method of accounting that is used for income tax reporting purposes. It differs from the Generally Accepted Accounting Principles (GAAP), which is a set of accounting standards used for financial reporting. In this video, the key differences in rental revenue reporting will be explained.

Questions? Ask a WG Advisor