It's an occasionally awkward fact of life in this American economy: Scores of people who never have been landlords suddenly find themselves in the position of collecting rent checks every month because they can't sell their homes and are installing tenants instead. Then there are the owners of vacation properties who have turned their getaways into sources of income by renting them out. The situation is sometimes awkward when both of the above categories of property owners find themselves running a business and struggling with the bookkeeping skills and the knowledge of tax-law basics the Internal Revenue Service expects, according to an expert on small-business tax considerations. "Many novices fail to realize that when you put a place up for rent, you're in a business,"...
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