Non-Refundable Security Deposit
The rental I purchased last week had fairly significant security deposits in place, a portion of which was labeled as "non-refundable".
Am I correct to assume that's essentially income?
If so, from a tax perspective, when is that income realized... when the deposit is made (or transferred) or when the security deposit account is closed out when the lease expires/tenant leaves?
Just curious how to keep my books... thanks!