On December 1,2014,Daniel,an accrual basis taxpayer,collects $12,000 rent for December 2014 and $12,000 for January 2015.Daniel must include the $24,000 in 2014 gross income.

Name: On December 1,2014,Daniel,an accrual basis taxpayer,collects $12,000 rent for December 2014 and $12,000 for January 2015.Daniel must include the $24,000 in 2014 gross income.
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Both payments must be included in Daniel's 2014 gross income.Prepaid rent income cannot be deferred until earned.

On December 1,2014,Daniel,an Accrual Basis Taxpayer,collects $12,000 Rent for December