Home and Residential

What is Rental Income? Payments received from a person or entity that is using property owned by you are typically considered rental income. You must report in your gross income all income received as rent.

Most contracts are based on common law elements. The elements of most basic contracts are:

  1. Offer
  2. Acceptance
  3. Consideration.

In order to determine whether a contract exists, understanding of these elements are needed.

Offer

We will be discussing contracts in a very general sense. Please keep in mind that with the specific facts of your contract, much of the information provided will help you understand the legal consequences of the contract issue. Since there are specific issues that may change the outcome of your case, you should consult with an attorney to make sure that you are on a solid legal ground.

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